News | 01.10.20
Massachusetts Governor Asks Galvin to Withdraw His State Fiduciary Proposal
Massachusetts Governor Charles Baker has urged William Galvin, secretary of the commonwealth, to defer action on a proposed advice rule that would impose a fiduciary standard on broker-dealers, registered representatives, and insurance agents operating in the state. Specifically, Baker wrote, he is concerned the current draft of the regulation could, among other things, “reduce investment services and products that many of our citizens rely upon to properly save and invest for a variety of needs ranging from retirement to higher education." Baker added that the draft regulation “does not appear to sufficiently account for differences in the industry, inadequately defines key terms and how regulated entities can resolve potential conflicts of interest, and departs from federal regulations."
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