Regulation

The SEC Standard of Care Proposal and Best Interest Regulation: Where Do We Go from Here?

Topics: Advisor Standard of Care, Best interest, Regulation, SEC

Join us as Bridget McNamara-Fenesy, CEO & President of M Holdings Securities, and Jim Lundy, Partner at Drinker Biddle discuss the SEC’s Standard of Care Proposal and AALU’s engagement to date, as well as the Proposal’s intersection with best interest efforts at the state level. Bridget and Jim will review the key tenets of the…

New York State Releases Final Best Interest Regulation

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

Yesterday afternoon, the New York Department of Financial Services issued a final best interest rule. As expected, the final rule applies to both life insurance and annuity products, including in-force life insurance policies. While there were positive changes to the rule—for example, it limits the scope on in-force policies to transactions generating new sales compensation—it…

DONE DEAL: The DOL Fiduciary Rule is Officially Dead

Topics: DOL, Regulation

It’s finally official—the DOL Fiduciary Rule is dead. On June 21st, roughly a week after all opportunities for DOL to appeal had passed, the 5th Circuit Court of Appeals officially issued the decision it reached in March, vacating the DOL Rule in its entirety. This marks the end of a controversial regulation first proposed in…

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes Thursday, 21 June 2018 WRN 18.06.21 On April 27, the New York Department of Financial Services (DFS) re-proposed its best interest standard for life insurance and annuity products. The deadline for comments was June 15, and AALU…

New DOL Rules on Disability Claims May Impact Retirement and Deferred Compensation Plans.

Topics: DOL, Qualified Plans, Regulation

New DOL rules became effective on April 1, 2018 regarding claims procedures for disability benefits offered in employee benefit plans. The rules apply not only to long-term and short-term disability plans, but may also apply to 401(k) and other qualified retirement plans, as well as non-qualified deferred compensation plans and SERPs. The new rules provide…

The Day the DOL Fiduciary Rule Died: 5th Circuit Decision Vacating the rule Takes Effective May 7th, But What Does It Actually Mean For Producers?

Topics: DOL, Fiduciary, Regulation

After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor (“DOL”) Fiduciary Rule (“the Rule”) finally took effect on May 7th, 2018. The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption (“Transition BICE”),…

WRN#18.05.04

Topics: Best interest, Regulation

On April 27th, New York State re-proposed its best interest standard for life insurance and annuity products—the original proposal was issued in December 2017. The linked piece below summarizes the re-proposal, and we will be providing more details in the near future. There are a number of concerning provisions in the re-proposal, and with a…

WRN#18.04.27: SEC Proposes New Regulations for Investment Professionals

Topics: Best interest, Regulation, SEC

Moving more rapidly than was originally anticipated, the Securities and Exchange Commission (SEC) proposed a three-part regulatory package on April 18th, totaling almost 1,000 pages. These proposed changes are aimed at reforming the way that financial professionals serve retail investors, and would apply to producers selling variable annuities and other SEC-regulated securities.

WRN#18.04.20

Topics: Best interest, Regulation, SEC

On Wednesday, the Securities and Exchange Commission (SEC) proposed Regulation Best Interest, applicable to brokers and advisors, on a 4-1 vote. The proposal requires broker- dealers to act in the best interest of customers; they cannot put their financial interest ahead of retail customers. The proposal also aims to provide clarity around the fiduciary duties…

In This Week’s Tax News – 18.03.23

Topics: Congress, DOL, Regulation, Tax reform

By Chris Morton, Armstrong Robinson, David Hollingsworth, and Jason Martinez Friday, 23 March 2018 Early this morning, the Senate agreed to the House-passed $1.3 trillion omnibus spending bill by a 65-32 vote, sending the legislation to the President’s desk. Twenty-Four Republican Senators voted against the measure. The bill included a fix for the so-called “grain…