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Advocacy in action blog

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New Report Counters Questions About the SEC's Reg BI

By NAIFA on 2/11/22 9:12 AM

NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.

Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Advocacy Resources Insurance & Financial Advisor Regulation
1 min read

SEC Chair Gensler Says He Is Committed to Reg BI

By NAIFA on 10/11/21 9:18 AM

NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.

Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Insurance & Financial Advisor Regulation Regulation Best Interest
1 min read

SEC Chair Clayton to Step Down

By NAIFA on 11/17/20 8:45 AM

The National Association of Insurance and Financial Advisors (NAIFA) would like to thank Securities and Exchange Commission Chairman Jay Clayton for his leadership and service. Clayton has announced that he will leave the agency at the end of 2020. As chairman, Clayton has shown a strong willingness to understand and consider the perspectives of financial professionals. He has met with NAIFA leaders and members on issues of importance to advisors and their clients.

Topics: Legislation & Regulations SEC Regulation Best Interest
1 min read

The SEC’s CAT Database Brings Data Security Concerns

By NAIFA on 8/13/20 1:28 PM

The Securities and Exchange Commission (SEC) in June began requiring broker-dealers to submit detailed information on securities trades to the SEC’s Consolidated Audit Trail (CAT) database. A similar requirement for options trades went into effect in July. The purpose of the CAT is to allow SEC regulators to identify and analyze irregularities and threats to the securities markets.

Topics: Advocacy Security Press Release SEC Cybersecurity
1 min read

SEC Warns of Increase in Cybercrimes Targeting Financial Professionals

By NAIFA on 7/14/20 11:23 AM

The Securities and Exchange Commission has issued a Risk Alert warning about an increase in cybercrimes targeting financial professionals and institutions. The document, issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE), says scammers have targeted “broker-dealers, investment advisers, and investment companies” and others in the financial services industry with phishing and ransomware attacks.

Topics: Avoiding Scams SEC Cybersecurity

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