Nevada

George Michael Gerstein to Compliance Reporter: Reg BI is a world unto itself and unlikely to be changed due to NV and NJ fiduciary proposals

Stradley Ronon’s Fiduciary Governance Group cited for identifying state-wide trends on fiduciary legislation

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.

Jackson thinks a strong enough Reg BI might allay the states

Bill Mandia and George Michael Gerstein discuss the race for fiduciary regulation at the federal and state levels

George Michael Gerstein interviewed on fiduciary duty evolution

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.

George Michael Gerstein comments on possible blowback to Nevada fiduciary rule

Fund Fire interviewed me regarding industry concerns over the draft Nevada fiduciary proposal and its effect on broker-dealers and investment advisers. There are now murmurs of firms exiting, or rolling back services in, Nevada over the controversial regulation.

Fallout over the draft Nevada fiduciary regulation?

Financial Advisor IQ is reporting that Morgan Stanley and Wells Fargo “are among several brokerages threatening to cut down or eliminate their services in Nevada if the state goes through with its plans for a state-level fiduciary rule….”  Charles Schwab, Edward Jones and TD Ameritrade are also reportedly willing to limit investment information provided to investors in Nevada should the regulation move to a final stage.

Our interview with The Intercept

Mixed signals from the states?

Nevada faces a “chorus of concerns” over its expansive fiduciary proposal

I was recently interviewed by Fund Intelligence regarding the comment letters sent to the Nevada Securities Division regarding its draft fiduciary duty regulations applicable to broker-dealers and investment advisers. We have already closely analyzed the proposal and written about its potential effects on private fund managers. I told Fund Intelligence: “Now that the comment period has closed, Nevada will have to wade through the chorus of concerns ranging from federal preemption to myriad interpretive gaps and loose threads in the proposal.” Some of the comment letters paid considerable attention to the numerous preemption issues, including under NSMIA and ERISA, created by the draft regulations.  In addition to preemption, the proposal also suffers from ambiguity in a number of key areas, which we have previously outlined, rendering the proposal overly broad.