Maryland

How fiduciary/best interest rules are affecting advisers

A timeline of the long road of fiduciary/best interest rulemakings

How the states are trying to revive the DOL fiduciary rule

Wealth Management Magazine just ran a story on how the states are attempting to revive the DOL Fiduciary Rule in their own image. As part of my interview, I say: “To me, there’s no question that the Department of Labor fiduciary rule is a bit of the ideal paradigm in terms of governance (for these states).” This is true, but the DOL rule appears to also be a litmus test for some of the states in evaluating Regulation Best Interest (Reg BI) and their own rules. As some states try to channel the DOL Fiduciary Rule, Jay Clayton and Alex Acosta are, by all, accounts, coordinating on a June unveiling of the SEC Standards of Conduct package with a  proposed DOL exemption and some guidance (i.e., not a new rule on when one becomes an investment advice fiduciary under section 3(21) of ERISA) to follow.

Stradley Ronon’s Fiduciary Governance Group cited for identifying state-wide trends on fiduciary legislation

The Fiduciary Governance Group’s tracking and analysis of the various state fiduciary developments was referenced in a recent planadviser article on New Jersey’s new proposal.

Jackson thinks a strong enough Reg BI might allay the states

Bill Mandia and George Michael Gerstein discuss the race for fiduciary regulation at the federal and state levels

As reported, Maryland fiduciary bill fades away

Maryland: Fiduciary Legislation Update

According to Matt Crawley, senior policy analyst with the government affairs firm MultiState Associates, Senator Rosapepe is expected to remove the fiduciary duty provisions from SB 786 and its companion HB 1127 due to overwhelming opposition to those provisions. The Maryland legislative session is set to end on Monday, so he expects to see the amendments materialize either later this week or over the weekend as part of the session’s final countdown.

Maryland asked to abandon its fiduciary rule ship

Our interview with The Intercept