NAIFA's Advocacy in Action (AIA) Blog | SEC

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NAIFA's Cothron: The SEC's Proposed Limits on Technology Will Harm Consumers

By NAIFA on 2/7/24 5:04 PM

Senators Ted Cruz and Bill Hagerty have introduced legislation, the Protecting Innovation in Investments Act, that would prevent the SEC from moving forward with a proposed rule that would deter technological innovation by financial services companies. The SEC's proposal would also stifle financial professionals' use of technology to benefit clients.

The Senators, in a release entitled "What They're Saying," quoted NAIFA President Tom Cothron, LUTCF, FSCP, on the importance of technology in the financial services industry and NAIFA's opposition to the SEC proposal.

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Topics: Technology SEC Federal Advocacy Supported Legislation

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SEC Proposal Would Blunt the Use of Financial Services Technology and Harm Consumers

By NAIFA on 10/9/23 8:53 AM

NAIFA has submitted a comment letter to SEC Secretary Vanessa Countryman sharing concerns about the SEC’s proposed rule on the use of predictive data analytics by financial professionals. The proposal, which would place new burdensome requirements on broker-dealers and investment advisers using a broad array of investments-related technology, would have a “devastating effect on our members and their primary clients: low- and middle-income savers and investors,” the letter states.

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Topics: Legislation & Regulations Technology SEC Federal Advocacy

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Proposed SEC Rule Is Hostile to the Use of Technology

By NAIFA on 9/14/23 3:54 PM

The insurance and financial services industry uses technology to best serve clients and offer a broad range of products and services at affordable prices. However, a proposed rule by the Securities and Exchange Commission is “outright hostile to the use of technology,” according to a letter sent to SEC Secretary Vanessa Countryman by NAIFA and a group of coalition partners.

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Topics: Legislation & Regulations SEC FinTech

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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.

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

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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.

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

NAIFA Issues Statement on Confirmation of SEC Chair Gensler

By NAIFA on 4/14/21 5:32 PM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the confirmation of Gary Gensler as chair of the SEC:

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Topics: SEC Federal Advocacy

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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.

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Topics: SEC Federal Advocacy

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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.

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Topics: SEC Federal Advocacy Privacy Data Security

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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.

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Topics: SEC Federal Advocacy Privacy Data Security

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Federal Appeals Court Rejects Challenge to Reg BI

By NAIFA on 6/29/20 10:45 AM

In an opinion published last Friday, the Second Circuit Court of Appeals upheld the validity of the SEC’s Regulation Best Interest and rejected the challenge to the rule which had been filed last fall by a group of state attorneys general and several private financial firms. The court did not agree with the plaintiffs’ claim that the Dodd Frank Act required the SEC, if it chose to act, to adopt a standard of conduct for broker-dealers that paralleled the fiduciary standard applicable to investment advisers under the Investment Advisers Act.

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

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