Fiduciary Rules and Practices
Citing the impact of the Coronavirus pandemic, the Garden State has extended the deadline for considering its proposed fiduciary rule.
New Jersey’s proposed new uniform fiduciary standard was issued April 15, 2019, but under the state’s statutory deadline, the proposal would have expired if final action was not taken within one year.
Gov. Phil Murphy’s April 14 Executive Order extends various deadlines associated with rulemaking for state agencies until 90 days following the end of the public health emergency if a notice of proposal was published on or after April 15, 2019, and the notice of rule proposal would otherwise expire without the benefit of such an extension.
“Every state agency is fully focused on the fight against COVID-19 right now,” Murphy noted. “This executive order provides them with the flexibility they need by extending deadlines associated with their normal rulemaking work until after this crisis is over.”
Gov. Phil Murphy’s April 14 Executive Order extends various deadlines associated with rulemaking for state agencies until 90 days following the end of the public health emergency if a notice of proposal was published on or after April 15, 2019, and the notice of rule proposal would otherwise expire without the benefit of such an extension.
“Every state agency is fully focused on the fight against COVID-19 right now,” Murphy noted. “This executive order provides them with the flexibility they need by extending deadlines associated with their normal rulemaking work until after this crisis is over.”
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