Maryland

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
language.

DISCERNING DATA