NV Securities Administration on Fiduciary Regulations ( Ch. 322, Laws of 2017)


SIFMA, along with 10 additional trade associations, submitted a letter to Nevada Securities Administrator Diana Foley regarding SB 383 (now known as Ch. 322, Laws of 2017). This new law removes the exemption for broker-dealers, investment advisers  and sales representatives from the definition of “financial planner” in NRS 628A and adds a new section to NRS Chapter 90 stating that B-Ds, IAs and sales reps “shall not violate the fiduciary duty toward a client imposed by NRS 628A.020.”

The letter outlines the primary concerns that should be addressed as the state continues to draft the proposed regulations. The trades look forward to continuing to work togther to develop rules that preserve the spirit of Ch. 322, Laws of 2017 while fitting within the existing regulatory framework.