ADISA Submits Comment Letter to Nevada Securities Office Regarding the Nevada Fiduciary Rule

Oct 09, 2017

ADISA submitted a comment letter to the Nevada Deputy Secretary of State for Securities regarding Nevada Senate Bill 383 (referred to as the “Nevada Fiduciary Law”) and the implementing regulations being drafted by the State’s Securities Division.
The Nevada Fiduciary Law strips away exemptions from the definition of “financial planner” previously accorded to investment advisers, broker-dealers and sales representatives, and further provides that such persons may not violate “the fiduciary duty toward a client imposed by NRS 628A.020.” Regulations implementing those statutory changes will have an important impact on their scope and effect. In its letter, ADISA discussed various issues by the Law, and offered its views on how any implementing regulations might be drafted to avoid unfortunate consequences for the residents of Nevada, particularly as it pertains to access to investment advice. 

ADISA has particular interest in Nevada, as roughly 40 members reside there, mostly running small businesses. ADISA also holds its Annual Conference & Trade Show every fall in Las Vegas, and several employees of the Division have observed our conferences in the past. Earlier this year, ADISA also co-signed two letters to the Nevada Securities Administrator regarding this legislation.
The letter was drafted and signed by ADISA President John Grady, DLA Piper. You can read it in its entirety here