Nevada has just proposed a regulation that would implement the law passed in 2017, which imposed a statutory fiduciary duty on broker-dealers, sales representatives, and investment advisers. Financial services firms that were subject to the 2017 law in limbo because its scope and core requirements were left to the Nevada Securities Division to decide. Today, the Securities Division issued its proposed regulation. The comment period closes on March 1. We will have analysis of the regulation in the coming days.
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.