collage of building columns and money The trade associations signing the letter include the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association and the American Securities Association. (Photo: Shutterstock)

(Bloomberg) — With the ink barely dry on new federal rules governing broker conflicts, the industry is moving to quash stricter regulations that are now popping up at the state level.

One initial battleground is New Jersey, where a group of 11 financial trade associations Friday plan to ask the state’s securities regulator to reconsider its conduct proposal in light of action by the Securities and Exchange Commission last week. The SEC measure, requiring brokers to act in the “best interest’’ of clients, was derided as a Wall Street giveaway by consumer advocates.

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