California "Independent Contractor" Bill Passes After Advisor-Unfriendly Language Removed

Friday, September 09, 2011 08:19
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California

Tags: compliance

 

The California state assembly has passed a bill that nominally counts independent advisors as employees, but the most onerous paperwork requirements are gone.

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SB 459 would have generated about $250,000 in added administration costs for California's advisory industry if it had passed in its original form.

 

However, strong lobbying from the Financial Services Institute and other groups got officials to remove the record-keeping and notification requirements.

 

Maybe not a strong "win" for the industry, but definitely something that California readers were watching closely.

 

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