SIFMA urged the New Jersey Bureau of Securities to wait for Regulation Best Interest to be fully implemented before enacting a proposal that would impose state-specific fiduciary duties on broker-dealers.
By a 224 to 196 vote, the House of Representatives passed an amendment to the Financial Services and General Government Appropriations bill that would prohibit the SEC from implementing, administering, enforcing or publicizing Regulation BI and related rules and interpretations recently adopted by the SEC.
SEC Commissioner Hester Peirce urged critics "to take a fair look at what [Regulation Best Interest] says before . . . proclaim[ing] it a success or failure" and committed the agency to closely monitoring the implementation of the new rule.