Massachusetts Gov. Charlie Baker sent a letter asking Secretary of the Commonwealth Bill Galvin to delay action on the “Fiduciary Conduct Standard for Broker-Dealers, Agents, Investment Advisers, and Investment Adviser Representatives” proposed rule.
The governor cites several concerns “based on feedback” that overlap with those NAIFA made in comment letters to the Securities Division and in comments made yesterday at a public hearing by NAIFA CEO Kevin Mayeux.
“NAIFA appreciates Governor Baker weighing in on this important consumer proposal,” said NAIFA CEO Kevin Mayeux. “Like the governor, we are concerned that the proposal would reduce many Massachusetts consumers’ access to investment services and products.”