Illinois

How prepared are the states to go their own way on retail investment advice standards of conduct?

Media coverage of our 2019 fiduciary predictions

A complicating factor

What state fiduciary rulemaking could look like in 2019

Here is an interesting article on the election’s implications on state fiduciary rulemaking.

Is New Jersey’s forthcoming “uniform fiduciary standard” a harbinger of things to come?

Reforming the Fiduciary Standard

Investopedia has a worthwhile article that covers the latest on fiduciary rulemaking, whether that be with the SEC, DOL, FINRA or the states. Recent indications strongly suggest this debate is far from over.

George Michael Gerstein interviewed by Compliance Reporter regarding intersection of Reg BI and state action

I discussed with the reporter the implications on state legislation and enforcement in the wake of the SEC’s review of the comments to Regulation Best Interest.

States not backing away from fiduciary standard

William Galvin submitted a comment letter to the SEC criticizing proposed Regulation Best Interest and suggested that, absent the SEC’s withdrawal of the proposal, “Massachusetts is prepared to adopt a fiduciary standard for broker-dealers.” Meanwhile, the attorneys general of New York, California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Washington and the District of Columbia submitted a comment letter calling for a uniform fiduciary standard and, inter alia, for Reg BI to “require the elimination of certain conflicted compensation incentives that cannot be sufficiently mitigated and to base any differential compensation to individuals on neutral factors.”

George Michael Gerstein discusses additional DOL guidance and state activity with Investment Advisor magazine

I remarked to Melanie Waddell that the “nature and timing” of the promised DOL guidance in the aftermath of the Fiduciary Rule remains uncertain and discussed what we can expect from the states now that we have a better sense of where they may be going. The interview is in the August edition of Investment Advisor magazine.

George Michael Gerstein interviewed by InvestmentNews on state enforcement risk