Securities Insurance

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
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Be Careful What You Wish For, Part II: Would Companies Be Better Off Without the Fraud-on-the-Market Doctrine?

The villain in the fight against securities class actions is the fraud-on-the-market presumption of reliance established by the U.S. Supreme Court in 1988 in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Without Basic, the...more

The Eighth Circuit Applies Insured vs. Insured Exclusion to Non-Insured Co-Plaintiffs

In a significant decision interpreting one of the most frequently litigated exclusions in the world of D&O insurance, the Eighth Circuit recently ruled that an Insured vs. Insured exclusion applied to an insured director’s...more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

Ministry of Finance relaxes restrictions on foreign ownership of insurance companies operating in Thailand

On 18 January 2017, the Ministry of Finance (MOF)’s notification was published in the government gazette, which liberalised the restrictions concerning the participation and ownership of foreign entities in the Thai insurance...more

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

Your Daily Dose of Financial News

By volume, December wasn’t an incredible month for US jobs. But the report did help cap a year that saw average hourly earnings rise 2.9%—the best since 2009 and a “turning point for the overall economy,” according to one...more

SEC Adopts Liquidity Risk Programs for Funds

On October 13, the SEC adopted rule reforms designed to improve liquidity risk management by open-end funds. Liquidity Risk Management Programs - Under the reforms, mutual funds (excluding money market funds) and...more

Broker-Dealers Can Hold Customers’ Initial Checks

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Broker-Dealers Can Hold Customers’ Initial Checks

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

SEC Watchdog to Watch Watchdog

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

FINRA Seeks Clean Sweep of Abusive Cross-Selling Practices

In late October, the Financial Industry Regulatory Authority (FINRA) announced a sweep examination of broker-dealers targeting cross-selling programs similar to those that recently resulted in Wells Fargo’s payment of an $185...more

FINRA Fines Firms For Not Supervising L-Share Annuity Sales

For two years FINRA has made sales and marketing of L-Share variable annuities (VAs) a regulatory and examination priority. Not surprisingly, FINRA in November announced settled actions against eight broker-dealers, alleging...more

Warranty and Indemnity Insurance – Is the Silver Bullet Beginning to Tarnish?

Warranty and indemnity (W&I) insurance products have been marketed as a “silver bullet,” which can bridge the gap between a buyer’s wish to receive proper deal protection and a seller’s aim of a clean exit. However, as the...more

PRIIPs and KIDs – how are they relevant to funds?

The aim of the PRIIPs Regulation is to help retail investors to better understand and compare the key features, risks, rewards and costs of different retail products, by requiring that retail investors are provided with...more

Orrick's Financial Industry Week in Review

FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets - On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions...more

Your Daily Dose of Financial News

The Times went all in on Twinkies this weekend, with a look at how they came to be and how their comeback recently helped private equity execs laugh their way to the bank....more

The Supreme Court - December, 2016 #2

The Supreme Court of the United States issued decisions in three cases today: Samsung Electronics Co. v. Apple Inc., No. 15-777: A jury found that smartphones manufactured by petitioner Samsung infringed respondent Apple...more

Court Rules Fixed Income Annuity Is Not A Security Under The CSL

Because annuity contracts involve the payment of money in the expectation of future payments, one might conclude that they are securities within the meaning of the California Corporate Securities Law of 1968. Evidently, that...more

Lessons Learned in London

Earlier this month, I spent a week in the birthplace of D&O insurance, London. In addition to moderating a panel at Advisen’s European Executive Risks Insights Conference, I met with many energetic and talented D&O insurance...more

UK Autumn Statement 2016: finance

In the 2016 Autumn Statement, the UK government confirmed, as previously announced, that from April 2017, it is to cap the amount of tax deductions for interest to the higher of 30% of taxable earnings in the UK or the net...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

German Investment Fund Association Extends Rules of Conduct - The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more

DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies

The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more

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