Regulatory Outlook | 09.02.20
As Massachusetts Starts Enforcing Fiduciary Rule, Galvin Puts His Game Face On
William Galvin, Massachusetts' top securities regulator, says he stands ready to defend the state's fiduciary rule. “My office was the first and currently the only state to adopt a fiduciary rule for broker-dealers,” Galvin said in an interview. “I intend to police this area to ensure that its important obligations are being met by industry." The new regulations took effect on March 6, but the enforcement date began Tuesday. The rule requires broker-dealers and their agents to provide investment advice and recommendations “without regard to the interests of anyone but the customer.”
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