02.09.2019 02.36 GMT+0000
States are acting to fill gaps in federal rule. Can they?
What Happens When States Seek to Set Their Own Fiduciary Standards?
Federal law “preempts” conflicting state law. As states increase activities to protect investors—and impose fiduciary standards—we can expect to see the financial industry push back. A key battleground is likely to be the application of preemption to these state initiatives.