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Richard T. Choi

Richard T. Choi

Shareholder

Overview

Richard Choi has extensive 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 advising 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 variable annuities, variable life insurance, and face-amount certificates. His experience also includes representation of investment advisers and investment companies in regulatory compliance inspections and examinations, 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 variable insurance products and mutual funds. He has appeared on Bloomberg TV and has been quoted in Bloomberg, the Chicago Tribune, the Los AngelesTimes, National Underwriter, U.S. Banker, the Wall Street Journal Online, and other financial and trade publications.

Richard is the securities and investment companies industry group co-leader.

Featured Insights

Professional & Community Involvement

  • Member, American Bar Association
  • Member, Association of Life Insurance Counsel
  • Vice Chairman, Smithsonian Institution Libraries Advisory Board (2011-present)
  • Member, University of Chicago Visiting Committee on the College and Student Activities (2004-2010)

Speaking Engagements

  • Introductory Workshop for Legal and Compliance Staff, 36th Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 7, 2018).
  • "In Search of the “Perfect” Regulatory Balance," ACLI Annual Conference 2018, Washington (October 8, 2018)
  • "Evolving Standards of Conduct - Legal and Operational Challenges," LIMRA Webinar (May 24, 2018)
  • “Regulation Best Interest and More - The Latest from the SEC,” IRI ACTION18 Conference, Washington (May 10, 2018)
  • "SEC Update," IRI ACTION18 Conference, Washington (May 9, 2018).
  • “Securities Investigation and Enforcement Actions and Insurance Product Sales to Investment Advisor Clients,” ALIC 2018 Annual Meeting, Half Moon Bay, CA (May 7, 2018)
  • "Regulation and Litigation in the Financial Services Sector," The Brookings Institution, Washington (May 2018)
  • 35th Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 2017)
  • John Hancock Law Department Conference, Boston (November 13, 2017)
  • "Bullet-Proofing Your Qualified Plan Sales," ACLI 2017 Annual Conference, Orlando, FL (October 9, 2017)
  • FINRA Advertising Conference, Washington (October 5, 2017)
  • "Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds," Insured Retirement Institute Annual Government, Legal, and Regulatory Conference, Washington (June 13, 2017)
  • "Regulation and Litigation in the Financial Services Sector," The Brookings Institution, Washington (May 2017)
  • "Regulatory Trends in Financial Services," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2017)
  • 34th Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 2016)
  • "DOL/SEC Fiduciary Rules – Conflict or Harmonization?" Association of Life Insurance Counsel (ALIC) Regional Insurance Counsel Roundtable, Washington (September 2016)
  • "DOL-IRA/Rollover and Variable Annuities/Index Annuities." ACLI Compliance & Legal Sections Annual Meeting, Boston (July 2016)
  • "DOL Fiduciary Implementation Workshop for Broker-Dealers," Insured Retirement Institute Annual Government, Legal, and Regulatory Conference, Washington (June 2016)
  • "Current SEC and FINRA Examination Priorities and Recent Enforcement Developments with James E. Day, Vice President and Chief Counsel, FINRA Enforcement, and Marc Wyatt, Director, SEC Office of Compliance Inspections and Examinations," Insured Retirement Institute Annual Government, Legal, and Regulatory Conference, Washington (June 2016)
  • "Regulation and Litigation in the Financial Services Sector," The Brookings Institution, Washington (May 2016)
  • 33rd Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 2-3, 2015)
  • "Federal Securities Regulation in 2015 and Beyond–A Discussion with the Honorable Troy A. Paredes," Insured Retirement Institute Annual Government, Legal and Regulatory Conference, Washington, DC (July 2015)
  • "Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds," Insured Retirement Institute Annual Government, Legal and Regulatory Conference, Washington (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," The Brookings Institution, Washington (May 2015)
  • "Regulatory Round-Up," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2015)
  • 32nd Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 12-14, 2014)
  • "The Insurance Product Securities Regulatory Framework: Introductory Workshop with Conference Co-Chairs," ALI CLE Conference on Life Insurance Company Products, Washington (November 2014)
  • "The Regulatory Environment in Washington DC and Beyond," 2014 Northwestern Mutual Supervision Conference, Milwaukee (October 15, 2014)
  • "Update from the SEC Division of Investment Management," IRI Government, Legal & Regulatory Conference 2014, Washington (July 2014)
  • "The Future of Regulation and Its Evolving Data Component – Big Data and Its Implications for Disclosure," 10th Annual RR Donnelley FundSuiteArc User Conference, Boston (June 17, 2014)
  • "Regulation and Litigation in the Financial Services Industry," The Brookings Institution, Washington (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," (PLI) – Securities Products of Insurance Companies in the Course of Regulatory Reform 2014, New York (January 22, 2014)
  • "Distribution of Insurance/Securities Products; Advertising; and Ethics," Securities Products of Insurance Companies in the Course of Regulatory Reform 2013, New York (January 23, 2013)
  • "U.S. Legislative and Regulatory Overview," 2013 LIMRA’s 63rd Distribution Leaders Roundtable, Palm Beach Gardens, FL (February 6-8, 2013)
  • "Update From The SEC Division Of Investment Management," Insured Retirement Institute (IRI), 2013 Government Legal & Regulatory Conference, Washington (June 17-18, 2013)
  • 31st Annual Advanced ALI CLE Conference on Life Insurance Company Products, Washington (November 13-15, 2013)
  • "Distribution of Insurance/Securities Products; Advertising and Ethics," (PLI) – Securities Products of Insurance Companies and Evolving Regulatory Reform 2012 , New York (January 25, 2012)
  • "SEC Panel: Disclosure Initiatives," Insured Retirement Institute (IRI), 2012 Government, Legal & Regulatory Conference, Washington (June 24-26, 2012)
  • 30th Annual Advanced ALI CLE Conference on Life Insurance Company Products Conference, Washington (Oct. 31-Nov. 2, 2012)
  • 29th Annual Advanced ALI-ABA Conference on Life Insurance Products: Current SEC, FINRA, Insurance, Tax, and ERISA Regulatory and Compliance Issues, Washington (November 3-4, 2011)
  • SEC Initiatives, Insured Retirement Institute (IRI), 2011 Government, Regulatory & Compliance Conference, Washington (June 26-28, 2011)
  • Life Insurance Company Products: Key Federal Regulatory Developments Update, ALI-ABA Webinar (February 3, 2011)
  • 28th Annual Advanced ALI-ABA Conference on Life Insurance Products: Current SEC, FINRA, Insurance, Tax, and ERISA Regulatory and Compliance Issues, Washington (October 28-29, 2010)
  • SEC Regulation & Rulemaking, Insured Retirement Institute (IRI), 2010 Government, Regulatory & Compliance Conference, Washington (April 28-30, 2010)
  • Variable Annuity Summary Prospectus, Insured Retirement Institute (IRI), 2010 Government, Regulatory & Compliance Conference, Washington (April 28-30, 2010)
  • How Regulation Will Shape Our Future, LIMRA's 61st Distribution Leaders Round Table, Bonita Springs, FL (February 3-5, 2010)
  • 27th Annual Advanced ALI-ABA Conference on Life Insurance Products: Current SEC, FINRA, Insurance, Tax, and ERISA Regulatory and Compliance Issues, Washington (November 5-6, 2009)
  • SEC Regulation & Rulemaking, National Association for Variable Annuities (NAVA), 2009 Compliance and Regulatory Affairs Conference, Washington (June 8-9, 2009)
  • 26th Annual Advanced ALI-ABA Conference on Life Insurance Products: Current SEC, FINRA, Insurance, Tax, and ERISA Regulatory and Compliance Issues, Washington (November 13-14, 2008)
  • Meeting Tomorrow's Needs Today Through Innovative Retirement Income Solutions, National Association for Variable Annuities (NAVA), 2008 Annual Meeting, Philadelphia (October 5-7, 2008)
  • Guidance for Using Solicitors and Third-Party Marketers, The 5th Annual Marketing & Advertising Compliance Forum for Investment Advisers, New York (September 15-16, 2008)
  • Senior Investors, National Association for Variable Annuities (NAVA), 2008 Compliance and Regulatory Affairs Conference, Washington (June 2-3, 2008)
  • Investment Manager Roundtable: Competing in the Retirement Income Marketplace, FRA's 2008 Retirement Income Distribution Evolution Summit, The Harvard Club, Boston (April 29-30, 2008)
  • 25th Annual Advanced Conference/Video Webcast on Life Insurance Company Products: Current SEC, FINRA, Insurance Tax, and ERISA Regulatory and Compliance Issues, Washington (November 8-9, 2007)
  • Registered Investment Advisers: Overview and Basics, National Association for Fixed Annuities (NAFA) Annual Annuity Marketing Expo 2007, Las Vegas (October 17-18, 2007)
  • Revenue Sharing, National Association for Variable Annuities (NAVA), 2007 Compliance and Regulatory Affairs Conference,Washington (June 24-26, 2007)
  • Annuity Review, The Association of Life Insurance Counsel (ALIC), 2007 Annual Meeting, San Diego (May 6-8, 2007)
  • Variable Annuities and Mutual Funds - The Issuer's Perspective: Insurance Company Perspectives on Suitability and Revenue Sharing , SIFMA Compliance & Legal Division's 38th Annual Seminar, Phoenix (March 25-28, 2007)
  • The Salient Regulatory Constraints , Retirement Income Industry Association (RIIA), Third Annual Managing Retirement Income Conference, Boston (February 12-14, 2007)
  • Funds of Funds, ETFs, and Certain Underlying Fund Developments, 24th Annual ALI-ABA Conference on Life Insurance Company Products: Current SEC, FINRA, Insurance, Tax, and ERISA Regulatory and Compliance Issues, Washington (November 16-17, 2006)
  • Variable Product Distribution, National Association for Variable Annuities (NAVA), 2006 Compliance and Regulatory Affairs Conference, Washington (June 25-27, 2006)
  • Equity-Indexed Annuities: Recent NASD Pronouncements, American Council of Life Insurers (ACLI) 2006 Insurance the Law Seminar, San Antonio (February 26-28, 2006)
  • Bullet-Proofing Your Sales in a Smoking-Hot Regulatory Environment, National Association for Variable Annuities (NAVA), 2006 Marketing Conference, Rancho Mirage, CA (February 5-8, 2006)
  • Insurance Products as Securities, Practising Law Institute (PLI), 2006 Program on Understanding the Securities Products of Insurance Companies, New York (January 9, 2006)
  • The Year Ahead for Annuities: Regulation, Process and Distribution, ADP, 2005 Client Conference, Reston, VA (November 7-9, 2005)
  • Rule 12b-1 Fees: Recent Developments, ALI-ABA Conference on Investment Management Regulation, Washington (October 20, 2005)
  • Litigation and SEC Examinations and Enforcement, National Association for Variable Annuities (NAVA), 2005 Compliance and Regulatory Affairs Conference, Washington (June 26-28, 2005)
  • Speaker, Insurance Products as Securities, Practising Law Institute (PLI), 2005 Program on Understanding the Securities Products of Insurance Companies, New York (January 24, 2005)
  • How Customers Are Protected: Protections Under the Investment Company Act of 1940, NASD Institute For Professional Development, Phase II, Variable Products Symposium, University of Miami, Miami (December 6-10, 2004)
  • Proposed Confirmation And Point-Of-Sale Disclosure Requirements For Broker-Dealers, ALI-ABA Conference on Investment Management Regulation, Washington (October 28, 2004)
  • SEC Examinations and Enforcement, National Association for Variable Annuities (NAVA), 2004 Regulatory Affairs Conference, Washington (June 13-15, 2004)
  • Financial Services Litigation After Canary Capital: A Bird's Eye View, ABA Tort, Trial and Insurance Practice Section: Hot Topics and Emerging Issues in Insurance, Benefits and Financial Services, 30th Annual CLE Midwinter Meeting, Orlando, FL (January 15-18, 2004)

Credentials

Education
  • University of Virginia School of Law (J.D., 1987)
  • University of Chicago (B.A., with honors, 1984)
Bar Admissions
  • District of Columbia
  • Virginia

Videos

The following video highlight is from ALI CLE's Life Insurance Company Products 2017 conference. Dalia Blass is Director of Investment Management for the U.S. Securities and Exchange Commission. The discussion is lead by the program's chairs, Stephen E. Roth of Eversheds Sutherland LLP and Richard T. Choi of Carlton Fields Jorden Burt, P.A.

Disclaimer

The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. Consequently, you should not convey any confidential information to us until a formal attorney-client relationship has been established. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. With that in mind, we look forward to hearing from you.