Richard T. Choi

Richard Choi has more than 35 years' experience advising investment companies, investment advisers, broker-dealers, and life insurance companies on federal and state securities and insurance compliance and regulatory matters.

Richard's experience includes representation of investment company boards, independent directors and trustees, and special committees of directors and trustees. He counsels clients on the development and distribution of sophisticated financial products, such as fixed index and variable annuities and life insurance and face-amount certificates. His experience also includes representation of investment advisers and investment companies in regulatory compliance examinations and enforcement matters, opinions on the availability of 1940 Act exemptions in connection with various types of transactions, and in-house training and education seminars on a variety of regulatory and compliance matters.

He has published numerous articles and regularly speaks on federal securities issues relating to insurance products and mutual funds. He has appeared on Bloomberg TV and has been quoted in Bloomberg, the Chicago Tribune, the Los Angeles Times, National Underwriter, U.S. Banker, The Wall Street Journal Online, and other financial and trade publications.

Speaking Engagements

"Life Insurers and Private Credit: Regulatory Expectations, Enforcement Risk, and Litigation Exposure," Association of Life Insurance Counsel Fly-In, New York, NY (October 21, 2026)

"Regulation by Enforcement: A Looming Threat," National Association for Fixed Annuities Annuity Leadership Forum, Washington, D.C. (June 22, 2026)

"Under the Microscope: A Legal and Regulatory Analysis of the Annuity Industry," National Association for Fixed Annuities Annuity Leadership Forum, Washington, D.C. (June 23, 2025)

"The New SEC Regulatory and Enforcement Landscape," Insured Retirement Institute Annual Conference, Tampa, FL (March 27, 2025)

"Focus on Registered Index-Linked Annuities," Association of Life Insurance Counsel Annual Meeting, Naples, FL (May 20, 2024)

Integrity Marketing Group LLC Compliance Summit (2023)

"Advertising Training Seminar," Carlton Fields Client Presentation (September 22, 2022)

"Training Seminar on Securities, Insurance, and Tax," Carlton Fields Client Presentation (June 2022)

"Best Practices for Marketing and Advertising All Product Lines" and "Annuities," Integrity Compliance Summit (May 4–6, 2022)

"Life Insurance Company Products 2021: Introductory Workshop for Legal and Compliance Staff," ALI CLE (July 12, 2021)

View more

"Implications of the Confluence of Fiduciary and Best Interest Rules for Annuity Recommendations," American Council of Life Insurers (June 23, 2021)

"Variable Annuity and Variable Life (Rule 498a and Rule 30e-3): What You Need to Know for Website Compliance," Insured Retirement Institute (December 16, 2020)

"DC Legal Panel," National Association for Fixed Annuities Annuity Leadership Forum (July 29, 2020)

"Improving the Investor Experience and Your Bottom Line: Understanding Rule 498A and Optimizing Your Implementation," Insured Retirement Institute (July 22, 2020)

"Variable Insurance Products: Regulatory Overview and New Developments," FINRA Advertising Regulation Conference, Washington, D.C. (October 24–25, 2019)

"DC Legal Firm Panel," National Association for Fixed Annuities Annuity Leadership Forum, Washington, D.C. (June 11, 2019)

"The Long and Winding Road to a Variable Product Summary Prospectus," Insured Retirement Institute ACTION19 Conference, Washington, D.C. (May 17, 2019)

"Introductory Workshop for Legal and Compliance Staff," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 7, 2018)

"In Search of the 'Perfect' Regulatory Balance," American Council of Life Insurers Annual Conference, Washington, D.C. (October 8, 2018)

"Evolving Standards of Conduct: Legal and Operational Challenges," LIMRA (May 24, 2018)

"Regulation and Litigation in the Financial Services Sector," Brookings Institution, Washington, D.C. (May 2018)

"Regulation Best Interest and More: The Latest From the SEC," Insured Retirement Institute ACTION18 Conference, Washington, D.C. (May 10, 2018)

"SEC Update," Insured Retirement Institute ACTION18 Conference, Washington, D.C. (May 9, 2018)

"Securities Investigation and Enforcement Actions and Insurance Product Sales to Investment Advisor Clients," Association of Life Insurance Counsel Annual Meeting, Half Moon Bay, CA (May 7, 2018)

John Hancock Law Department Conference, Boston, MA (November 13, 2017)

"Bullet-Proofing Your Qualified Plan Sales," American Council of Life Insurers Annual Conference, Orlando, FL (October 9, 2017)

FINRA Advertising Conference, Washington, D.C. (October 5, 2017)

"Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 13, 2017)

"Regulation and Litigation in the Financial Services Sector," Brookings Institution, Washington, D.C. (May 2017)

"Regulatory Trends in Financial Services," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2017)

"DOL/SEC Fiduciary Rules: Conflict or Harmonization?," Association of Life Insurance Counsel Regional Insurance Counsel Roundtable, Washington, D.C. (September 2016)

"DOL-IRA/Rollover and Variable Annuities/Index Annuities," American Council of Life Insurers Compliance & Legal Sections Annual Meeting, Boston, MA (July 2016)

"DOL Fiduciary Implementation Workshop for Broker-Dealers," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 2016)

"Current SEC and FINRA Examination Priorities and Recent Enforcement Developments," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 2016)

"Regulation and Litigation in the Financial Services Sector," Brookings Institution, Washington, D.C. (May 2016)

"Federal Securities Regulation in 2015 and Beyond: A Discussion With the Honorable Troy A. Paredes," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (July 2015)

"Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (July 2015)

"Current SEC Examination Priorities and Takeaways From Recent SEC Enforcement Actions," LIMRA New England Compliance Roundtable (June 2015)

"Regulation and Litigation in the Financial Services Sector," Brookings Institution, Washington, D.C. (May 2015)

"Regulatory Roundup," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2015)

"The Insurance Product Securities Regulatory Framework: Introductory Workshop With Conference Co-Chairs," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 2014)

"The Regulatory Environment in Washington DC and Beyond," Northwestern Mutual Supervision Conference, Milwaukee, WI (October 15, 2014)

"Update From the SEC Division of Investment Management," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (July 2014)

"The Future of Regulation and Its Evolving Data Component: Big Data and Its Implications for Disclosure," 10th Annual FundSuiteArc User Conference, Boston, MA (June 17, 2014)

"Regulation and Litigation in the Financial Services Industry," Brookings Institution, Washington, D.C. (May 20, 2014)

"Advising the Board," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2014)

"Recent SEC and FINRA Pronouncements on Advertising, Social Media, and Suitability," Securities Products of Insurance Companies in the Course of Regulatory Reform, New York, NY (January 22, 2014)

"Update From the SEC Division of Investment Management," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 17–18, 2013)

"U.S. Legislative and Regulatory Overview," LIMRA Distribution Leaders Roundtable, Palm Beach Gardens, FL (February 6–8, 2013)

"Distribution of Insurance/Securities Products; Advertising; and Ethics," Securities Products of Insurance Companies in the Course of Regulatory Reform, New York, NY (January 23, 2013)

"SEC Panel: Disclosure Initiatives," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 24–26, 2012)

"Distribution of Insurance/Securities Products; Advertising and Ethics," Securities Products of Insurance Companies and Evolving Regulatory Reform, New York, NY (January 25, 2012)

"SEC Initiatives," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 26–28, 2011)

"Life Insurance Company Products: Key Federal Regulatory Developments Update," ALI-ABA (February 3, 2011)

"SEC Regulation and Rulemaking," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (April 28–30, 2010)

"Variable Annuity Summary Prospectus," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (April 28–30, 2010)

"How Regulation Will Shape Our Future," LIMRA Distribution Leaders Roundtable, Bonita Springs, FL (February 3–5, 2010)

"SEC Regulation and Rulemaking," National Association for Variable Annuities Government & Regulatory Affairs Conference, Washington, D.C. (June 8–9, 2009)

"Meeting Tomorrow's Needs Today Through Innovative Retirement Income Solutions," National Association for Variable Annuities Annual Meeting, Philadelphia, PA (October 5–7, 2008)

"Guidance for Using Solicitors and Third-Party Marketers," Fifth Annual Marketing and Advertising Compliance Forum for Investment Advisers, New York, NY (September 15–16, 2008)

"Senior Investors," National Association for Variable Annuities Compliance and Regulatory Affairs Conference, Washington, D.C. (June 2–3, 2008)

"Investment Manager Roundtable: Competing in the Retirement Income Marketplace," Retirement Income Distribution Evolution Summit, FRA, The Harvard Club, Boston, MA (April 29–30, 2008)

"Registered Investment Advisers: Overview and Basics," Annuity Marketing Expo, National Association for Fixed Annuities, Las Vegas, NV (October 17–18, 2007)

"Revenue Sharing," National Association for Variable Annuities Compliance and Regulatory Affairs Conference, Washington, D.C. (June 24–26, 2007)

"Annuity Review," Association of Life Insurance Counsel Annual Meeting, San Diego, CA (May 6–8, 2007)

"Variable Annuities and Mutual Funds: The Issuer's Perspective: Insurance Company Perspectives on Suitability and Revenue Sharing," 38th Annual Seminar, SIFMA Compliance and Legal Division, Phoenix, AZ (March 25–28, 2007)

"The Salient Regulatory Constraints," Third Annual Managing Retirement Income Conference, Retirement Income Industry Association, Boston, MA (February 12–14, 2007)

"Funds of Funds, ETFs, and Certain Underlying Fund Developments," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 16–17, 2006)

"Variable Product Distribution," National Association for Variable Annuities Compliance and Regulatory Affairs Conference, Washington, D.C. (June 25–27, 2006)

"Equity-Indexed Annuities: Recent NASD Pronouncements," American Council of Life Insurers Insurance Law Seminar, San Antonio, TX (February 26–28, 2006)

"Bullet-Proofing Your Sales in a Smoking-Hot Regulatory Environment," Marketing Conference, National Association for Variable Annuities, Rancho Mirage, CA (February 5–8, 2006)

"Insurance Products as Securities," Program on Understanding the Securities Products of Insurance Companies, Practising Law Institute, New York, NY (January 9, 2006)

"The Year Ahead for Annuities: Regulation, Process and Distribution," Client Conference, ADP, Reston, VA (November 7–9, 2005)

"Rule 12b-1 Fees: Recent Developments," ALI-ABA Conference on Investment Management Regulation, Washington, D.C. (October 20, 2005)

"Litigation and SEC Examinations and Enforcement," National Association for Variable Annuities Compliance and Regulatory Affairs Conference, Washington, D.C. (June 26–28, 2005)

"Insurance Products as Securities," Program on Understanding the Securities Products of Insurance Companies, Practising Law Institute, New York, NY (January 24, 2005)

"How Customers Are Protected: Protections Under the Investment Company Act of 1940," NASD Institute for Professional Development, Variable Products Symposium, Miami, FL (December 6–10, 2004)

"Proposed Confirmation and Point-Of-Sale Disclosure Requirements for Broker-Dealers," ALI-ABA Conference on Investment Management Regulation, Washington, D.C. (October 28, 2004)

"SEC Examinations and Enforcement," National Association for Variable Annuities Compliance and Regulatory Affairs Conference, Washington, D.C. (June 13–15, 2004)

"Financial Services Litigation After Canary Capital: A Bird's Eye View," Hot Topics and Emerging Issues in Insurance, Benefits, and Financial Services, American Bar Association Tort Trial and Insurance Practice Section 30th Annual CLE Midwinter Meeting, Orlando, FL (January 15–18, 2004)

View less

Honors & Recognitions

The Best Lawyers in America (2023–2026)

Stand-Out Lawyers, Thomson Reuters (2023–2026)

BTI Client Service All-Stars (2026)

No aspect of this advertisement has been approved by the highest court of any state. See Awards Methodology.

Professional & Community Involvement

Richard is a member of the American Bar Association and the Association of Life Insurance Counsel. He is also active in ALI CLE, the continuing legal education arm of the American Law Institute, where he is the longtime co-chair of its Conference on Life Insurance Company Products and previously served as its planning chair. He formerly served on the Smithsonian Libraries and Archives Advisory Board, including as vice chairman, and on the University of Chicago's College and Student Activities Visiting Committee.

Richard is office managing shareholder of the firm's Washington, D.C., office and previously served on the firm's board of directors and led its Financial Services Regulatory Practice.