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2017


SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

June 23, 2017

On June 1, SEC Chairman Jay Clayton issued a statement seeking comments from interested parties regarding the standards of conduct for investment advisers and broker-dealers providing investment advice to retail investors.

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Special Purpose National Bank Charter for FINTECH Firms

Special Purpose National Bank Charter for FINTECH Firms

June 23, 2017

The draft makes clear that FINTECH special purpose banks will not be permitted to engage in any activity that is prohibited for other national banks and will be required to engage in at least one "core banking activity" such as lending money or paying checks.

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Summary Judgment for Insurer in Annuity Sales Practices Action

Summary Judgment for Insurer in Annuity Sales Practices Action

June 23, 2017

Like many of the bonus annuity class actions brought in the mid-2000s, the plaintiff in Chambers claimed that the insurer misrepresented the terms of the bonus, that there were no "sales fees," and that the interest adjustment applied to partial surrenders.

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The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation

June 23, 2017

"From a litigation perspective, this change to a fiduciary status for the sales agent is substantial and in many cases will afford litigants unhappy with investment results, or the ultimate characteristics of a particular form of annuity, the opportunity to second-guess the original decision applying a significant range of issues."

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FINRA Fines Firms for WORM Problems

FINRA Fines Firms for WORM Problems

April 10, 2017

Broker-dealers, including principal underwriters of insurance products, may retain required records in electronic format, subject to satisfaction of longstanding conditions.

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Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

April 10, 2017

The Tenth Circuit Court of Appeals, in Bandimere v. SEC, recently held that the SEC’s administrative law judges (ALJs) are “inferior officers” whose appointments violate the Appointments Clause of the U.S. Constitution because they are not appointed by the President, the chairman of the SEC, or a court of law.

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Cost of Insurance Litigation Review

Cost of Insurance Litigation Review

April 10, 2017

While organized as a single cause of action, the plaintiff in Brach asserted AXA’s COI rate increase was a breach of contract pursuant to several theories of liability. In denying AXA’s motion to dismiss the claim, the court found each theory to be plausible.

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Court Applies “Fiduciary Exception” to Mutual Fund Trustees’ Attorney-Client Privilege

Court Applies “Fiduciary Exception” to Mutual Fund Trustees’ Attorney-Client Privilege

April 10, 2017

In Kenny v. Pacific Inv. Mgm’t Co. LLC (W.D. Wash.), a federal judge recently ruled that a mutual fund’s independent trustees must produce certain documents that the trustees had redacted or withheld based on attorney-client privilege.

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SEC Adopts T+2 Securities Settlement Cycle

SEC Adopts T+2 Securities Settlement Cycle

April 10, 2017

On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle.

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SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

April 10, 2017

The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact person.”

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