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SEC Division of Examinations Releases 2021 Examination Priorities

Each year, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their...more

Iowa Proposes State-Specific Best Interest Rules for Insurance and Securities Businesses (Updated)

UPDATE: As of December 30, 2020, Arizona, Arkansas, Michigan, and Rhode Island have joined Iowa in adopting the NAIC model rule for best interest standard in annuity sales. Alabama, Delaware, Kentucky, Maine, Nevada and Ohio...more

Key Take-Aways from SEC Roundtable on Regulation Best Interest and Form CRS

The Securities and Exchange Commission ("SEC") staff hosted a roundtable with the Financial Industry Regulatory Authority ("FINRA") on October 26, 2020, to discuss their observations on the implementation of, and compliance...more

OCIE Issues Risk Alerts Previewing Initial Exams' Focus on Compliance with Reg BI, Form CRS

On April 7, 2020, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued two risk alerts regarding the expected scope and content of initial examinations for compliance with Form CRS and Regulation Best...more

Iowa Proposes State-Specific Best Interest Rules for Insurance and Securities Businesses

UPDATED: MAY 12, 2020: Yesterday, Iowa adopted its proposed regulation requiring annuity agents to act in the best interest of consumers, but delayed adoption (or revision, withdrawal) of the companion securities rules. The...more

Massachusetts Adopts Amendments to its Fiduciary Rule Part II The Massachusetts Fiduciary Rule and Reg BI

On February 21, 2020, the Massachusetts Securities Division (the “MSD”) announced the finalization of its fiduciary rule. Part I summarized the evolution of Massachusetts Fiduciary Rule (“Fiduciary Rule”) and the...more

Massachusetts Finalizes its Fiduciary Rule Part I

On February 21, 2020, the Massachusetts Securities Division (the “Securities Division”) announced the finalization of its Fiduciary Rule. This Part I summarizes the evolution of the Massachusetts Fiduciary Rule and the...more

States Sue SEC in Ongoing Fight over Reg BI

The political melee surrounding Regulation Best Interest (“Reg BI”) escalated yesterday with the filing of a lawsuit against the SEC by several state attorneys general (the “State Plaintiffs”). In their complaint, the State...more

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