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 charges.....help 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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