What happened?
On June 5, the US Securities and Exchange Commission (SEC) adopted Regulation Best Interest (Reg. BI), a new rule establishing a “best interest” standard of conduct for broker dealers and their natural...more
7/15/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Policies and Procedures ,
Recordkeeping Requirements ,
Retail Investors ,
Securities and Exchange Commission (SEC)
Admittedly, it is not one of those “Do you remember where you were when it happened?” moments (for those old enough to remember, think November 16, 1981, when Luke and Laura married), but for the broker-dealer and investment...more
By all accounts, 2019 will see a number of fiduciary and best interest investment advice regulations advance at both the federal and state levels. Firms subject to these regulations will face challenges in dealing with rules...more
5/21/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
On April 29, 2019, the Office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) to solicit comment on whether it should issue a formal proposal to expand the reach of its...more
5/17/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banks ,
Custody ,
de facto Administrators ,
Executors ,
Federal Savings Associations ,
Fiduciary ,
OCC ,
Regulatory Agenda ,
Risk Management ,
Trustees
By all accounts, 2019 will see the advancement of a number of fiduciary and best interest investment advice regulations at both the federal and state levels. Firms subject to these regulations will face challenges in dealing...more
4/2/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Broker-dealers selling annuity products in New York will soon need to comply with new best interest requirements imposed by New York’s amended Insurance Regulation 187. These requirements, which will take effect for annuities...more
On February 12, 2018, the Division of Enforcement of the US Securities and Exchange Commission (SEC) announced the Share Class Selection Disclosure Initiative (Initiative) to encourage SEC registered investment advisers...more
On July 13, 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) held a Blockchain Symposium (the Symposium) in which representatives from a number of US regulators discussed the work they have undertaken to assess...more
On August 25, the Securities and Exchange Commission (the SEC) adopted amendments to Form ADV Part 1 that will require SEC-registered investment advisers to provide a significant amount of new information. The SEC adopted...more
Under current Florida insurance laws, branch offices of broker-dealers selling insurance products in Florida are required to either “license” or “register” as agency branches (in addition to satisfying insurance producer...more
On January 28, 2014, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert entitled: Investment Adviser Due Diligence Processes for Selecting...more
During an open meeting of the U.S. Securities and Exchange Commission (the SEC) on July 10, 2013, the SEC adopted a rule that lifts the ban on general solicitation of unregistered securities offerings and paves the way for...more