Stradley Ronon Counsel George Michael Gerstein discussed the new Nevada law that requires advisers to disclose any profit or commission they make.
"The Nevada law could be challenged under federal pre-emption, according to George Michael Gerstein, counsel at Stradley Ronon Stevens & Young. There's a little bit of a question as to whether a state could force broker-dealers to register [as a fiduciary] when they don't have to do so at the federal level, Mr. Gerstein said."
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