In a recent speech before the New York Stock Exchange on revitalizing the securities markets, SEC Chairman Paul Atkins remarked that over the past three decades the number of public companies listed on U.S. stock exchanges...more
2/4/2026
/ 403(b) Plans ,
Accredited Investors ,
Capital Markets ,
Closed-End Funds ,
Defined Contribution Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Financial Services Industry ,
Investment Funds ,
New Legislation ,
Pending Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Retail Investors ,
Retirement ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Just before the October federal government shutdown, the SEC staff issued a no-action letter providing some clarity as to when a state-regulated banking or trust institution can serve as a “qualified custodian” under the...more
1/27/2026
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
Digital Assets ,
Financial Institutions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
New Guidance ,
No-Action Letters ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Not content to “let it be,” the Financial Services Institute (FSI) sought and received, on November 17, 2025, a significant SEC staff no-action letter relating to the broker-dealer status of personal service entities (PSEs)...more
At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset —...more
9/3/2025
/ 401k ,
Blockchain ,
Cryptoassets ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Investment ,
Life Insurance ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization ,
Trump Administration
Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty -
The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more
5/8/2025
/ Algorithms ,
Annuities ,
Compensation & Benefits ,
Employee Benefits ,
Enforcement Actions ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Life Insurance ,
Registered Investment Advisors ,
Retirement Plan ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In a section titled “Annuities Securities Products,” FINRA’s 2025 Annual Regulatory Oversight Report, issued on January 28, 2025, addresses regulatory obligations related to the sales of variable annuities (VAs) and...more
On January 28, 2025, FINRA issued its 2025 Annual Regulatory Oversight Report, providing a detailed look into FINRA’s current regulatory oversight of member firms and their registered personnel....more
2/14/2025
/ Annual Reports ,
Annuities ,
Anti-Money Laundering ,
Artificial Intelligence ,
Cybersecurity ,
Data Breach ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Fraud ,
Investment Fraud ,
Popular ,
Regulatory Oversight ,
Regulatory Violations ,
Risk Management ,
Third-Party Risk
The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence -
In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church &...more
2/11/2025
/ Blockchain ,
Board of Directors ,
BSA/AML ,
Consumer Insurance Products ,
Corporate Governance ,
EFTs ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Investment ,
Investment Contract ,
Publicly-Traded Companies ,
Retirement ,
Securities and Exchange Commission (SEC) ,
Variable Insurance
Gary Gensler’s tenure as SEC chair can be remembered for an impressive number of rule proposals, many of which encountered vehement industry opposition or were challenged in court, struck down, or stayed....more
1/29/2025
/ Disclosure Requirements ,
Final Rules ,
Financial Services Industry ,
Form N-PORT ,
Investment Adviser ,
Investment Management ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Gone With the Wind?
Closed-End Funds Risk Extinction -
Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more
10/16/2024
/ Cybersecurity ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
Social media marketing is an important form of advertising in our digital world, particularly with a target audience of younger investors. This has caught the eye of FINRA and the SEC....more
10/14/2024
/ Advertising ,
Endorsements ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Influencers ,
Investment Adviser ,
Investment Opportunities ,
Marketing ,
Online Endorsements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Social Media
On July 1, 2024, the Securities and Exchange Commission adopted a new registration framework for registered index-linked annuity (RILA) contracts. RILA contracts allow investors to allocate purchase payments to one or more...more
On July 1, 2024, the Securities and Exchange Commission (SEC) announced new rules for registered index-linked annuities (RILAs) and registered market-value adjustment annuities (MVAs). The new rules will significantly impact...more
Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
On February 6, 2024, the SEC adopted new rules under the Securities Exchange Act of 1934 (Exchange Act), to expand the scope of “dealers” and “government securities dealers” required to register under the Exchange Act, become...more
5/24/2024
/ Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Government Securities ,
Investment ,
New Rules ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Securities Transactions ,
Traders
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 ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC)
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
I. INTRODUCTION AND OVERVIEW -
Gary Gensler’s tenure-to-date as Chairman of the Securities and Exchange Commission (“SEC”) is striking for its exceptionally active rulemaking agenda. Two rulemakings of tremendous import to...more
11/9/2023
/ Advertising ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Investment Management ,
Proposed Amendments ,
Regulatory Agenda ,
Rulemaking Process ,
SEC Advertising Rule ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholders
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
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
FINRA intends to conduct 1,000 Regulation Best Interest (Reg BI) examinations — covering almost one-third of FINRA member firms — by year-end....more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more