IN THE SPOTLIGHT -
- SEC Sanctions Unregistered EB-5 Investments Broker
SECURITIES -
- FINRA to Assess Member Firms’ Culture
- SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more
7/26/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Debt Buyers ,
Department of Justice (DOJ) ,
EB-5 ,
Electronic Data Transmissions ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Federal Pilot Programs ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Immigrant Investor Program ,
Individual Accountability ,
Inpatient Billing ,
Insurance Industry ,
Investment ,
Job Creation ,
Payday Loans ,
Pensions ,
Popular ,
Property Damage ,
Property Insurance ,
Securities ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Spokeo v Robins ,
Student Loans ,
Two-Midnight Rule ,
Whistleblower Awards ,
Whistleblowers
Early this year, the SEC announced it had paid a whistleblower award of “more than $700,000” to a company “outsider” who “conducted a detailed analysis” that led to a successful enforcement action against the company....more
Speaking at the Brookings Institution this April, FINRA head Richard Ketchum emphasized the importance of a broker-dealer having a "culture" that favors the firm’s customers when their interests conflict with those of the...more
7/19/2016
/ Broker-Dealer ,
Corporate Culture ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Regulatory Standards ,
Securities
IN THE SPOTLIGHT -
The CFPB Takes First Enforcement Action Related to Data Security Practices.
LIFE INSURANCE -
Class Certified in Unique Fixed Indexed Annuity Case.
Alleged Misrepresentations to DFS Warrant...more
5/6/2016
/ Auto Insurance ,
Automotive Loans ,
Bad Faith ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Security ,
Department of Justice (DOJ) ,
Derivatives ,
Fair Credit Reporting Act (FCRA) ,
False Claims Act (FCA) ,
FCC ,
Fiduciary Duty ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Health Care Providers ,
Junk Bonds ,
Life Insurance ,
RESPA ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
Stark Law ,
TCPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Uninsured and Under-Insured Motorists ,
Waivers
The December failure and ongoing liquidation of the Third Avenue Focused Credit Fund (TAFCF) provides potential ammunition to significant financial services industry players who believe mutual funds and investment managers...more
Guidance Update No. 2016-01, published this month by the SEC’s Division of Investment Management, provides extensive guidance concerning the possibility that payments from mutual funds are being used to promote sales of the...more
IN THE SPOTLIGHT -
- California Passes Life and Annuity Electronic Transactions Law
LIFE INSURANCE -
- Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny
- NAIC Evaluates Insurer’s Use of Variable...more
1/11/2016
/ 401k ,
Administrative Proceedings ,
Big Data ,
Bitcoin ,
BSA/AML ,
E-Commerce ,
Medical Devices ,
Securities and Exchange Commission (SEC) ,
STOLI ,
Takedown Notices ,
Variable Annuities
Annual reports that the SEC must submit to Congress provide insight into how the agency is exploiting the wealth of information that private fund advisers are required to file with it on Form PF. The SEC developed Form PF...more
In This Issue:
IN THE SPOTLIGHT -
- Your Data Breach Collided With My Personal Injury Coverage
LIFE INSURANCE -
- Phantom Injury Dooms “Shadow Insurance” Case
- Latest NAIC Cybersecurity News...more
10/8/2015
/ Administrative Law Judge (ALJ) ,
AIG ,
Auto Body Shop ,
Bailout ,
Banking Sector ,
Banks ,
Big Data ,
Breach Notification Rule ,
Class Action ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CT Supreme Court ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Department of Labor (DOL) ,
Derivative Suit ,
Disclosure Requirements ,
Disparate Impact ,
EB-5 ,
Fair Housing Act (FHA) ,
FFIEC ,
Fiduciary Duty ,
Financial Institutions ,
Foreclosure ,
Healthcare ,
Insurance Industry ,
King v Burwell ,
Life Insurance ,
Mortgage Servicers ,
Mutual Funds ,
NAIC ,
Online Advertisements ,
Ransomware ,
Reassigned Phone Numbers ,
Regulation A ,
RI Supreme Court ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Standing ,
TCPA ,
Telecommunications ,
Treble Damages ,
Whistleblowers
The SEC recently published myriad questions about the listing, trading, and marketing (especially to retail investors) of "new, novel, or complex" exchange-traded products (ETPs). Such ETPs include exchange-traded funds...more
10/5/2015
/ Broker-Dealer ,
ETFs ,
Exchange-Traded Products ,
Financial Markets ,
Investment ,
Investment Company Act of 1940 ,
Investors ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Trading Platforms
The Board of the International Organization of Securities Commissions (IOSCO) in June made an important recommendation concerning any risks that investment funds and advisors present to the global financial system....more
10/5/2015
/ Asset Management ,
Consumer Financial Products ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
FSB ,
FSOC ,
Investment ,
Investment Funds ,
Investors ,
IOSCO ,
Regulatory Standards ,
Risk Assessment
In This Issue:
- IN THE SPOTLIGHT
• Risky Business: Common Cyber Security Risks, Expensive Consequences
- LIFE INSURANCE
• Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly...more
6/26/2015
/ Accounting Fraud ,
Annuities ,
Bad Faith ,
Broker-Dealer ,
Captive Insurance Company ,
Consumer Financial Contracts ,
Covered Business Method Patents ,
Cybersecurity ,
Debt Collection ,
Disability Benefits ,
Drones ,
Employee Retirement Income Security Act (ERISA) ,
Fair Lending ,
FCC ,
Fiduciary Duty ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Insurance Litigation ,
Life Insurance ,
Mandatory Arbitration Clauses ,
Patents ,
RICO ,
SAR ,
Securities and Exchange Commission (SEC) ,
Telemedicine ,
Unmanned Aircraft Systems ,
Variable Annuities ,
Virtual Currency
In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration.
The CFPB generally does not have...more
6/19/2015
/ Arbitration ,
Arbitration Agreements ,
Blue Sky Laws ,
Broker-Dealer ,
Checking Accounts ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Investment Adviser ,
Mediation ,
Mobile Devices ,
Payday Loans ,
Prepaid Payment Products ,
Private Student Loans ,
Securities ,
Securities and Exchange Commission (SEC)
IN THE SPOTLIGHT
· Is your Company Ready to Comply with Encryption of Individually Identifiable Health Information?
LIFE INSURANCE
· STOLI Schemers Must Make Good on Damages Caused
· At the State Level, Is a Fixed-Index...more
4/10/2015
The SEC is stepping lively to preserve a role in formulating any additional requirements for money managers—such as mutual funds and investment advisers—to limit perceived risks to the financial system.
Although the...more
In This Issue:
- IN THE SPOTLIGHT
..Crisis Management: Five Steps to Take Before Providing That Comment
- LIFE INSURANCE
..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more
1/16/2015
/ Automotive Loans ,
CFTC ,
Class Action ,
Consumer Complaint System ,
Data Breach ,
Divorce ,
Driverless Cars ,
FCC ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Money Market Funds ,
Mortgages ,
NAIC ,
Private Equity Funds ,
STOLI ,
Unsolicited Faxes
In September, state securities regulators formed a working group aiming to make broker-dealers’ disclosures about their fees more clear, accessible, and useful to investors in comparing different firms’ charges. The group...more
A recent SEC Staff Legal Bulletin provides important guidance for investment advisers that use proxy advisory firms in voting clients’ securities. Nevertheless, the Bulletin (dated June 30, 2014) leaves much unresolved....more
In This Issue:
- IN THE SPOTLIGHT
..Standard CGL Policy Form Adds Data Breach Coverage Exclusion
- LIFE INSURANCE
..Class Claims Against Lincoln National Barred in Section 419 Action – Again
...more
9/30/2014
/ Accredited Investors ,
Affordable Care Act ,
Burwell v Hobby Lobby ,
Class Action ,
Commercial General Liability Policies ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Cyber Insurance ,
Data Brokers ,
Debt Collection ,
DMCA ,
Enforcement Actions ,
ESOP ,
Fair Credit Reporting Act (FCRA) ,
Fiduciary Duty ,
Foreclosure ,
Fraud-on-the-Market ,
Hallmark ,
Investment Adviser ,
Judge Rakoff ,
Life Insurance ,
NAIC ,
Patent Litigation ,
Patent-Eligible Subject Matter ,
Patents ,
Pharmaceutical Industry ,
Proxy Advisors ,
Putative Class Actions ,
Religious Freedom Restoration Act (RFRA) ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Strategic Enforcement Plan ,
Taco Bell ,
TCPA ,
Text Messages ,
Variable Annuities ,
Whistleblowers
In This Issue:
- IN THE SPOTLIGHT
..Private Equity: The Next Wave of SEC Enforcement Actions?
- LIFE INSURANCE
..How to Fight a STOLI Scheme: Court Rulings Offer Clues
..STOA Schemes Face...more
The SEC approved FINRA’s major reworking of its rules governing broker-dealers firms’ supervision of their offices and associated persons. Firms must comply with the new rules by December 1, 2014. This may require some firms...more
Some members of Congress have come to the aid of the investment management industry in its battle to avoid determinations by the Financial Stability Oversight Council (FSOC) that any mutual funds or investment advisers...more
The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a January 28, 2014 Risk Alert summarizing current practices and trends in how investment advisers conduct due diligence on private funds they recommend...more
The SEC has been pursuing several initiatives that, taken together, would significantly increase the difficulties and uncertainties presented by the securities registration exemption found in Rule 506 of Regulation D....more
In This Issue:
- IN THE SPOTLIGHT
..Sixth Circuit Revisits Controversial ERISA Decision
- LIFE INSURANCE
..Summary Judgment Victory for Life Insurer in Annuity Class Action
..Favorable Secondary Life Market...more
3/31/2014