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Senate bill aligns NH securities rules with FINRA to permit supervised work-from-home locations
Summary
SB 4 96 would align New Hampshire with a FINRA rule allowing residential supervisory locations with safeguards. Fidelity and the state's securities bureau supported the bill, saying it modernizes oversight without deregulating supervision.
Senate Bill 4 96 was introduced to update New Hampshire securities law so private residences can be designated as supervised residential locations (RSLs) consistent with FINRA's national standard. Senator Tim McHugh framed the change as a modernization to keep large financial employers competitive and to reflect post-pandemic hybrid work patterns.
Joe Murray, vice president of government relations at Fidelity Investments, said the bill "does not deregulate supervision" but modernizes oversight, enabling documented risk assessments and state oversight while preserving investor protection. Eric Forseer (director of the NH Bureau of Securities Regulation) and staff testified in support, noting that the bureau had worked with Fidelity on the proposal and that the change would align New Hampshire with the majority of other states.
The Business and Industry Association also voiced support, saying the update keeps the state's regulatory framework competitive for financial services employers. Committee members asked procedural questions about oversight and implementation; no opposition testimony was recorded in the transcript. The hearing closed and the committee moved on to subsequent bills.
