News | 04.16.19
New Jersey Releases Rule to Impose Fiduciary Duty on Brokers
New Jersey has released a proposal that would impose a fiduciary duty on brokers, subjecting them to a higher requirement than the current suitability standard they must meet. The regulation also would codify fiduciary duty for investment advisors, who already must adhere to it. A broker who fails to act as a fiduciary would be engaging in an "unethical or dishonest business practice," the proposal states. Last fall, the state solicited comments on a pre-proposal. Many of those who responded urged the state to wait for the SEC to issue its own advice reform final rule.
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