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Red Oak Blog

News that affects your business and ours.
 
Saturday, December 29 2012

Massachusetts’ RIAs Must Obtain Bond

The Massachusetts Securities Division (“MSD”) issued a statement to remind Massachusetts registered advisers who are located in the state and have investment discretion that they must obtain a bond of at least $10,000 from a Massachusetts bonding company.  The MSD defines “investment discretion” as the “authority to execute buy or sell transactions.” The MSD will be reviewing the bonding requirements during their routine exams.