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Fiduciary Rule - Is NJ taking the lead? And SEC testimony! All last week

October 4, 2018 | Due Diligence Works
Murphy Jump

Governor Murphy Marks 10 Year Anniversary of 2008 Financial Crisis by Announcing Plan to Require NJ Financial Industry to Put Customers' Interests First

---->Click for more on NJ "Fiduciary Rule"

Testimony on “Oversight of the SEC’s Division on Investment Management”

Excerpt from testimony:

[Clearer and simplified disclosures]

Variable Annuities – [sub accounts and riders will require more due diligence and clearer disclosures] "the products typically offer a number of underlying fund investment options that have their own fees, and often include a variety of optional features, like living benefit riders that have additional investors better understand these products' costs and risks....."

Use of Derivatives by Registered Funds and BDCs [will have more focus and scrutiny]

The proposed rules also would restrict standalone broker- dealers and their financial professionals from using the terms "adviser" and "advisor."

---->Click to see full testimony

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