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IPA Members & Friends,

Yesterday the New Jersey Bureau of Securities issued a proposal that would require broker-dealers, agents, investment advisers and investment adviser representatives be subject to a fiduciary duty.

As a reminder, the IPA commented on a pre-proposal in December and joined an industry coalition comment letter to outline our concerns with the state of New Jersey.

The IPA will be submitting a new comment letter to the formal proposal, which is due on June 14. At that time the public file will close and the Bureau’s response will be published sometime in the fall. Upon publication of the Notice of Adoption, the rule will become final and will take effect in 90 days.

As always, we will be reaching out to members through our committees to solicit feedback throughout the comment period.

The IPA  will continue to advocate against any state-based fiduciary standards, and keep our members informed of developments in New Jersey or other states.

Anya Coverman
SVP, Government Affairs & General Counsel