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Expect Focus - Volume II, May 2025

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

SEC Continues Renewal Project for Registered Capital Raises - Expanding Use of Draft Filings May Counter Abandonment of Public...

More than a decade has passed since the enactment of the Jumpstart Our Business Startups (JOBS) Act, which encouraged small-company capital formation through a reduction in costly regulatory burdens on SEC registrants. In...more

SEC Action Builds Pressure for ETFs in Variable Contracts

On October 31, 2024, the SEC censured a major wirehouse for selling mutual funds to customers when lower-priced exchange-traded fund (ETF) “clones” of those funds were available. The SEC found that when recommending the...more

A Sea Change in RILA Regulation: Navigating the New Waters

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

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 published its proposed registration statement and related rules. As we...more

ETFs in Variable Contracts: A New Marketing Opportunity?

The Secure Act of 2022, in order to facilitate the use of exchange-traded funds (ETFs) as investment options under variable contracts, directs the Treasury Department to amend the governing look-through rules under applicable...more

SEC Relief for RILA Issuers to Use Statutory Financials: Has the Moratorium Been Lifted?

Innovative registered index-linked annuity (RILA) contracts have become a permanent fixture in the retirement savings marketplace. RILAs provide investors with a product that offers upside potential with downside protection,...more

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