Mass. Expert Network Regs May Have Little Impact

By Evan Weinberger (August 12, 2011, 8:11 PM EDT) -- Massachusetts has set up the first regime in the country aimed at blocking so-called expert networking firms from providing insider tips to investment advisers, but despite its best intentions the rule is likely to have only a limited effect on insider trading, attorneys say.

Under the new regulations, proposed earlier this month by Secretary of the Commonwealth William Francis Galvin, investment advisers will be required to obtain written certification that no confidential information has been supplied from expert networking firms, which connect investment advisers with industry experts for a fee.

"The rise of expert network firms, and the number of abuses...

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