Will New Jersey start a fiduciary trend?
April 16, 2019 by Andrew Welsch
New Jersey’s newly proposed fiduciary rule expands the battlefield over which investor advocates and industry trade groups have fought in recent years, extending a fight that has largely taken place in Washington to state capitols across the nation.
The Garden State, which issued its proposal on Monday, suggests that if efforts at the SEC to craft a new standard of conduct are deemed to fall short, then state regulators will move to fill in the gap.
It’s a message Governor Phil Murphy, a Democrat, echoed, touting his administration’s proposal as one “of the strongest investor protections in the nation.”