Credit: Travis/Adobe Stock Massachusetts' Novel 'Fiduciary Duty Rule' for Broker-Dealers Could Lead to 'Patchwork of Regulation' in Other States
"With respect to the industry as a whole, if we end up with a patchwork of state regulation around broker-dealer standards of care, it's going to be very difficult for the broker-dealer community, particularly those that operate on a national level to understand what the requirements are where they operate," said K&L Gates partner Rich Kerr of the recent decision dismissing Robinhood Financial's challenge to Massachusetts' "fiduciary duty rule."
August 30, 2023 at 03:28 PM
4 minute read
Regulation
A decision issued last week by the Massachusetts Supreme Judicial Court may have helped clear a path for other states to adopt a confusing "patchwork" of regulation on broker-dealers that provide investment advice to retail customers, two Boston-based K&L Gates partners told Law.com.
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