Mass. Securities Chief Sets Up State Rules, Blasting SEC Regs

Law360 (February 21, 2020, 4:30 PM EST) -- Massachusetts' top securities cop sharply criticized U.S. Securities and Exchange Commission broker standards as he announced Friday that the Bay State will implement its own conduct rules that are stricter than those set forth by the federal government.

Secretary of the Commonwealth William Galvin said the new state regulations, set to go into effect March 6, hold broker-dealers and broker-dealer agents beholden to no one but their customers and include a blanket ban on all sales contests.

In issuing the state-specific rules, Galvin took a swipe at the SEC, suggesting the commission had not gone far enough to make sure the...

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