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.