Rule Proposal

51 N.J.R. 949(a)

VOLUME 51, ISSUE 12, JUNE 17, 2019

RULE PROPOSALS

Reporter

51 N.J.R. 949(a)

NJ - New Jersey Register  >  2019  >  JUNE  >  JUNE 17, 2019  >  RULE PROPOSALS  >  LAW AND PUBLIC SAFETY -- DIVISION OF CONSUMER AFFAIRS

Interested Persons Statement

INTERESTED PERSONS

Interested persons may submit comments, information or arguments concerning any of the rule proposals in this issue until the date indicated in the proposal. Submissions and any inquiries about submissions should be addressed to the agency officer specified for a particular proposal.

The required minimum period for comment concerning a proposal is 30 days. A proposing agency may extend the 30-day comment period to accommodate public hearings or to elicit greater public response to a proposed new rule or amendment. Most notices of proposal include a 60-day comment period, in order to qualify the notice for an exception to the rulemaking calendar requirements of    N.J.S.A. 52:14B-3. An extended comment deadline will be noted in the heading of a proposal or appear in a subsequent notice in the Register.

At the close of the period for comments, the proposing agency may thereafter adopt a proposal, without change, or with changes not in violation of the rulemaking procedures at    N.J.A.C. 1:30-6.3. The adoption becomes effective upon publication in the Register of a notice of adoption, unless otherwise indicated in the adoption notice. Promulgation in the New Jersey Register establishes a new or amended rule as an official part of the New Jersey Administrative Code.

Agency

LAW AND PUBLIC SAFETY > DIVISION OF CONSUMER AFFAIRS

Administrative Code Citation

Proposed Amendment: N.J.A.C. 13:47A-6.3

Proposed New Rule: N.J.A.C. 13:47A-6.4

Text

BUREAU OF SECURITIES

Notice of Public Hearing

Extension of Public Comment Period

Fiduciary Duty of Broker-Dealers, Agents, Investment Advisers, and Investment Adviser Representatives

Authorized By: Christopher W. Gerold, Bureau Chief, Bureau of Securities.

Authority: N.J.S.A. 52:14B-4(a)(3).

Proposal Number: PRN 2019-044.

   Take notice that the Bureau of Securities will hold a public hearing in connection with its notice of proposal, published in the New Jersey Register on April 15, 2019, at 51 N.J.R. 493(a), to establish, by regulation, the common law fiduciary duty and apply it to broker-dealers and agents, and to codify it for investment advisers and investment adviser representatives. As stated in the notice of proposal, the comment period was scheduled to end on June 14, 2019. As a result of the public hearing discussed below, the comment period is extended to Thursday, July 18, 2019.

The purpose of the public hearing is to take testimony from interested parties concerning data, arguments, or views that raise a substantial issue as to the impact of the rulemaking on the regulated community or the general public that has not been anticipated by the agency.

[page=950] The public hearing will be held on Wednesday, July 17, 2019, from 9:30 A.M. to 4:30 P.M., with a recess for lunch. The hearing will be held in the Morris Room at the Division of Consumer Affairs, 124 Halsey Street, 6th floor, Newark, NJ 07101. A court reporter will be present to record the proceedings.

Requests to speak should be submitted in writing to Maryann Sheehan, Director of Legislative and Regulatory Affairs, Division of Consumer Affairs, PO Box 45027, Newark, NJ 07101 or electronically at: www.njconsumeraffairs.gov/Proposals/Pages/default.aspx no later than July 10, 2019. Individual speakers are requested to provide a copy of their prepared remarks to the Bureau at the time of registration and on the day of the hearing. Specific presentation times will be assigned. Individual presentations will be limited to 10 minutes. Based upon the number of individuals who request to speak, the Bureau reserves the right to reduce the allotted time to speak and/or to schedule additional hearings on future dates. Those who do not pre-register to speak will be given an opportunity to do so only as time permits.