FINRA’s reported enforcement actions as to certain variable annuity practices increased in 2018. For example, FINRA announced more than half a dozen settlements – via Letters of Acceptance, Waiver and Consent (AWCs) – for...more
Marketing Private Life Insurance Separate Accounts to Smaller Banks -
Subject to certain exceptions, the so-called “Volcker rule” provisions of the Dodd-Frank Act and regulations thereunder (collectively, the Volcker Rule)...more
10/4/2018
/ BOLI ,
Covered Funds ,
Dodd-Frank ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Insurance Industry ,
Insurance Investment Products ,
Investment ,
Life Insurance ,
Regulatory Oversight ,
Regulatory Standards ,
SIFIs ,
Threshold Requirements ,
Volcker Rule
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
On April 18, the SEC voted to propose major rule changes to reconcile and clarify the standards of conduct that apply to broker-dealers and investment advisers. ...more
7/5/2018
/ Best Interest Standard ,
Broker-Dealer ,
Churning ,
Conflicts of Interest ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Products ,
Life Insurance ,
Regulatory Oversight ,
Regulatory Standards ,
Retail Investors ,
Securities and Exchange Commission (SEC)
EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
5/1/2018
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
CAFA ,
Class Action ,
COI Rates ,
Corporate Governance ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Elder Abuse ,
Failure To Pay ,
Fiduciary Rule ,
Life Insurance ,
NAIC ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
TCPA
Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more
On February 7, the Massachusetts Securities Division asked for public comment on a fee table requirement for Massachusetts-registered investment advisers....more
EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
1/18/2018
/ Annuities ,
Consumer Financial Products ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Innovation ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
NAIC ,
Regulatory Oversight ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers
A recent European Union (EU) directive prohibits certain investment managers from receiving securities research whose cost is "bundled" together with broker-dealers’ costs of effecting securities transactions directed by the...more
EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
10/20/2017
/ Annuities ,
Best Interest Contract Exemptions ,
Big Data ,
Blockchain ,
Capital Raising ,
Conflicts of Interest ,
Cybersecurity ,
Data Security ,
Distributed Ledger Technology (DLT) ,
Elder Abuse ,
ETFs ,
Fiduciary Duty ,
Fiduciary Rule ,
Insurance Industry ,
Interest Rates ,
Investment ,
Investment Management ,
Life Insurance ,
NAIC ,
OCIE ,
Securities and Exchange Commission (SEC) ,
STOLI
The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more
The office of the Comptroller of the Currency (OCC) published a draft supplement to its licensing manual, to define and tailor the requirements for FINTECH companies that apply for special purpose national bank charters. This...more
For the first time since 2004, FINRA has proposed major amendments to its requirements that govern the terms of the underwriting arrangements for most public offerings of securities and mandate that such arrangements be...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
SEC staff in December issued a Guidance Update that provides significant flexibility regarding how mutual funds and variable annuities (VAs) reflect multiple charge structures in their SEC registration statements....more
Various NAIC groups have planted seeds for a number of regulatory initiatives that impact life insurers.
The Cybersecurity Task Force has been tilling the ground in preparation for a third draft of the NAIC Cybersecurity...more
On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle. Under the amendment,...more
- 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
1/9/2017
/ Annuities ,
Big Data ,
Bitcoin ,
Broker-Dealer ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Selling ,
Cybersecurity ,
Digital Currency ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
Insurance Industry ,
Life Insurance ,
NAIC ,
OCC ,
Prudential Insurance ,
Ransomware ,
Securities and Exchange Commission (SEC) ,
STOLI ,
Trump Administration ,
Usury ,
Virtual Currency
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
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
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial
- Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation
- On The Horizon: Global...more
10/31/2016
/ Administrative Proceedings ,
Annuities ,
Business Continuity Plans ,
CFTC ,
Class Action ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Protection ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
European Economic Area (EEA) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
FSB ,
Gartenberg Factors ,
Healthcare ,
Industry Examinations ,
Insurance Industry ,
Investment Companies ,
Life Insurance ,
Long Term Care Facilities ,
Long-Term Care ,
Meals-Gifts-and Entertainment Rules ,
Mutual Funds ,
NAIC ,
NYDFS ,
Passporting ,
Regulatory Oversight ,
Retirement Plan ,
RICO ,
Risk Assessment ,
Securities ,
Securities and Exchange Commission (SEC) ,
Solvency II ,
UK ,
UK Brexit ,
Unicorns
The Securities and Exchange Commission (SEC) staff has reportedly been asking mutual funds how they value their investments in “unicorns” – i.e., dynamic pre-IPO companies with market capitalization exceeding $1 billion, and...more
In July, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced an initiative to identify instances where registered investment advisers may be improperly influenced by...more
10/28/2016
/ 529 Plans ,
Broker-Dealer ,
Conflicts of Interest ,
Financial Institutions ,
Financial Markets ,
Incentives ,
Investment Management ,
Mutual Funds ,
OCIE ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Share Classes
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers
- New Wave of COI Rate Increase Lawsuits Hits the Industry
- STOLI Policies Cancelled, Insurers Retain Premium
-...more
8/29/2016
/ Administrative Proceedings ,
Capital Requirements ,
Cybersecurity ,
Data Breach ,
Death Master Files ,
Domain Names ,
Electronic Data Transmissions ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Florida ,
Insurance Industry ,
Life Insurance ,
Mutual Funds ,
NAIC ,
National Technical Information Service (NTIS) ,
Pensions ,
Popular ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
STOLI ,
Unclaimed Property
Life Policy Summaries/Narratives -
An NAIC working group is considering how to revise provisions in its model regulations governing the content of the policy summary required in life insurance policy illustrations and...more