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December 10, 2009 |
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SEC Delays Annuity Rule 151A for Two Years
In a development with serious ramifications for both the securities industry and broker/dealers, Chairman Mary Schapiro and the Securities and Exchange Commission said it would put a two-year stay on the effective date of Rule 151A, a hotly debated rule between insurers and regulators. Under the now-delayed rule, indexed annuities would be treated as securities rather than as insurance products.
To read the complete story, please click here.
See these articles for more issues of interest to advisors and their clients in Washington:
In Wake of CBO Report on Stimulus and Jobs, Obama Presents New Plan
On December 9, President Obama met with Congressional leaders to discuss the best ways to stimulate job creation, following a speech he made the previous in which he proposed new job-creation measures that would cost anywhere from $50 to $200 billion.
However, the President used the high-end estimate on the number of jobs actually created by the stimulus plan, as measured by the nonpartisan Congressional Budget Office in a recent report.
To read the complete story, please click here.
HOUSE DEBATE HEATS UP ON FIDUCIARY STANDARD FOR FAs
As debate continued in the House of Representatives on the omnibus financial services reform bill proposed by Rep. Barney Frank, perhaps the most controversial aspect of the bill would require brokers, and any other financial professionals holding themselves out as advice-givers, to adhere to a fiduciary standard similar to that of registered investment advisors. We look at what the bill might mean for all advisors and brokers in particular.
To read the complete story, please click here.
End Game for Fiduciary Regulation?
Investment Advisor Editor-at-Large Bob Clark blogs that as financial services reregulation continues to inch its way through Congress—in the form of the Dodd bill in the Senate and the Investor Protection Act in the House—FINRA's strategy is becoming more clear. For anyone else who's interested in affecting the legislation or in its eventual outcome, it's time to start thinking about what that outcome would look like, if it's not too late, already.
To read the complete story, please click here.
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