Investment Management

Massachusetts Advances Regulations Imposing Fiduciary Duty on Broker-Dealers

In November 2019, the Commonwealth of Massachusetts issued revised regulations imposing a fiduciary standard upon broker-dealers, although the regulations would not apply to a broker-dealer who is a fiduciary under ERISA, a status currently in limbo since the invalidation by the Court of Appeals for the Fifth Circuit of the Department of Labor’s conflict of interest/fiduciary rule.  In issuing ...

Follow-up on SEC Guidance Regarding Broker-Dealers and Investment Advisors

On June 5th, the SEC issued a four-part package of guidance with respect to the activities of broker-dealers and investment advisors. We prepared an Investment Management Law Alert focusing on one of those components, Regulation Best Interest ("Reg BI"). On July 12th, the SEC guidance was published in the Federal Register. Printing the June 5th release in the Federal Register does not change ...