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In March Anya Coverman, SVP, Government Affairs & General Counsel for the IPA, testified at hearings held by the state of Maryland on proposed legislation that included a provision to establish a fiduciary rule. In both her testimony and in comment letters, the IPA opposed the “Financial Consumer Protection Act of 2019” (Senate Bill 786 and House Bill 1127), which would have given broad authority to the Maryland Securities Commissioner to establish a fiduciary rule for broker-dealers and investment advisers.

Last week the Maryland Senate Finance Committee voted against the bill, failing to advance it to the Senate floor. The IPA is pleased with this outcome and continues to advocate for a workable best interest standard, as proposed by the Securities and Exchange Commission.

For in-depth analysis and real-time updates on this important issue, please join the IPA at the IPA Summit & Hill Day where SEC Commissioner Hester Peirce and NASAA President Michael Pieciak will offer their direct insights.