Massachusetts Securities Division Regulates the Use of Consultants and Expert Network Services by Investment Advisers

September 13, 2011
The Massachusetts Securities Division has adopted a regulation, effective December 1, 2011, imposing certain requirements on investment advisers who use consultants and expert network firms. The Division has so far declined to clarify the reach of the regulation to advisers not registered with either the SEC or Massachusetts. This update explains the requirements of the regulation and its practical implications for advisers.