UPDATE: As of December 30, 2020, Arizona, Arkansas, Michigan, and Rhode Island have joined Iowa in adopting the NAIC model rule for best interest standard in annuity sales. Alabama, Delaware, Kentucky, Maine, Nevada and Ohio...more
On April 15, 2020, the Investor Protection Bureau of the New York Department of Law (a division of the attorney general’s office) (the “Bureau”) published proposed amendments to regulations governing state-registered...more
UPDATED: MAY 12, 2020: Yesterday, Iowa adopted its proposed regulation requiring annuity agents to act in the best interest of consumers, but delayed adoption (or revision, withdrawal) of the companion securities rules. The...more
On February 21, 2020, the Massachusetts Securities Division (the “MSD”) announced the finalization of its fiduciary rule. Part I summarized the evolution of Massachusetts Fiduciary Rule (“Fiduciary Rule”) and the...more
Last week FINRA issued guidance (Regulatory Notice 19-10) with respect to communications with customers about registered representatives (“RRs”) who have left a broker-dealer (the “Notice”).
With increased frequency, RRs...more