Wall Street Lobbyists Slam New Jersey's Fiduciary Duty Plan

Law360 (June 14, 2019, 6:13 PM EDT) -- Heavyweight trade associations in the financial services industry on Friday assailed New Jersey's plan to hold broker-dealers to the same fiduciary duty as investment advisers, the same day Massachusetts launched its own fiduciary initiative with a call for comments.

Comments filed with the New Jersey Bureau of Securities illustrated that the top lobbyists representing Wall Street are united against mounting state action on the duty of care that brokers owe their customers. They called on the Garden State to lay down its regulatory arms now that the U.S. Securities and Exchange Commission has enacted a similar but lower standard known as Regulation Best...

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