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States Move Ahead with Fiduciary Proposals Despite Opposition from Industry Groups

New Jersey, Massachusetts and Nevada are among states seeking to enact statutes requiring broker-dealers to act in the best interests of their clients. The SEC’s recent adoption of standards of conduct has only energized some state lawmakers as consumer groups assail the SEC’s package as being too weak. New Jersey has extended the comment period for its broker conflict proposal, and top industry groups including SIFMA and the U.S. Chamber of Commerce have urged it to reconsider, according to Bloomberg and other media reports. The Reg BI package has been criticized on many fronts.  According to a recent Wall Street Journal report, Reg BI may not clear up investors’ confusion around fiduciary standards of conduct or determining who is their broker or financial adviser. Lawyers from Drinker Biddle have prepared an informative summary of the SEC’s Reg BI package that can be helpful for directors seeking to understand the key points of the regulation.  Meanwhile, the chairwoman of the U.S. House Financial Services Committee proposed an amendment to spending legislation for 2020 that would prohibit the SEC from spending any funds to implement the standards of conduct package, according to a report in Pensions & Investments

 
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