06.17.19
Galvin to Propose Fiduciary Rule for Massachusetts Brokers
by: Greg Iacurci
Massachusetts will propose a rule that would mandate brokers and investment advisors apply a fiduciary standard of care in interactions with clients, Secretary of the Commonwealth William Galvin announced. "We are proposing this standard, because the SEC has failed to provide investors with the protections they need against conflicts of interest in the financial industry, with its recent 'Regulation Best Interest' rule," Galvin said. The Massachusetts Securities Division is soliciting preliminary comments on a rule proposal. The comment period will remain open through July 26.
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