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
The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more
10/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Consumer Insurance Products ,
Dodd-Frank ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Jurisdiction ,
Life Insurance ,
New Rules ,
Regulation Best Interest ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct ,
Sua Sponte ,
Subject Matter Jurisdiction
The Southern District of New York recently declined to certify a class in a suit relating to investments in certain closed-end mutual funds, holding that individual questions overwhelmed the class-wide questions in...more
12/21/2018
/ Breach of Contract ,
Broker-Dealer ,
Class Certification ,
Closed-End Funds ,
Financial Crisis ,
Financial Services Industry ,
FRCP 23 ,
Government Bonds ,
Investment Opportunities ,
Junk Bonds ,
Mutual Funds ,
Predominance Requirement ,
Puerto Rico ,
Putative Class Actions ,
Suitability Requirements ,
Typicality ,
UBS