Recent SEC actions relating to the definition of “dealer” under the Securities Exchange Act of 1934 may enable the SEC to start cracking the whip over more persons who actively trade securities for their own account “as part...more
FINRA issued its 2024 Annual Regulatory Oversight Report on January 9, 2024, providing a glimpse into FINRA’s current regulatory oversight of member firms and their registered personnel in 27 topic areas....more
1/19/2024
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Cryptoassets ,
Cybersecurity ,
Due Diligence ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Money Laundering ,
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Regulatory Oversight ,
Securities and Exchange Commission (SEC)
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about problematic record-keeping practices involving the use of...more
9/29/2023
/ Broker-Dealer ,
CFTC ,
Electronic Communications ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Recordkeeping Requirements ,
Regular Business Communications ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Texting ,
WhatsApp
Continued FINRA Focus -
If regulatory developments in 2020 are any indication, FINRA’s efforts to protect senior customers from financial exploitation and vulnerability will continue in 2021 and beyond....more
The Senior Safe Act (12 U.S.C. § 3423) took effect May 24. The Act “extends immunity from liability to certain individuals employed at financial institutions who, in good faith and with reasonable care, disclose the suspected...more
New York Pushes Mutual Fund Active Share Disclosure -
New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as “Active Share.”...more
7/23/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Annuities ,
Broker-Dealer ,
Churning ,
Class Action ,
COI Rates ,
Constitutional Challenges ,
Data Security ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Insurance Investment Products ,
Investment Companies ,
Life Insurance ,
Lucia v SEC ,
MassMutual ,
Mutual Funds ,
NAIC ,
Policy Terms ,
Preemption ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
Unclaimed Property
FINRA has proposed a major paradigm shift for regulating outside business activities (OBAs) and private securities transactions (PSTs) of broker-dealer personnel. ...more
In late 2017, FINRA pronounced in Regulatory Notice 17-30 that, "Beginning on October 1, 2018, unregistered persons cannot accept an order from a customer under any circumstances. ...more
Over the summer, much was written about amendments to the Nevada Securities Act provisions governing financial planners, which became effective July 1, after being signed by the Governor on June 2....more
Regulators Demand Third-Party Risk Management -
While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention...more
4/18/2017
/ Article III ,
Clean Shares ,
Elder Abuse ,
Exploitation ,
Fiduciary Exception ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Injury-in-Fact ,
Insurance Industry ,
Insurance Litigation ,
Life Insurance ,
Mutual Funds ,
NAIC ,
Reinsurance ,
Sales Commissions ,
Securities and Exchange Commission (SEC) ,
Securities Settlement Cycles ,
Spokeo v Robins ,
Standing ,
Third Party Funding ,
Third-Party Risk ,
Unfair Competition Law (UCL) ,
Variable Annuities ,
Vulnerable Victims
Broker-dealers, including principal underwriters of insurance products, may retain required records in electronic format, subject to satisfaction of longstanding conditions. One such condition is that the records must be...more