08.05.19
NASAA Supports Massachusetts' Tough Fiduciary Standard
by: Tracey Longo
The North American Securities Administrators Association (NASAA) is backing Massachusetts's proposal to create a tough, new fiduciary standard for brokers and advisors working with investors in the state. The proposed regulation “would benefit Massachusetts investors,” Michael Pieciak, president of NASAA, said in a comment letter. Said Massachusetts Secretary of State William Galvin when he proposed the rule June 14, “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.” The standard also requires that any commissions or transaction-based compensation a broker or advisor charges “must be the best of the reasonably available remuneration options for the customer.”
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