Massachusetts Fiduciary Plan Looks Awfully Familiar, Lawyers Say
June 24, 2019 by Melanie Waddell
Massachusetts’ fiduciary proposal is “very similar” to the one floated by New Jersey and may indicate that “an emerging model of regulation with respect to uniform standards of conduct is afoot,” according to members of Stradley Ronon’s Fiduciary Governance Group.
The Stradley Ronon attorneys argue in a just-released legal alert that such a model regulation “would be a double-edged sword in that it would result in less variance among the state approaches to standards of conduct, while also magnifying the scope and interpretive issues of, and preemption issues related to, the New Jersey proposal.”
Secretary of State William Galvin, the state’s top securities regulator, released Friday the state’s plan, which would apply a fiduciary conduct standard on broker-dealers, agents, investment advisors and investment advisor representatives when dealing with their customers and clients.
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