Nevada releases long-awaited fiduciary regulation

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.