Andrew Musick, Vice President
NJBIA submitted written comments and testified before the Bureau of Securities this week regarding a proposal establishing the common law fiduciary duty, applying it to broker-dealers and agents, and codifying it for investment advisers and investment adviser representatives.
NJBIA expressed concerns that the proposal would limit the choice in both products and services for consumers, not allow for time to measure the impact of recent federal activity on the issue, and create a patchwork of state laws that would be difficult to comply with.
For a copy of the testimony, please click here.
