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Articles by CUNA Brokerage
Women Leaders of the Industry, Part 1: Kathy Burgess
Leadership Perspectives | 03.08.22 by: Kathy Burgess, CUNA Brokerage Services March is Women’s History Month. To celebrate, we’re holding a series of interviews with women leaders in the financial services industry. We were fortunate enough to speak with Kathy Burgess, vice president-TPM of CUNA Brokerage Services, where she discussed and provided her experiences, thoughts and insights on her 20+ years in the industry. 1) What is/was your proudest accomplishment? What is/was your greatest challenge?
New Generation of Women Investors Taking Charge of Finances, Survey Says
Insights | 03.08.22 by: Jacqueline Sergeant U.S. Bank reports that female investors have become more confident and engaged with managing their finances since the pandemic, while also skewing younger.
SEC Promises Not to Play "Gotcha" in Early Days of New Marketing Rule
Regulatory Outlook | 03.07.22 by: Mark Schoeff, Jr. An SEC official said the regulator will not surprise investment advisors with immediate enforcement of a new rule stipulating marketing protocols that goes into effect on November 4. The rule would permit advisory firms to use testimonials, endorsements and third-party ratings for the first time, provided they comply with anti-fraud protections and other regulations.
Bill Would Bar U.S. Institutional Investors From Russia
Regulatory Outlook | 03.07.22 by: Noah Zuss U.S. Senator Marco Rubio (R-FL) has introduced a measure that would bar U.S. institutional investment in Russian securities. Rubio said he introduced the bill because many investors, including retirees and pensioners, hold investments with exposure to Russia but are unaware. “Many Americans do not even realize that fund managers have placed their money in these Russian companies.
SEC Examines 16% of RIAs, and It's Not Likely to Go Higher
Regulatory Outlook | 03.04.22 by: Mark Schoeff, Jr. SEC official Daniel Kahl said the regulator examined only 16% of roughly 15,000 registered investment advisors (RIAs) last year, and it might have difficulty reaching that goal in the future. He added that the number of examiners has not materially gained in years despite the RIA population's rapid expansion.
SEC's Crenshaw Assures Advisors Agency Doesn't Seek to Punish Cyberattack Victims
Regulatory Outlook | 03.03.22 by: Mark Schoeff, Jr. SEC Commissioner Caroline Crenshaw attempted to reassure investment advisors that they will not be penalized for suffering cyberattacks in a Q&A with at a recent conference. Advisory firms that follow best practices, supply timely disclosure and work with law enforcement are unlikely to have an enforcement action imposed on them just for being a victim of a cyberattack, Crenshaw said.
FINRA Halts Over-the-Counter Trades in Some Russian Companies
Regulatory Outlook | 03.03.22 by: Gunjan Banerji FINRA halted trading in the over-the-counter market for several U.S.-listed shares of Russian companies. The halt means that traders can no longer place bets on the stock in the over-the-counter market, in which banks often take the other side of trades.
New Mexico Becomes 20th State to Adopt Best Interest Annuity Rule
Regulatory Outlook | 03.02.22 by: Patrick Donachie New Mexico has become the 20th state to pass a “best interest” rule concerning annuity sales and recommendations based on the National Association of Insurance Commissioners’ model rule originally finalized in 2020. American Council of Life Insurers President and CEO Susan Neely and National Association of Insurance and Financial Advisors’ Vice President of Advocacy Kenneth Bottari issued a statement in support of the rule.
FINRA Releases FAQ on Senior Exploitation Rules
Regulatory Outlook | 03.02.22 by: Melanie Waddell FINRA has published frequently asked questions (FAQ) guidance on rules it has adopted related to financial exploitation of senior investors, specifically those concerning financial exploitation of specified adults (Rule 2165) and customer account information (Rule 4512). The FAQ details when a broker-dealer may extend a temporary hold under Rule 2165 and who may serve as the trusted contact for an account pursuant to Rule 4512.
Lawmakers Spar on DOL ESG Proposal, Discuss Retirement Security
Regulatory Outlook | 03.01.22 by: Brian Croce Members of the House Committee on Education and Labor's Health, Employment, Labor and Pensions Subcommittee on Tuesday discussed the merits of bipartisan retirement security bills. Opinions diverged on a Department of Labor proposal that would explicitly permit retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights.
SEC Chief Takes to Twitter to Issue New Warning on Greenwashing
Regulatory Outlook | 03.01.22 by: Jesse Westbrook SEC Chair Gary Gensler on Tuesday posted a video on Twitter that highlights some of his top concerns over greenwashing. Gensler pointed out that there’s no industry consensus on what environmental, social and governance (ESG) investing means. He questioned whether firms are adhering to a 1940 law that requires fund names to match what they invest in.
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