Mississippi Is Latest State to Embrace NAIC Annuity Sales Rules
Supporters of the NAIC annuity transaction suitability model say a fiduciary-only approach to annuity purchase advice would limit consumer choice—a claim its opponents dispute.
Tag: Regulation Best Interest
Expect the SEC To Get Tougher on Advisers, Advocate for Retirement Savers
The change in agency leadership has driven a clear change in focus and a new sense of urgency to act on key issues, some longstanding and others just emerging.
Consumer Protection Motivates Barbara Roper’s Move to SEC
SEC Chair Gary Gensler says her focus as a senior adviser will be on issues relating to retail investor protection, including broker and adviser oversight and examinations.
Busy Days Ahead for SEC Leadership, Chair Gary Gensler
Among the more telling chapters in Gensler’s biography is his work helping to draft the Sarbanes-Oxley Act as a senior adviser to former U.S. Senator Paul Sarbanes in the wake of the Enron scandal.
Trends
New Fiduciary Rule Ahead
The main theme of the DOL’s new rule proposal is in alignment with other regulators—the SEC and FINRA in particular—but the agency is not surrendering its jurisdiction over tax-qualified retirement plans.
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Compliance News
Client Relationship Summary
Who exactly needs to receive a Form CRS?
Legislative and Judicial Actions
HSA inflation adjustment, 403(b) catch-up contributions, tax treatment under the CARES Act, and more.
Compliance Consult
Evaluating Reg BI Compliance
Five takeaways from an OCIE Risk Alert.
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Regulation Best Interest Arrives
On June 30, the Securities and Exchange Commission’s ‘Reg BI’ goes into effect to enhance the transparency and quality of adviser/investor relationships.
Iowa Finalizes and Adopts Best Interest Standard for Annuities
“Iowans expect their financial professional to act in the consumer’s best interest when recommending an annuity,” says Iowa Insurance Commissioner Doug Ommen. “Iowa not only expects it, but we will require it.”
Opposition, and Support, Continue for Reg BI
Former Congressmen Dodd and Frank join the legal challenge, while the financial and insurance communities largely stand behind the rule.
FINRA Wants to Help You With Reg BI Compliance
As the enforcement date approaches for the sweeping Regulation Best Interest rulemaking package, FINRA is working hand-in-hand with the SEC to ensure effective coordination—and to support advisers working on associated compliance challenges.
Dodd-Frank Authors Say Reg BI Should Be Halted by Appeals Court
The 2nd Circuit has been asked to halt the implementation of the SEC’s Regulation Best Interest by a coalition of parties that now includes the lead sponsors of the Dodd-Frank Act.
A Progressive State’s Fiduciary Showdown With the SEC
Critics of the Massachusetts fiduciary rule say it will interfere with the implementation of the SEC’s Regulation Best Interest; proponents say that’s exactly the point.
Sen. Warren Warns DOL About Adviser Conflicts of Interest
The Democratic presidential candidate tells Department of Labor Secretary Scalia she fears the DOL is considering standards of conduct that would permit advisers providing advice on retirement savings to engage in conflicts of interest.
Massachusetts Steps Closer to Stricter, Uniform Fiduciary Standard
Supporters of the Massachusetts proposal say the state-based regulations will be far more effective in tamping down on brokerage industry conflicts of interest compared with the national Regulation Best Interest.
Can Dual-Registered Firms Provide More Than One SEC Form CRS?
The SEC tackles this question and others in a new FAQ publication about the Regulation Best Interest rulemaking package, as does Morningstar in a new paper that examines the regulation’s impact on specific business models.
2019 Was Big for the SEC. 2020 Will Be Huge.
In addition to the ambitious Regulation Best Interest package, the securities and market regulator is making significant changes to the proxy voting landscape and its rules for adviser advertising.
State Insurance Regulators Seeking Harmony with Reg BI
The National Association of Insurance Commissioners is seeking to update its rules and restrictions on the sales of annuities so they better harmonize with the SEC’s Regulation Best Interest.