FSI Testifies on Maryland Fiduciary Proposal

WASHINGTON, D.C. – Today, the Financial Services Institute will testify before committees in both houses of the Maryland state legislature, regarding the state’s proposed fiduciary rule regarding investment advice and its impact on Main Street investors.

FSI President & CEO, Dale Brown, will testify before the Senate Finance Committee and House Economic Matters Committee regarding FSI’s opposition to S.B. 786 and H.B. 1127.

In his testimony, he will cite how the proposal will drive up compliance costs for financial advisors, ultimately limiting services or increasing costs for investors; that the SEC is the appropriate agency to be addressing this issue and encouraging Maryland to wait until Regulation Best Interest is finalized; and that a uniform standard of care for investment advice is best achieved by imposing equivalent standards on investment advisers and broker-dealers rather than identical standards that do not account for business model differences.

Senate Testimony
Click here to read FSI’s Written Testimony to the Maryland Senate Finance Committee.

House Testimony
Click here to read FSI’s Written Testimony to the Maryland House Economic Matters Committee.

Both the Senate Finance Committee hearing and the House Economic Matters Committee hearing will begin at 1:00 p.m. ET. Links to live webcasts of both hearings will be available on the Maryland General Assembly’s website.