Regulatory changes can impact the way you do business and serve your clients. How do you stay on top of it all?
Welcome to the Regulatory Roundup, your source for timely, comprehensive and simplified regulatory updates. Bookmark this resource center to stay informed of current legislative changes and requirements and impending proposals — so you can optimize your business!
New Jersey has proposed a fiduciary rule that, if finalized and adopted, would raise the standard of care applicable to broker-dealers and registered investment advisers, and their respective financial professionals. New Jersey’s rule proposal would impose an obligation to act as a fiduciary — and without regard to the financial or other interests of the firm or financial professional — when providing investment advice or recommending an investment strategy, the opening or transfer of assets, or the purchase, sale or exchange of a security. New Jersey will have 90 days following the end of the governor’s COVID-related emergency order to take action on its rule proposal (unless this period is extended).
The Department of Labor (DOL) issued a new fiduciary rule proposal on June 29, 2020 - entitled
Improving Investment Advice for Workers & Retirees
- to replace the 2016 rule that was vacated in 2018 by a federal appeals court. The DOL accepted public comments on its proposal through August 6, 2020.
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