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.
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…
Testifying before separate Senate Appropriations subcommittees yesterday, both DOL Secretary Alexander Acosta and SEC Chairman Jay Clayton indicated a desire to work together as the DOL looks at revising the fiduciary rule that became partially effective on June 9th.
On January 16th, 2014, Linas Sudzius (WRNewswire #14.01.16) wrote that “Life Partners Holdings, Inc. (“LPHI”) is a viatical settlement company which the SEC alleged had misrepresented the value of its life settlement portfolio to LPHI shareholders. In a pre-trial decision, the court had ruled that life settlements are securities.”