The Maryland Senate Finance Committee has voted against a bill that would implement a state fiduciary standard on investment advisors, FundFire reported on April 8. ERISA partner Josh Lichtenstein is quoted in the article.
State fiduciary bills and rules are going to continue to receive pushback until the SEC finishes its own rule, says Mr. Lichtenstein. "When that is finalized, if states find the rule to be robust enough, I would expect the states to be less involved,” he says. “But, if certain states find the final rule to not be robust, I would expect to see continued efforts to impost state rules.”
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