Secretary Galvin Proposes Expert Network Regulations for Massachusetts Advisers

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Secretary of the Commonwealth William Francis Galvin has proposed regulations to add conditions to the use of “matching or expert network services” by investment advisers which are registered in Massachusetts or operating in Massachusetts within an exemption from registration.

The proposed “matching and expert network services” regulation is part of a package of eight different regulatory proposals, the majority of which reflect technical changes to the Code of Massachusetts Regulations (“CMR”) in order to make the regulations consistent with the Dodd-Frank Consumer Protection and Regulatory Reform Act, eliminate references to the NASD (which has now become FINRA), update out-of-date references to Forms U-4 and U-5 and fees, and eliminate references to the Boston Stock Exchange and the Philadelphia Stock Exchange (which were both purchased by NASDAQ), and the Pacific Exchange (which has merged with the NYSE).

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