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)
No Uniform Fiduciary Standard – Not so fast says New Jersey
Earlier this week, New Jersey Governor Phil Murphy announced that the New Jersey Bureau of Securities would start rulemaking to “impose a fiduciary duty on all New Jersey investment professionals, requiring them to place their clients’ interests above their own when recommending investments.” The rule is aimed at reconciling the different standards of care that