Massachusetts Securities Division Proposes Changes to Investment Adviser Disclosure Rules

The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the "Division") proposed amendments to existing regulations on the disclosure obligations of investment advisers who are registered in Massachusetts.

The Division proposed amendments that would:

• require each investment adviser registered in Massachusetts to supply clients and prospective clients with a "stand-alone Table of Fees for Services," which would denote the fees charged for services offered by the investment adviser; and

• revise certain paragraphs of the regulations to eliminate redundancy and "potential ambiguity."

The intended purpose of the fee table is to increase transparency on advisory fees and enable investors to make more informed decisions concerning the selection of an investment adviser.

Comments must be submitted to the Division by May 3, 2019.