In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers. The high Court’s...more
On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations...more
Interactive Brokers LLC (“Interactive Brokers”) recently settled with three separate regulatory entities for a total of $38 million, without admitting or denying the findings. According to the SEC, Interactive Brokers failed...more
On the heels of codifying 940 CMR 35.00, the “Unfair and Deceptive Debt Collection Practices During the State of Emergency Caused by COVID-19” (the “Emergency Regulations”), Attorney General Maura Healey issued guidance on...more
On March 27, 2020, the Massachusetts Attorney General, Maura Healy, filed an emergency regulation, aimed at what the office described as “prevent[ing] debt collectors and creditors from harassing our residents.” The new...more
As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19...more
On March 23, 2020 the SEC issued a statement warning about the risks of insider trading posed by the COVID-19 pandemic. The statement (available...more
The Massachusetts Securities Division (the “Division”) has announced that they will begin to apply a fiduciary conduct standard to broker-dealers and agents when dealing with their customers. Once adopted, the Division has...more
The New York City Bar Association Compliance Committee (“Committee”) recently issued a report encouraging financial regulators to provide a clear framework for when compliance officers may be held personally liable for the...more