ASA Letter: New Jersey Must Adopt SEC’s National Reg BI Standard
WASHINGTON – The American Securities Association (ASA) today sent a letter to the New Jersey Bureau of Securities urging the state to adopt the U.S. Securities and Exchange Commission’s (SEC’s) National Regulation Best Interest (Reg BI) standard and not move forward with its unworkable proposal that would ultimately only harm New Jersey’s retail investors and working families.
“New Jersey should adopt the SEC’s national Reg BI standard and not create a patchwork of unworkable state regulations that would only cause confusion across the financial industry and harm New Jersey residents saving and investing for a better future,” said ASA CEO Chris Iacovella.
“We believe the standards laid out in the New Jersey Proposals directly undermine the consumer protections set forth in Reg BIs national best interest standard,” Iacovella wrote in the letter. “Adopting a different approach from the SECs national standard will confuse residents, financial professionals, and firms in New Jersey.”
To read the full letter, click here.