The U.S. Department of the Treasury published an October 2017 report, "A Financial System That Creates Economic Opportunities — Asset Management and Insurance" in response to President Trump’s Executive Order 13772 on "Core...more
1/17/2018
/ Annuities ,
Consumer Financial Products ,
Executive Orders ,
Financial Regulatory Reform ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
Mutual Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Trump Administration ,
U.S. Treasury
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
President Trump’s nominee for SEC Chairman, Jay Clayton, could speed authorization of the variable annuity (VA) summary prospectus and related layered disclosure and shortened underlying fund report to shareholders. Doing so...more
- 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
An investment adviser seeking to show how a particular investment strategy would have performed during specified time periods would be well advised to:
use only historical performance data and not a mix of historical...more
The Securities and Exchange Commission (SEC) has proposed that filings on Securities Act registration form types beginning with “S-” and “F-”, or on the basic Securities Exchange Act reporting forms, provide hyperlinks to...more
This article addresses the liability of inside attorneys at asset management companies— mutual fund sponsors, investment advisers, broker-dealers, life insurance companies—as gatekeepers under rules of the US Securities and...more
9/22/2015
/ Appearance Policy ,
Arthur Anderson ,
Asset Management ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Dodd-Frank ,
Enforcement Actions ,
Enron ,
Insurance Industry ,
Investors ,
Life Insurance ,
Mutual Funds ,
Negligence ,
Private Right of Action ,
Professional Liability ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholders ,
WorldCom
William Kotapish, an Assistant Director in the SEC’s Division of Investment Management, recently stated that the SEC staff is prepared to recommend that the Commission adopt rules and forms authorizing a variable annuity...more
When SEC Commissioner Luis A. Aguilar recently cited "the need for the Commission and state regulators to focus on combatting fraud involving complex securities" including "equity-indexed annuities," he did not discuss...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
Once again, the SEC has delayed action on the variable annuity summary prospectus—this time, until March 2015. The SEC revealed the news, rather surreptitiously, in a submission to the Office of Management and Budget...more
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
Whistleblowing law continues to develop, with a recent U.S. Supreme Court decision holding that, despite ambiguous statutory language, the Sarbanes-Oxley Act of 2002 protects employees of private companies serving as...more
7/17/2014
/ Contractors ,
Dodd-Frank ,
Employer Liability Issues ,
Investment Adviser ,
Lawson v FMR ,
Popular ,
Publicly-Traded Companies ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Whistleblowers