In April, the staff of the Securities and Exchange Commission provided two pieces of guidance concerning the application of the federal securities laws to digital assets. In particular, the SEC’s Strategic Hub for Innovation...more
In January, FINRA issued an interpretative letter allowing member firms to use pre-inception index performance (PIP) data in communications concerning open-end investment companies that are distributed solely to institutional...more
The SEC has long refused to allow companies to go public with bylaws or other governing documents that would require shareholders to arbitrate federal securities law claims against the company. ...more
Cryptocurrency investors were concerned following the SEC’s July 2017 investigative report on digital token sales by a virtual organization known as “The DAO.” ...more
New York Pushes Mutual Fund Active Share Disclosure -
New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as “Active Share.”...more
7/23/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Annuities ,
Broker-Dealer ,
Churning ,
Class Action ,
COI Rates ,
Constitutional Challenges ,
Data Security ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Insurance Investment Products ,
Investment Companies ,
Life Insurance ,
Lucia v SEC ,
MassMutual ,
Mutual Funds ,
NAIC ,
Policy Terms ,
Preemption ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
Unclaimed Property
New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as "Active Share." Denoted as a "percentage" from 0 to 100 percent, Active...more
EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
5/1/2018
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
CAFA ,
Class Action ,
COI Rates ,
Corporate Governance ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Elder Abuse ,
Failure To Pay ,
Fiduciary Rule ,
Life Insurance ,
NAIC ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
TCPA
On February 21, the SEC published interpretive "Guidance" to help public operating companies prepare disclosures about cybersecurity risks and incidents. ...more
In a January 18 letter to two of the fund industry’s leading advocacy groups, the staff of the SEC’s Division of Investment Management advised fund sponsors not to initiate registration of funds that intend to invest...more
4/11/2018
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
ETFs ,
Insurance Industry ,
Investment Funds ,
Investment Management ,
Investment Opportunities ,
Life Insurance ,
Registration Statement ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
1/18/2018
/ Annuities ,
Consumer Financial Products ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Innovation ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
NAIC ,
Regulatory Oversight ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers
As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more
1/15/2018
/ Blockchain ,
CFTC ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
FinTech ,
Initial Coin Offering (ICOs) ,
Insurance Industry ,
LabCFTC ,
Life Insurance ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
10/20/2017
/ Annuities ,
Best Interest Contract Exemptions ,
Big Data ,
Blockchain ,
Capital Raising ,
Conflicts of Interest ,
Cybersecurity ,
Data Security ,
Distributed Ledger Technology (DLT) ,
Elder Abuse ,
ETFs ,
Fiduciary Duty ,
Fiduciary Rule ,
Insurance Industry ,
Interest Rates ,
Investment ,
Investment Management ,
Life Insurance ,
NAIC ,
OCIE ,
Securities and Exchange Commission (SEC) ,
STOLI
Many mutual funds implement their investment strategies through "multi-manager" (also called "manager of manager") arrangements, particularly funds used to support variable life insurance and annuity products. Among other...more
10/12/2017
/ Annuities ,
Consumer Financial Products ,
Financial Services Industry ,
Fund Managers ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
Mutual Funds ,
OCIE ,
Securities and Exchange Commission (SEC)
In July, the SEC issued a report addressing the applicability of U.S. federal securities laws to the offer and sale of securities by "virtual corporations or capital raising entities that use distributed ledger or blockchain...more
The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain...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
In recent years, businesses have witnessed the proliferation of cyber attacks, hacking, and other digital threats. One common threat is ransomware. In a ransomware attack, a company may lose access to critical systems and...more
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers
- New Wave of COI Rate Increase Lawsuits Hits the Industry
- STOLI Policies Cancelled, Insurers Retain Premium
-...more
8/29/2016
/ Administrative Proceedings ,
Capital Requirements ,
Cybersecurity ,
Data Breach ,
Death Master Files ,
Domain Names ,
Electronic Data Transmissions ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Florida ,
Insurance Industry ,
Life Insurance ,
Mutual Funds ,
NAIC ,
National Technical Information Service (NTIS) ,
Pensions ,
Popular ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
STOLI ,
Unclaimed Property
IN THE SPOTLIGHT -
- SEC Sanctions Unregistered EB-5 Investments Broker
SECURITIES -
- FINRA to Assess Member Firms’ Culture
- SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more
7/26/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Debt Buyers ,
Department of Justice (DOJ) ,
EB-5 ,
Electronic Data Transmissions ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Federal Pilot Programs ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Immigrant Investor Program ,
Individual Accountability ,
Inpatient Billing ,
Insurance Industry ,
Investment ,
Job Creation ,
Payday Loans ,
Pensions ,
Popular ,
Property Damage ,
Property Insurance ,
Securities ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Spokeo v Robins ,
Student Loans ,
Two-Midnight Rule ,
Whistleblower Awards ,
Whistleblowers
Since at least March 2016, SEC examiners have reportedly been checking whether mutual fund firms are complying with the SEC staff’s recent guidance on “distribution-inguise.”
The guidance suggests that fund boards,...more
Guidance Update No. 2016-01, published this month by the SEC’s Division of Investment Management, provides extensive guidance concerning the possibility that payments from mutual funds are being used to promote sales of the...more
IN THE SPOTLIGHT -
- California Passes Life and Annuity Electronic Transactions Law
LIFE INSURANCE -
- Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny
- NAIC Evaluates Insurer’s Use of Variable...more
1/11/2016
/ 401k ,
Administrative Proceedings ,
Big Data ,
Bitcoin ,
BSA/AML ,
E-Commerce ,
Medical Devices ,
Securities and Exchange Commission (SEC) ,
STOLI ,
Takedown Notices ,
Variable Annuities
In September 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and settling charges against a cryptocurrency company for conducting commodity options-related activity without complying with...more
In This Issue:
IN THE SPOTLIGHT -
- Your Data Breach Collided With My Personal Injury Coverage
LIFE INSURANCE -
- Phantom Injury Dooms “Shadow Insurance” Case
- Latest NAIC Cybersecurity News...more
10/8/2015
/ Administrative Law Judge (ALJ) ,
AIG ,
Auto Body Shop ,
Bailout ,
Banking Sector ,
Banks ,
Big Data ,
Breach Notification Rule ,
Class Action ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CT Supreme Court ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Department of Labor (DOL) ,
Derivative Suit ,
Disclosure Requirements ,
Disparate Impact ,
EB-5 ,
Fair Housing Act (FHA) ,
FFIEC ,
Fiduciary Duty ,
Financial Institutions ,
Foreclosure ,
Healthcare ,
Insurance Industry ,
King v Burwell ,
Life Insurance ,
Mortgage Servicers ,
Mutual Funds ,
NAIC ,
Online Advertisements ,
Ransomware ,
Reassigned Phone Numbers ,
Regulation A ,
RI Supreme Court ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Standing ,
TCPA ,
Telecommunications ,
Treble Damages ,
Whistleblowers
The SEC recently published two rule proposals to address concerns over the Commission’s ability to gauge and monitor any risks that the asset management industry poses to the financial system and investors. This includes the...more
10/5/2015
/ Asset Management ,
Compliance ,
Derivatives ,
Disclosure Requirements ,
Financial Institutions ,
Financial Statements ,
Form ADV ,
Form N-CEN ,
Form N-PORT ,
Form N-SAR ,
Investment ,
Investment Adviser ,
Investment Management ,
Investment Portfolios ,
Investors ,
Regulation S-X ,
Repurchases ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Trading Platforms