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