News & Analysis as of

Variable Annuities Broker-Dealer

Carlton Fields

NASAA Report on BD Compliance With Reg BI: Finds Progress, but Specifies Work To Be Done

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A September report of the North American Securities Administrators Association (NASAA) on broker-dealer compliance with the SEC’s Regulation Best Interest (Reg BI) finds...more

Mayer Brown Free Writings + Perspectives

FINRA Releases 2023 Report on Its Examination and Risk Monitoring Program

On January 10, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) released its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report), available at:  2023 Report on FINRA’s Examination and...more

UB Greensfelder LLP

The Rare Case Of The Unsuitable Strategy

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As everyone is likely well aware, one of the principal changes that happened when FINRA retired the old suitability rule – NASD Rule 2310 – and replaced it with shiny new FINRA Rule 2111 back in 2012 was the broadening of the...more

Carlton Fields

FINRA Trumpets Variable Annuity Sales Problems While SEC Falls Silent

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FINRA’s report on its broker-dealer examination findings for 2018 features a substantial discussion of “Unsuitable Variable Annuity Recommendations.” This is in sharp contrast with FINRA’s 2017 report, which didn’t mention...more

Carlton Fields

FINRA Requires Order Taker Registration

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In late 2017, FINRA pronounced in Regulatory Notice 17-30 that, "Beginning on October 1, 2018, unregistered persons cannot accept an order from a customer under any circumstances. ...more

Carlton Fields

Broker-Dealers Can Hold Customers’ Initial Checks

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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

Carlton Fields

FINRA Fines Firms For Not Supervising L-Share Annuity Sales

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For two years FINRA has made sales and marketing of L-Share variable annuities (VAs) a regulatory and examination priority. Not surprisingly, FINRA in November announced settled actions against eight broker-dealers, alleging...more

Chambliss, Bahner & Stophel, P.C.

Should an Annuity Be Part of Your Retirement Planning?

Annuities can be valuable retirement and longevity planning tools, but they are complex financial products that can be misused. There are two kinds of annuities: variable and immediate. Variable annuities have gotten a bad...more

BakerHostetler

SEC Announces 2016 Examination Priorities

BakerHostetler on

Earlier this week, the Office of Compliance Inspections and Examinations (OCIE) of the United States Securities and Exchange Commission (SEC) announced its 2016 examination priorities. These priorities are of particular...more

Carlton Fields

“Promptly Transmit” Redefined for Some Customer Checks

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The SEC and FINRA recently extended relief originally granted to accommodate suitability reviews of deferred variable annuities, so that the relief is now also available for mutual funds, Section 529 plans, and other...more

Carlton Fields

Expect Focus - ONLINE HEALTH CARE: NOT SO FAST Telemedicine Hits A Few Speed Bumps, Volume II, Spring 2015

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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

Broker-Dealer Compliance + Regulation

FINRA Issues a Packed Priorities Letter for 2015

FINRA opened 2015 with a lengthy and ambitious agenda of regulatory priorities. This year’s Regulatory and Examination Priorities Letter is much longer than those issued the last two years, and repeats many of those years’...more

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