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.
The SEC’s Regulation Best Interest was born out of a years-long struggle to regulate brokers as fiduciaries.
The Fiduciary Governance Group’s tracking and analysis of the various state fiduciary developments was referenced in a recent planadviser article on New Jersey’s new proposal.
Robert Jackson said Monday he wants the commission to create a final broker conduct rule strong enough for states to feel comfortable deferring to the federal agency.
I was interviewed by 401(k) Specialist Magazine on the latest re. DOL Fiduciary Rule, Reg BI and state attempts at imposing uniform fiduciary standards of care.
The Illinois Investment Advisor Disclosure Act, which was introduced last year without any text, has been designated session sine die. The proposed legislation was thought to possibly follow the approach sought by New York and New Jersey, namely, broker-dealers having to disclose to clients at the time of a recommendation that they are not held to a fiduciary standard.
Several states are considering ambitious proposals to crack down on brokers because federal regulators are not properly protecting investors.
Amid a dearth of leadership from DC, states are increasingly considering introducing their own fiduciary standards for broker-dealers.
The January 2019 edition of Citywire RIA Magazine features a discussion with Larry and myself on the various state approaches to regulating broker-dealers and investment advisers within the context of SEC Regulation Best Interest.