http://www.limra.com/Compliance/Default.aspx This feed provides you with compliance and regulatory news related to the broker-dealer, investment adviser, and insurance industries, as well as information about our upcoming podcasts and Webinars, new services, and articles appearing in our bimonthly LIMRA Regulatory Review newsletter. 2011 LIMRA Inc. All Rights Reserved. en-us Tue, 20 Dec 2011 10:41:22 EST webmaster@limra.com (Webmaster) Compliance and Regulatory Services dsomers@limra.com (David Somers) http://www.limra.com/images/rss/compliance_rss.jpg http://www.limra.com/Compliance/Default.aspx The LIMRA Compliance and Regulatory Services RSS feed is moving to Twitter. Please follow us at http://twitter.com/LIMRA_CRS If you prefer to use RSS, you will be happy to know that Twitter does have an RSS option. If you have any questions, feel welcome to contact me at sselby@limra.com Best regards, Stephen Selby Director, Regulatory Services http://twitter.com/LIMRA_CRS Tue, 20 Apr 2010 10:41:22 EST Bowing to the political clout of the insurance and securities industries, the Financial Planning Coalition has given up its effort to get Congress to establish a definition of financial planning that would have brought thousands of insurance and securities brokers and money managers under the sway of an oversight board that the FPC seeks to create... http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100129/FREE/100129848/1094/INDaily01 Fri, 29 Jan 2010 10:41:22 EST FINRA Issues Guidance to Firms & Brokers on Communications with Public Through Social Networking Web Sites (FINRA RN 10-06) http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf Mon, 25 Jan 2010 10:41:22 EST "New arbitrations filed with Finra surged in 2009 to 7,137 cases, up from 4,982 cases in 2008, according to statistics recently released by Finra. That's a 43% gain. The number of complaints went up in nearly all categories..." http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100122/FREE/100129956/1094/INDaily01 Fri, 22 Jan 2010 10:41:22 EST Register to join us for this free webinar on February 2, 2010 starting at 12pm... http://www.limra.com/Events/eventdetail.aspx?id=788 Tue, 19 Jan 2010 10:41:22 EST Each issue of this free bimonthly newsletter addresses crucial regulatory concerns from around the world, and provides broker-dealers, investment advisers, and insurance companies with suggestions for meeting their regulatory obligations. http://www.limra.com/newsletters/lrr/LRR_Newsletter_2010-1.pdf Thu, 14 Jan 2010 10:41:22 EST Impact on broker-dealers and investment advisers. http://www.winston.com/siteFiles/Publications/House_Financial_Bill_12_23.pdf Mon, 11 Jan 2010 10:41:22 EST "In a rarity, an arbitrator last month cited elder abuse in tripling the damages a discount securities firm must pay a 95-year-old client. A Financial Industry Regulatory Authority panel awarded the elderly investor, David Wolfson, $1.6 million in a case..." http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100104/FREE/100109950/1094/INDaily01 Tue, 5 Jan 2010 10:41:22 EST The House today killed a proposal that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers... http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091211/FREE/912119991/-1/INBreakingNews01 Fri, 11 Dec 2009 10:41:22 EST Financial Services panel passes regulatory reform plan in a 31-27 vote. The Senate? Not so fast... http://money.cnn.com/2009/12/02/news/economy/financial_reform/index.htm Wed, 2 Dec 2009 10:41:22 EST "More than a year after the financial system came to the brink of collapse, Congress is finally starting to make headway on bills that aim to prevent future catastrophes..." http://money.cnn.com/2009/11/17/news/economy/regulatory_reform_killers/index.htm Tue, 17 Nov 2009 10:41:22 EST Read articles on: “Bank Secrecy Act Compliance: Focus on the Fundamentals”, “Rule 8210 Proposal and Implications”, “Financial Institution Networking Arrangements”, and “Will One-Stop Multi-State Insurance Agent Licensing Become a Reality?” http://www.limra.com/newsletters/LRR/LRR_Newsletter_2009-5.pdf Tue, 3 Nov 2009 10:41:22 EST http://www.limra.com/newsletters/LRR/LRR_Newslette "The Financial Industry Regulatory Authority Inc. could be given the power to oversee any adviser associated with a registered broker-dealer, which includes dually registered members under an amendment to the Investor Protection Act..." http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091029/FREE/910299980/1094/INDaily01 Fri, 30 Oct 2009 10:41:22 EST "Mary Schapiro says regulators 'failed to appreciate the growing and concentrated risks' as the meltdown loomed..." http://money.cnn.com/2009/10/27/news/economy/schapiro_sec_blame.fortune/index.htm?postversion=2009102717 Wed, 28 Oct 2009 10:41:22 EST "The Financial Planning Coalition is advocating the creation of an oversight board to regulate financial advisers. The Financial Planning Coalition proposes that the new overseer will impose fiduciary standards, training and ethics requirements for financial planning advice that favors consumers. Not surprisingly, FINRA is also lobbying to expand its power and membership. It believes that it could well serve as the self-regulator for the RIA/IAR community and seems to be waging a fairly heavy duty campaign to secure that plum..." http://www.forbes.com/2009/10/09/singer-commentary-finra-intelligent-investing-fsi.html Mon, 12 Oct 2009 10:41:22 EST "The fiduciary standard is getting much play this week in Washington. Today, the House Financial Services Committee will hear testimony on the discussion draft of the Investor Protection Act that was released last week. As currently drafted by the Committee, the draft bill would codify the fiduciary standard in the federal securities laws by directing the SEC to adopt rules requiring all broker-dealers and investment advisors that provide advice to retail investors "to act in the best interest" of the investor..." http://blog.fi360.com/fi360_blog/ Wed, 7 Oct 2009 10:41:22 EST "Since the Obama proposal is focused on securities brokers, a natural question to ask is, why should insurance practitioners care?" http://www.lifeandhealthinsurancenews.com/Issues/2009/Oct-5th-2009/Pages/Are-You-A-Fiduciary.aspx Tue, 6 Oct 2009 10:41:22 EST Watch and listen to FINRA's latest effort to protect investors. http://www.finra.org/finraprotects/ads/ Mon, 5 Oct 2009 10:41:22 EST FINRA Requests Comments on Proposed New Rules Governing Communications with the Public. Comment Period Expires: November 20, 2009... http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120005.pdf Thu, 24 Sep 2009 10:41:22 EST From CNNMoney.com: "A year after the big panic, Obama is still pushing for new oversight..." http://money.cnn.com/2009/09/13/news/economy/Obama_regulatory_reform/index.htm?postversion=2009091412 Mon, 14 Sep 2009 10:41:22 EST From CNNMoney.com: "Securities and Exchange Commission watchdog says regulators missed 'numerous' red flags that suggested a Ponzi scheme was underway"... http://money.cnn.com/2009/09/02/news/economy/Madoff_SEC_investigation/index.htm?postversion=2009090214 Wed, 2 Sep 2009 10:41:22 EST The new effective date is March 1, 2010... http://www.bankinfosecurity.com/articles.php?art_id=1719&rf=062709eb Mon, 24 Aug 2009 10:41:22 EST FINRA RN 09-31 Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds... http://www.finra.org/Industry/Regulation/Notices/2009/P118953 Thu, 20 Aug 2009 10:41:22 EST From National Underwriter: "Agents know they need to make their recommendations suitable for all consumers, but especially for seniors. To help them, many companies have provided forms that collect information that allow the agent to document the circumstances of the case and also allow the company to review suitability..." http://www.lifeandhealthinsurancenews.com/Issues/2009/July%2020%202009/Pages/Documenting-Suitability-Is-Crucial-For-Agents.aspx?k=documenting+suitability Tue, 18 Aug 2009 10:41:22 EST From National Underwriter: "Trade groups representing life insurance agents and companies are divided over legislation proposed by the Treasury Department that would create an Office of National Insurance (ONI) with strong authority over solvency and international issues..." http://www.lifeandhealthinsurancenews.com/Issues/2009/August%203%202009/Pages/Industry-Split-Over-Proposed.aspx?k=oni Fri, 14 Aug 2009 10:41:22 EST Read the transcript of the speech made by the new Director of the SEC’s Division of Enforcement (Robert Khuzami) to the New York City Bar Association on August 5, 2009. The 11 page PDF document is available for free from WSJ.com... http://s.wsj.net/public/resources/documents/WSJ_khuzamispeech08102009.pdf Tue, 11 Aug 2009 10:41:22 EST Brokers and investment advisers face new rules under draft legislation from the U.S. Treasury Department. The legislation aims to establish consistent standards for anyone providing investment advice, improves the timing and quality of disclosures, and establishs a permanent Investor Advisory Committee at the SEC... http://www.treas.gov/press/releases/tg205.htm Fri, 7 Aug 2009 10:41:22 EST From National Underwriter: "State insurance commissioners are warning producers that scam artists are posing as insurance department regulators/employees to defraud insurance agents and brokers, the National Association of Independent Life Brokerage Agencies warns..." http://www.lifeandhealthinsurancenews.com/News/2009/6/Pages/Agent-License-Scam-Reported.aspx?k=scam Tue, 28 Jul 2009 10:41:22 EST FINRA has released a template for BDs to use as a guide to comply with the FTC's Red Flags Rule which requires specified firms to create a written Identity Theft Prevention Program (ITPP) that is designed to identify, detect, and respond to "red flags" (i.e., patterns, practices or specific activities that could indicate identity theft). FTC enforcement of the Red Flags Rule begins August 1, 2009. http://www.finra.org/Industry/Issues/CustomerInformationProtection/p118480 Wed, 22 Jul 2009 10:41:22 EST LIMRA's new Compliance and Regulatory Services Multimedia web page has free webinars, podcasts, videos, etc. Learn the latest information on compliance and regulatory topics from industry experts and practitioners. http://www.limra.com/Compliance/Multimedia.aspx?Lang=EN&Region=NA Mon, 13 Jul 2009 10:41:22 EST LRR 2009-3 has four articles: "Branch Office Document Scanning and Electronic Records Management", "Automated Compliance Tools - Friend or Foe?", "What I've Learned As An Arbitrator", and "Preparing for the New Risk-Focused State Insurance Department Examination". http://www.limra.com/newsletters/LRR/LRR_Newsletter_2009-3.pdf Tue, 7 Jul 2009 10:41:22 EST From Investmentnews.com: "Fiduciary requirement could force them to choose advice or transactions. Broker defections, a loss of market share and spinoffs could be on the horizon for insurance-affiliated broker-dealers if the Obama administration's proposed regulatory reforms force them to act as fiduciaries..." http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090628/REG/306289973/1029 Mon, 6 Jul 2009 10:41:22 EST From Bloomberg.com: "President Barack Obama’s plan to create a U.S. insurance office after the $182.5 billion bailout of American International Group Inc. may take powers from the states that have overseen the industry for more than 135 years. Obama called for the creation of a federal Office of National Insurance within the Treasury Department to monitor the industry, represent U.S. interests in international insurance agreements, and look for gaps in state oversight..." http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=apCXAt_EyyMg Fri, 19 Jun 2009 10:41:22 EST From Investmentnews.com: "The proposal would “establish a fiduciary duty for broker-dealers offering investment advice and harmonize the regulation of investment advisers and broker-dealers...” http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090617/REG/906179961/1094/INDaily01 Thu, 18 Jun 2009 10:41:22 EST "The President’s plan will: (1) Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation, (2)Increase market discipline and transparency to make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions, (3)Rebuild trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings, and payment markets, (4) Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse, and (5) Raise international regulatory standards and improve international coordination..." http://www.whitehouse.gov/the_press_office/President-Obama-to-Announce-Comprehensive-Plan-for-Regulatory-Reform/ Wed, 17 Jun 2009 10:41:22 EST "Best Practices and Regulation Roundtable Meeting: Over 261 million data records of U.S. residents have been exposed due to security breaches since January 2005, according to the Privacy Rights Clearinghouse. If you’ve talked to your firm’s Chief Privacy Officer (CPO) lately chances are he or she was not in a good mood..." http://www.limra.com/newsletters/LRR/LRR_Newsletter_2009-2.pdf Wed, 10 Jun 2009 10:41:22 EST A sound due diligence process for evaluating products and companies is crucial to maintaining an effective supervisory system. In today's turbulent environment, BDs are being forced to re-examine their process and incorporate new techniques and information sources. Please join LIMRA Senior Regulatory Advisors Fred McDonald and Larry Niland for a virtual Webinar meeting to discuss "The New Reality of Product Review". https://www106.livemeeting.com/lrs/0000002110/Registration.aspx?pageName=vblj3b84xdsxt8mx Tue, 9 Jun 2009 10:41:22 EST RIAs that have custody of client funds or securities would be required to have an annual surprise examination performed by an independent public accountant to verify client funds and securities. Comments are due to the SEC by July 28. http://www.sec.gov/rules/proposed/2009/ia-2876.pdf Wed, 3 Jun 2009 10:41:22 EST "Suggestions for Assessing Branch Office Risks and FINRA’s BORAM - As we enter the fourth year of the new definitions for branch offices (as defined in NASD NTM 05-67) many broker-dealers still struggle with how often to visit branch office locations. More firms are transitioning to a risk-based review of their branch operations..." http://www.limra.com/newsletters/LRR/LRR_Newsletter_2009-2.pdf Tue, 2 Jun 2009 10:41:22 EST This proposed legislation requires hedge fund advisers to register with the SEC under the Investment Advisers Act of 1940. http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/10779.cfm Thu, 28 May 2009 10:41:22 EST The second issue of the LRR newsletter includes three articles: "Leveraging Online Technology for Supervisory Requirements", "Chief Privacy Officers' Perspective on Data Privacy and Security", and "Risk-Based Reviews of Branch Offices". http://www.limra.com/newsletters/LRR/LRR_Newsletter_2009-2.pdf Fri, 22 May 2009 10:41:22 EST AML compliance expert Robert Goecks discusses what your company can do to prevent money laundering and criminal activities. http://www.limra.com/feeds/podcasts/audio/IndustryPulse/LIMRAIndustryPulse_2009_5_5.mp3 Mon, 18 May 2009 10:41:22 EST "Recent press coverage of the Madoff Investment Securities scandal has heightened awareness of Ponzi schemes. New allegations of similar schemes are making the news with alarming frequency, as the money involved disappears and defrauded investors start asking questions..." http://www.limra.com/Newsletters/LRR/LRR200903.pdf Mon, 18 May 2009 10:41:22 EST "FINRA has provided guidance in NASD NTM 05-26 with respect to best practices for broker-dealers when reviewing new products. When evaluating new product approvals it can be helpful to ask one question with regard to any product: What might a complaint look like in five or ten years on this product?...” http://www.limra.com/Newsletters/LRR/LRR200903.pdf Thu, 14 May 2009 10:41:22 EST "Rule 151A is scheduled to take effect January 12, 2011. The majority of EIA issuers are not registered as securities firms under the Securities Exchange Act of 1934..." http://www.limra.com/Newsletters/LRR/LRR200903.pdf Wed, 13 May 2009 10:41:22 EST Fred McDonald (former FINRA Director of District 11) has joined LIMRA as our newest consultant and Senior Regulatory Advisor. http://www.limra.com/Compliance/Default.aspx?lang=EN Tue, 12 May 2009 10:41:22 EST "A recent survey of 22 insurance company affiliated broker-dealers found that five firms permit the use of social networking sites, with restrictions..." http://www.limra.com/Newsletters/LRR/LRR200903.pdf Mon, 11 May 2009 10:41:22 EST "Right about now it may feel as if it’s the reporting period for just about everything — budgets, examination cycles, annual audits, regulatory filings, etc. Whether or not your fiscal and calendar years coincide, it may also be an opportune time to determine if the firm needs to file Form 13F..." http://www.limra.com/Newsletters/LRR/LRR200903.pdf Fri, 8 May 2009 10:41:22 EST Join us in Las Vegas at LIMRA’s annual Compliance and Market Conduct Exchange (CMCE) conference from from June 24-26. http://www.limra.com/Events/eventdetail.aspx?id=580 Thu, 7 May 2009 10:41:22 EST