Massachusetts takes on SEC over fiduciary standard

February 25, 2020 by Charles Paikert

Massachusetts fired the latest salvo in the war for a fiduciary standard, drawing return fire from both industry trade organizations and consumer advocates.

Taking on the SEC’s Regulation Best Interest rule, William Galvin, the state’s top financial regulator, filed his own statewide regulations, which he says “will impose a true fiduciary conduct standard in Massachusetts.”

The new regulations, which will go into effect on March 6, will require broker-dealers and broker-dealer agents to provide investment advice and recommendations without regard to the interests of anyone, except the investor.

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Originally Posted at Financial Planning on February 21, 2020 by Charles Paikert.