Business Groups Blast Massachusetts Fiduciary Plan as Comment Period Ends
January 8, 2020 by Melanie Waddell
The U.S. Chamber of Commerce urged William Galvin, Massachusetts’ top securities regulator, on Tuesday to extend the comment period on the state’s fiduciary proposal, as the revised plan raises “serious new legal and practical concerns.”
The Massachusetts Securities Division held a hearing Tuesday morning on its revised fiduciary rule, which Galvin, the Massachusetts secretary of state, signed off on in early December.
In comments to Galvin, the Chamber and four local chambers of commerce said an extended comment period would allow for a “more detailed analysis of some of the new issues raised” by the revised plan.