Analysis

State Securities Cops Filling In For Feds On Fiduciary Beat

Law360 (February 20, 2018, 10:13 PM EST) -- A high-profile complaint filed by Massachusetts' top securities cop against Scottrade for allegedly violating conflict-of-interest laws is a sign that state regulators will be stepping in to fill a perceived void in federal policing of retirement account advisers, legal experts said Tuesday.

The administrative complaint was filed last week by the Enforcement Section of the Massachusetts Securities Division. It's the first effort by a state regulator to use state laws to enforce the U.S. Department of Labor's so-called fiduciary rule for retirement account advisers during a period in which the DOL has backed off enforcement of the federal rule as it...

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