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FSI Testifies at Massachusetts Fiduciary Rule Hearing

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FSI Testifies at Massachusetts Fiduciary Rule Hearing

Today, the Massachusetts Securities Division is holding a hearing on its proposed fiduciary standard for those providing financial advice or recommendations. Financial Services Institute (FSI) President & CEO Dale Brown provided testimony during the hearing outlining our opposition to the proposal.

Dale’s testimony highlights the following concerns:

  • The proposal will reduce investor choice, raise the cost of investing and deprive Main Street Americans access to a financial advisor;
  • The proposal conflicts with the congressional intent expressed in the Investment Advisers Act of 1940, the position of the SEC and the Massachusetts Uniform Securities Act; and
  • The proposal is preempted by the National Securities Markets Improvement Act (NSMIA) and other legal statutes.

Click here for Dale Brown’s oral testimony.

FSI also submitted a comment letter this morning to the Massachusetts Securities Division regarding its fiduciary rule proposal. Click here for FSI’s comment letter.