Today, the Financial Services Institute (FSI) submitted its comment letter to the New Jersey Bureau of Securities (Bureau) related to its fiduciary rule proposal.
The comment letter highlights several key concerns, including:
- The proposed rule would limit Main Street Americans’ access to financial advice, products and services.
- FSI is confident that the SEC’s Regulation Best Interest rule achieves many of the goals set forth by New Jersey’s proposal, including that a broker-dealer:
- Must provide a description of its applicable standard of conduct using prescribed wording; and
- Must not place their own interests ahead of their customers interests
- There are significant differences between New Jersey’s proposed rule and the SEC’s final Regulation Best Interest which will lead to investor confusion.
- If the Bureau chooses to move forward with its proposal, FSI strongly encourages it to align its requirements with those of Regulation Best Interest.
“FSI appreciates the opportunity to provide our comments on the proposal and looks forward to working with the New Jersey Bureau of Securities and other stakeholders as the rulemaking process continues,” said FSI President & CEO Dale Brown.
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.
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