As of 09/30/2020
Regulatory changes can impact the way you do business and serve your clients. How do you stay on top of it all?
Welcome to the Regulatory Roundup, your source for timely, comprehensive and simplified regulatory updates. Bookmark this resource center to stay informed of current legislative changes and requirements and impending proposals—so you can optimize your business!
Revised NAIC Suitability
NY REG 187
NJ Fiduciary Rule
As of 07/31/2020
New Jersey has proposed a fiduciary rule that, if finalized and adopted, would raise the standard of care applicable to broker-dealers and registered investment advisers, and their respective financial professionals. New Jersey’s rule proposal would impose an obligation to act as a fiduciary — and without regard to the financial or other interests of the firm or financial professional — when providing investment advice or recommending an investment strategy, the opening or transfer of assets, or the purchase, sale or exchange of a security. New Jersey will have 90 days following the end of the governor’s COVID-related emergency order to take action on its rule proposal (unless this period is extended).
As of 07/31/2020
The Department of Labor (DOL) issued a new fiduciary rule proposal on June 29, 2020 - entitled Improving Investment Advice for Workers & Retirees - to replace the 2016 rule that was vacated in 2018 by a federal appeals court. The DOL accepted public comments on its proposal through August 6, 2020.
Do any of these changes affect your business?
Contact your Lincoln representative with any questions or for more information.
Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent professional as to any tax, accounting or legal statements made herein.