Massachusetts’ Fiduciary Rule Won’t Govern Variable Annuity Sales

March 1, 2020 by Ross Snel

Massachusetts’ new fiduciary rule won’t apply to the sale of variable annuities.

So reports InvestmentNews, citing a spokeswoman for William Galvin, Massachusetts’ top securities cop and the driving force behind the regulation.

“Under Massachusetts law, variable annuities are not securities,” Debra O’Malley, the spokeswoman, tells the publication in an email. “The regulations cover securities.”

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Originally Posted at Barron's on February 27, 2020 by Ross Snel.