Fiduciary Duty Development

  • The Maryland Senate in February 2018 initially drafted a bill that would extend its already existing
    fiduciary duty to broker-dealers, agents and financial advisors.
  • However, on March 19, 2018 the Maryland Senate approved a financial reform bill that includes
    a provision instructing the Maryland Financial Consumer Protection Commission to study the
    outcome of federal efforts on fiduciary duty and then determine whether Maryland should enact
    its own fiduciary law.
  • However, on May 15, 2018, SB 1068 was approved by the Governor as Ch. 731. When it was
    first introduced, SB 1068, had a provision to establish a state-specific fiduciary duty for brokerdealers,
    agents, or investment advisers. After SIFMA testified at House and Senate hearings the
    fiduciary duty provision was removed. A study of SEC and DOL action replaced the fiduciary duty


Barrons article on Fiduciary Duty Extending to Brokers
Maryland Financial Consumer Protection Act of 2018
SB 1068
Ch. 731

©2024 Faegre Drinker Biddle & Reath LLP. All Rights Reserved. Attorney Advertising.
Privacy Policy