State + Federal Regulatory Links

Regulatory Chart – Links + Articles – January 2020

SEC

• Summary: Drinker: Read here
• Text:
  SEC Standard of Conduct Rule – Fiduciary Rule
  SEC Standard of Conduct Rule – Reg BI
  SEC Standard of Conduct Rule – Solely Incidental
• Fact Sheet: https://www.sec.gov/news/press-release/2019-89
• Clayton Statement: https://www.sec.gov/news/public-statement/statement-clayton-060519-iabd

NAIC 

• Summary: https://insurancenewsnet.com/innarticle/iowa-proposes-naic-annuity-standard-that-eclipses-suitability#.XScuXC2ZP-Y

Text: https://content.naic.org/sites/default/files/inline-files/Model%20%23275-8%20Draft.pdf

NY 

• Summary: https://gallery.mailchimp.com/70dcb8cac70b41a6005c6feb6/files/4df6ab0b-453e-4e1b-a8fc-7800516d157d/2019_04_04_NY_187_Summary_and_Checklist.pdf?utm_source=AALU+Decoding+D.C.+Subscribers&utm_campaign=5be6d91597-EMAIL_CAMPAIGN_2017_08_21_COPY_01&utm_medium=email&utm_term=0_6afbc67437-5be6d91597-788561
• Text: https://www.dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf
• January 2020: New York’s New Rule 187 Goes into Full Effect on February 1: A Step-by- Step Summary of the Major Requirements for Producers: http://3473ffe8f79fc636f8b9-d0876f8d7b6e35daed65263ae1deada4.r32.cf5.rackcdn.com/NY%20187%20Summary%20-%20WR%20Newswire%20-%20Jan%202020%5B1%5D.pdf
• December 2019: Think New York’s Best Interest Rule 187 Can’t Apply to You? You Might Be Surprised: What Producers and Intermediaries Need to Know About the Potentially Broad Reach of Rule 187: http://3473ffe8f79fc636f8b9d0876f8d7b6e35daed65263ae1deada4.r32.cf5.rackcdn.com/2019_12_17_NY_187_Alert_Material_Participation___DH_3__1_.pdf

MD 

• Summary: http://financialadvisoriq.com/c/2243413/274373/maryland_senate_finance_committee_rejects_fiduciary_bill
• Text: http://mgaleg.maryland.gov/2019RS/bills/sb/sb0786f.pdf

NJ 

• Summary: https://www.kilpatricktownsend.com/en/Insights/Alert/2019/4/New-Jersey-Releases-Proposed-Fiduciary-Rule-for-Broker-Dealers-and-Investment-Advisers
• Text: https://www.njconsumeraffairs.gov/Proposals/Pages/bos-04152019-proposal.aspx

NV

• Summary: http://www.brokerdealerlawblog.com/2019/nevada-proposes-fiduciary-regulations/; https://www.thinkadvisor.com/2019/01/24/nevadas-expansive-fiduciary-plan-shocks-bds-rias/
• Text: https://www.leg.state.nv.us/Session/79th2017/Bills/Amendments/A_SB383_813.pdf
• Atty General Statement: https://www.nj.gov/oag/newsreleases19/pr20190415b.html

MA 

Summary:    https://www.sec.state.ma.us/sct/sctfiduciaryconductstandard/fiduciaryruleidx.htm

Text:

https://www.sec.state.ma.us/sct/sctfiduciaryconductstandard/Regulations-as-amended-REDLINE_Nov18.pdf

AALU

• NY Comment Letter  => Read here
• NJ Comment Letter  => Read here
• SEC Comment Letter  => Read here
• NV Comment Letter => Read here
• NAIC Comment Letter => Read here  
• MA Comment Letter => Read here
• MA Joint Trades Letter => Read here