IAA is working in a number of states, including Nevada, Maryland and New Jersey, to ensure that advisors aren’t subject to regulations that duplicate existing federal and SEC fiduciary regulations.
“For more than 20 years, federal law has prohibited states from adopting any rules, interpretations or guidance that would have the effect of substantively regulating SEC-registered advisers,” IAA President & CEO Karen Barr said.
“The IAA will engage with policymakers in any state that appears to be moving in that direction,” she said.