While neighboring New Jersey is preparing for their July 17th hearing on their version of a new fiduciary rule, New York is getting in on the conversation, as reported by InvestmentNews.
Assemblyman Jeffrey Dinowitz, D-Bronx, is penning a bill demanding a fiduciary standard from all New York advisers. While Dinowitz had his prior bill killed in June’s legislative session, he’s hoping this new bill will have teeth – particularly because he doesn’t think the SEC’s Reg BI does enough “‘…to protect consumers…'”
Dinowitz notes that New York is a financial epicenter: “…’of all places, given our role in the financial industry – we need to do everything possible to ensure consumers are protected from unscrupulous advisers.'”
New York would join New Jersey, Nevada, Boston, and Maryland in the battle toward requiring fiduciary standards of financial advisers. While Dinowitz does not believe Reg BI is sufficient, he does hope for an eventual country-wide rule.
