HOUSE DOCKET, NO. 2642        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3247

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Thomas M. Stanley

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the fiduciary duties of investment advisors and brokers.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Thomas M. Stanley

9th Middlesex

1/16/2015

John J. Lawn, Jr.

10th Middlesex

3/17/2015


HOUSE DOCKET, NO. 2642        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3247

By Mr. Stanley of Waltham, a petition (accompanied by bill, House, No. 3247) of Thomas M. Stanley and John J. Lawn, Jr., relative to the fiduciary duties of investment advisors and brokers.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act relative to the fiduciary duties of investment advisors and brokers.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Chapter 110A of the General Laws is hereby amended by adding the following 2 sections:-

Section 418.  Anyone registered under this chapter shall adhere to the fiduciary standard and at all times act in the best interests of the registrant's clients.

Section 419.  Anyone registered under this chapter shall not receive conflicted remuneration.  For the purposes of this section, conflicted enumeration is defined as any benefit, whether monetary or non-monetary, given to a registrant who provides financial product advice to clients that, because of the nature of the benefit or the circumstances in which it is given: (i) could reasonably be expected to influence the choice of financial product recommended by the registrant; or (ii) could reasonably be expected to influence the financial product advice given to clients by the registrant.