New York’s Investment Transparency Act Advances in Assembly

New York’s Investment Transparency Act, which intends to apply to broker-dealers that provide investment advice, would impose additional disclosure requirements (“I am not a fiduciary”). The bill was introduced on January 20, 2017, Inauguration Day, and is sponsored by Assemblyman Jeffrey Dinowitz.

George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.