Today the New Jersey Bureau of Securities began rulemaking on a proposed uniform fiduciary standard for investment professionals. Attached below is the Bureau’s Notice of Pre-Proposal. Comments on the Pre-Proposal are due to the Bureau by December 14, 2018, and the Bureau will hold two (2) informal conferences (on November 2 and November 19, 2018) in order to take testimony, gather facts, and provide for the opportunity of public comment. Reed Smith will continue to monitor this process and intends on attending the public conferences. We are available to assist clients through this process.
Read our blog post on the initial announcement here.