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
1/17/2024
/ Broker-Dealer ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
NASAA ,
Real Estate Investments ,
Regulation Best Interest ,
Regulation BI ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Variable Annuities
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
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
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
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
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
FINRA has taken another step to protect against what it calls "financial exploitation of vulnerable individuals or individuals with diminished capacity." These include seniors (at least age 65) and persons (at least age 18)...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
- 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
FINRA is reviewing a slew of comments on a controversial proposal to develop a comprehensive automated risk data system, nicknamed "CARDS." FINRA published the proposal on December 23, 2013, in Regulatory Notice 13-42, and...more