NJ Fiduciary Rule Would Add To Investment Firms' Burdens

Law360 (May 1, 2019, 3:48 PM EDT) -- New Jersey has issued a proposal for a new rule that would institute a uniform fiduciary standard for broker-dealers and investment advisers registered with the state. On April 15, 2019, the New Jersey Bureau of Securities proposed amendments to Subchapter 6 of Chapter 47 of the New Jersey Administrative Code.

These amendments, including new Section 13:47A-6.4, would impose a uniform fiduciary standard on broker-dealers and investment advisers when they:

Recommend a transaction or an investment strategy;

Recommend opening, or transferring assets to, any type of account; or

Provide investment advisory services.

The rule proposal would substantially heighten the standard of care required by broker-dealers...

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