Maryland Lawmakers Get Earful On Proposed Broker Fiduciary Rule
March 30, 2019 by Tracey Longo
Those both for and against Maryland legislation that would put brokers and insurance agents under a state fidicuary rule testified before state legislators on Wednesday.
Securities industry representatives told Maryland lawmakers that they should let the SEC finalize its “best-interest’ advisor standard before considering a law that would blanket registered reps and hybrid advisors in the state with a fiduciary standard.
Those in support of the proposal said state protections are needed in case the SEC regulations fall short.
Maryland is among several states pursuing legislation that would apply such a fiduciary standard to all advisors and brokers. Legislative committees heard from those both for and against the proposal.
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