02.24.20
Massachusetts Promulgates Final Fiduciary Rule with Some Controversial Parts Removed
by: Mark, Jr. Schoeff
Massachusetts filed final regulations Friday that would set a fiduciary standard for brokers in the state with modifications to meet some financial industry concerns. The regulations, which go into effect March 6, will not apply to insurance sales professionals and will not impose an ongoing fiduciary duty on brokers unless account monitoring is part of the customer contract. The fiduciary duty would also not apply to transactions, nor will it include advisor title restrictions. It also no longer governs municipal bond sales.
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