As of 07/31/2020
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
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).
Following the Fifth Circuit’s vacatur of the 2016 Fiduciary Rule, revised and long-anticipated fiduciary investment advice guidance is forthcoming from the Department of Labor! The fiduciary advice proposed rule entitled Improving Investment Advice for Workers & Retirees Exemption was sent to the Office of Management and Budget (OMB) on June 1, 2020, and is expected to be released for public review and comment before the end of the summer.
Do any of these changes affect your business?
Contact your Lincoln representative with any questions or for more information.