News

Bill Mandia discusses whether NAIC may propose best interest standard

NAIC members will be meeting on Saturday to discuss whether to adopt a suitability-plus or best interest model rule for the sale of annuities. Bill Mandia weighs in in the context of the recently finalized New York rule.

Axel Weber on what’s holding back ESG investing

Axel Weber makes salient points to the FT on the need for the ‘plumbing’ of ESG to improve, particularly greater product availability across asset classes (e.g., high yield debt and alternatives), more meaningful benchmarks (to help measure fiduciary duty compliance) and simplification of terminology.

George Michael Gerstein discusses additional DOL guidance and state activity with Investment Advisor magazine

I remarked to Melanie Waddell that the “nature and timing” of the promised DOL guidance in the aftermath of the Fiduciary Rule remains uncertain and discussed what we can expect from the states now that we have a better sense of where they may be going. The interview is in the August edition of Investment Advisor magazine.

George Michael Gerstein interviewed by InvestmentNews on state enforcement risk

George Michael Gerstein to author chapter on ESG for Bloomberg Law

Recap of Roisman testimony

Elad Roisman testified before the Senate Banking Committee this week to replace Michael Piwowar on the SEC. Here is good description of how it went.

Bill Mandia discusses potential application of fiduciary standard to annuity sales

Larry Stadulis discusses letter Senators Warren, Booker and Brown sent to FINRA re Reg BI

Larry Stadulis spoke to Ignites about the unusual letter Senate Democrats Elizabeth Warren (D. Mass.), Cory Booker (D. NJ) and Sherrod Brown (D. Oh.) sent to FINRA regarding proposed Regulation Best Interest. The article can be found here.

More large companies are voluntarily enhancing their board composition presentations and disclosing investor engagement, reports Pensions & Investments

Statement of SEC commissioner-nominee Elad Roisman

Elad Roisman, the President’s nominee to be the next SEC commissioner, is testifying today before the Senate Banking Committee (the committee for which he serves as Chief Counsel). Here is his written statement. Should he be confirmed, he would succeed Michael Piwowar, and could play a significant role regarding the Standards of Conduct Proposal.