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Bates News  |  11-09-18

Bates Welcomes Our New Experts and Consultants

Bates is proud to intrduce four new experts and conultants: Jonathan A. Brogaard, Robert B. Spawn, Steven Sutherland, and Steven Valji.

Bates News, Bates Research  |  11-08-18

The Regulatory Landscape is Changing for Variable Annuity and Life Insurance Contracts

Significant regulatory developments are taking place in the variable annuity and life insurance market that are intended to encourage investors to make more informed decisions about these financial products. Along with the SEC’s announcement of an extensive new rule proposal that would leverage technology and create a “layered disclosure approach” to variable annuities and life insurance contracts, the SEC Office of Investor Education (“OCIE”) issued a Bulletin that offers a basic primer on these instruments. This comes a week after state insurance regulators met to revise the NAIC “Suitability in Annuity Transactions Model Regulation.” Bates Research takes a closer look at these recent developments.

Compliance and Regulatory Alerts  |  11-02-18

Alert: OCIE Recommends IAs Review Compliance Procedures on Cash-Based 3rd-Party Client Solicitation

On October 31st, the SEC Office of Compliance Inspections and Examinations issued a Risk Alert informing investment advisers, investors and other market participants of the most common compliance deficiencies related to the so-called Cash Solicitation Rule (Investment Advisers Act, Rule 206(4)-3).

Bates News  |  11-02-18

Leadership Lessons: Jennifer Stout On Building a Winning Team (Video)

Bates is pleased to introduce the next new mini-interview we are sharing on the occasion of Bates Group President and CEO Jennifer Stout’s 25th anniversary with Bates. In this video segment, Jennifer discusses leadership lessons she has learned over the years that help her connect to clients and support employees and the firm.

Bates News, Bates Research  |  10-31-18

Federal Trade Commission Reports on Senior Consumer Fraud

In a new report to Congress, the Federal Trade Commission (“FTC”) compiled its latest data on the widespread problem of financial fraud perpetrated against elderly consumers. The agency also highlighted 2017-2018 enforcement actions and described its outreach and education initiatives to combat senior financial abuse. This article highlights the findings in the latest FTC report.

Bates News, Bates Research  |  10-25-18

SEC Finalizes Its Four-Year Strategic Plan

In June, Bates reported on an SEC Draft Strategic Plan for Fiscal Years 2018 - 2022. The development of the plan is required by federal statute as a means to assess “agency performance and improvement.” The issuance of the Draft Plan was immediately followed by the submission of testimony by SEC Chair Jay Clayton before the House Committee on Financial Services. At that hearing, Chair Clayton expounded on the short draft strategy, describing in greater detail the future agenda for the agency. Now, after the required comment period, the agency’s Final Strategic Plan has been released. Chair Clayton describes the 11-page plan as a “forward-looking framework” that focuses “on the most important goals and initiatives” for fulfilling the agency’s mission. Bates Research takes a closer look.

Bates News, Bates Research  |  10-18-18

New York DFS Asserts Itself in National Annuities Standards Debate

In a few weeks, a working group of the National Association of Insurance Commissioners (NAIC) will meet again in a continuing effort to complete a revision to the organization’s Suitability in Annuity Transactions Model Regulation. The goal of the working group remains a revision of the standards and procedures for providing appropriate recommendations to consumers “that result in transactions involving annuity products.” The group's progress took a detour in July when the New York Department of Financial Services (NYDFS) issued a final regulation establishing its own “best interest” standard of care for recommendations of both annuity products and life insurance products.

Bates Research takes a look at some of the issues as they are playing out with respect to the very real New York requirements on the horizon, and the NAIC’s efforts to revise the standards on annuity products.

Bates News  |  10-16-18

The Evolution of Bates: Jennifer Stout On Driving Change to Meet Client Needs (Video)

Bates is pleased to introduce the first of several new mini-interviews we will be sharing over the coming weeks on the occasion of Bates Group President and CEO Jennifer Stout’s 25th anniversary with Bates. In this video, "The Evolution of Bates," Jennifer discusses driving change to meet client and industry needs.

Bates News  |  10-12-18

Bates Group Welcomes Retirement, Insurance and Annuity Consultant Michael J. Lacek

Bates Group is pleased to welcome accomplished financial services attorney Michael J. Lacek to Bates Group as an Affiliate Consultant and Expert. With over 35 years of litigation and regulatory experience, Mr. Lacek brings a wealth of knowledge and expertise in the areas of retirement and insurance products, including suitability and sales practices of life insurance and annuity products; securities and insurance regulatory matters; and large complex commercial transactions and litigation.

Compliance and Regulatory Alerts  |  10-11-18

Alert: FINRA Consolidating Exam and Risk Monitoring Programs

On October 1, FINRA announced that it will consolidate its Examination and Risk Monitoring Programs under a single structure. When completed in 2019, the move will incorporate business conduct, financial compliance and trading compliance under one unified framework.