FINRA’s 2023 Priorities and Examination Findings was the topic of discussion at SIFMA’s first monthly luncheon of 2023. Reed Smith sponsored this luncheon and provided a full report from the panel presentation by Robert Cook (President and CEO of FINRA) and Greg Ruppert (EVP of Member Supervision at FINRA), and moderated by Saima Ahmed, SIFMA’s
In Curiale v. Hyundai Capital America, Inc., No. A-5565-18T3 (N.J. Sup. Ct. App. Div. Apr. 27, 2020), a two-judge panel of the New Jersey Superior Court, Appellate Division, reversed a trial court order denying Defendant Hyundai Capital America, Inc.’s (“Defendant”) application to compel arbitration against Plaintiffs Christopher D. Curiale and Jerome C. Curiale (“Plaintiffs”). The Appellate Division held that the Defendant, as an assignee of a lease, could enforce an arbitration provision and class-action waiver contained in the motor vehicle retail order that was executed by Plaintiffs and the dealership. The Appellate Division further held that the arbitration provision and class waiver were not ambiguous.
Continue Reading Auto Leasing Companies Can Enforce Arbitration Agreements from the Dealership’s Retail Order Forms
Yesterday the New Jersey Bureau of Securities (“NJBOS”) issued its Rule Proposal titled “Fiduciary Duty of Broker-Dealers, Agents, Investment Advisers, and Investment Adviser Representatives”. Below is a link to the Press Release, which in turn includes a link to the Rule Proposal itself. The Rule Proposal would amend existing section N.J.A.C. 13:47A-6.3 and then add new section N.J.A.C. 13:47A-6.4.
We have reviewed the Rule Proposal and identify the below highlights. The public comment period on the Rule Proposal ends June 14, 2019. The Rule would take effect 90 days after a Notice of Adoption is published. Let us know if we can be of any help, even if it is just to talk through the new proposed requirements.Continue Reading New Jersey Issues Rule Proposal on Uniform Fiduciary standard
As noted in our prior update, we continue to cover the NJBOS’ rulemaking activity relating to a uniform fiduciary standard applicable to all investment professionals. On Monday, November 19, 2018 we attended the second public hearing held by the NJBOS. There were approximately 40 attendees at the second hearing, with 16 speakers, representing diverse interests, putting formal comments on the record (there were seven speakers at the first hearing).
Three takeaways from the second hearing:
Continue Reading New Jersey Bureau of Securities (“NJBOS”) holds second public hearing on its Pre-Proposal for a Rule implementing a uniform fiduciary standard
This morning we attended the first public hearing held by the NJBOS concerning its pre-proposal to adopt a rule implementing a uniform fiduciary standard for investment professionals, including broker-dealers and investment advisers. The hearing was administered by New Jersey officials, including Christopher Gerold, Chief of the NJBOS. There were approximately 40 attendees from diverse backgrounds – investment firms, industry groups, in-house and outside counsel, and consultants. Here are three takeaways from the hearing:
Continue Reading Today the New Jersey Bureau of Securities (“NJBOS”) began public hearings on its Pre-Proposal for a Rule implementing a Uniform Fiduciary Standard for Investment Professionals
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)…
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…