ALI-ABA Conference on Life Insurance Company Products November 3-4, 2005 Washington, D.C. Rule 38a-1: Lessons Being Learned and Future Challenges
|
|
- Caitlin Gallagher
- 5 years ago
- Views:
Transcription
1 ALI-ABA Conference on Life Insurance Company Products November 3-4, 2005 Washington, D.C. Rule 38a-1: Lessons Being Learned and Future Challenges By Mary Jane Wilson-Bilik Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC (202) Lee D. Augsburger Vice President and Chief Compliance Officer Prudential Investment Management Corporation Newark, New Jersey (973) Rule 38a-1: Lessons Being Learned and Future Challenges ALI-ABA Conference on Life Insurance Company Products November 3-4, 2005 Mary Jane Wilson-Bilik Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC (202)
2 Lee D. Augsburger Vice President and Chief Compliance Officer Prudential Investment Management Newark, New Jersey (973) As the second set of deadlines approaches for compliance with Rule 38a-1 under the Investment Company Act of 1940, as amended (the 1940 Act ), we want to take this opportunity to review the lessons the industry has been learning from the initial phase of Rule 38a-1 and to assess the operational and legal challenges that lie ahead. Among the topics this outline will discuss are: the evolving role of the Chief Compliance Officer ( CCO ), the emerging definition of the compliance function, and how compliance is distinguished from the legal function. We also will look at how the industry is preparing for the annual review and the attendant annual report. I. Background A. Phase one initial compliance. On December 17, 2003, the Securities and Exchange Commission ( SEC or Commission ) published the release adopting new Rule 38a-1. The SEC at its December 3, 2003 open meeting had approved Rule 38a-1 unanimously. Final Rule 38a-1 provided a 9-month implementation period during which every registered investment company ( RIC ), including management investment companies ( funds ) and insurance company separate accounts registered as unit investment trusts ( separate accounts ), adopted and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws. The final Rule also required all RICs to have designated, and the board/depositor to have approved, one CCO by October 5, 2004 who would be responsible for administering the RIC s policies and procedures and those of its service providers, which include, as applicable, the RIC s principal underwriter, investment adviser, insurance company depositor, administrator and transfer agent ( Service Providers ). B. Phase two ongoing development and maintenance. Since October 5, 2004, RICs and their CCOs have been addressing the maintenance of their Rule 38a-1 policies and procedures and the development of the compliance program. And, as discussed below, the role of the CCO in administering the compliance program and implementing the requirements of Rule 38a-1 has also been evolving. C. Phase three future challenges of the annual review and annual report. In the next phase of Rule 38a-1, all RICs must review their compliance policies and procedures annually for the adequacy and the effectiveness of their implementation, and prepare an annual report. The first annual review of the compliance policies and procedures must be completed no later than 18 months after adoption or approval of the compliance policies and procedures (by no later than April 6, 2006). The CCO
3 must submit the first annual report within 60 calendar days of the completion of the annual review (by no later than June 7, 2006). II. Phase One: Adopt Written Compliance Policies and Procedures Each RIC, and each Service Provider for a RIC, is required to have adopted and implemented written policies and procedures that are reasonably designed to prevent the RIC and Service Provider from violating the Federal Securities Laws. The RIC s policies and procedures also must provide for the RIC s oversight of compliance by each Service Provider. The policies and procedures must be reasonably designed to prevent violations of the Federal Securities Laws from occurring. A. Scope of the written compliance policies and procedures. Written policies and procedures must be comprehensive in scope and cover all facets of compliance with the Federal Securities Laws. The language of Rule 38a-1 is very broad and general, and it does not specify any specific policies and procedures, or even specific matters that must be covered. In light of market timing and late trading enforcement actions involving RICs and their Service Providers that were unfolding in late 2003, the Adopting Release discussed the application of Rule 38a-1 to certain important compliance areas, and provided a non-exhaustive bullet-point list of critical areas that policies and procedures should cover in order to be compliant with Rule 38a-1. Among the compliance controls discussed in the Adopting Release are: 1. Pricing and processing of units and mutual fund shares. Rule 38a-1 requires a separate account to have in place policies and procedures that provide for the forward-pricing of unit values and the segregation of orders received before the 4:00 p.m. ET pricing deadline from orders received after the deadline. Some funds and separate accounts, through contractual provisions, rely on third party administrators to receive and properly segregate contractowner orders to ensure proper pricing of unit values. Reliance on those contractual provisions alone would be insufficient to meeting the requirements of Rule 38a Identification of affiliated persons. To prevent self-dealing and overreaching by persons in a position to take advantage of the RIC, the 1940 Act prevents a RIC, including a separate account, from entering into certain transactions with affiliated persons. Rule 38a-1 requires policies and procedures to be in place that identify those affiliated persons and that are reasonably designed to prevent unlawful transactions with such persons. 3. Market timing. Under Rule 38a-1, a separate account must have procedures reasonably designed to ensure compliance with its prospectus (and other) disclosure regarding market timing. These procedures should
4 provide for monitoring of [contractowner] trades or flows of money in and out of the fund [and separate account] in order to detect market timing activity, and for consistent enforcement of the fund [and separate account s] policies regarding market timing. 4. Other issues to be addressed. Among the other issues that the SEC expects RICs to address in their Rule 38a-1 policies and procedures are: (a) (b) (c) (d) (e) (f) The accuracy of disclosures made to contractowners and regulators, including account statements and advertisements; The accurate creation of required records and their maintenance in a manner that secures them from unauthorized alteration or use and protects them from untimely destruction; Processes for valuing assets and assessing fees; Safeguards for the privacy protection of client records and information; Business continuity plans; and Processing of unit holder transactions, including new account applications, premium payments, and exchanges. B. Policies and procedures regarding the oversight of Service Providers. Rule 38a-1 requires that the written compliance policies and procedures of the RIC provide for the oversight by the RIC of compliance by its Service Providers (that is, the principal underwriter, insurance company depositor, administrator or transfer agent) through which the fund or separate account conducts its activities. To do this, the fund or separate account may, but is not required to, adopt, as its own, the compliance policies and procedures of its Service Providers. If adoption of a Service Provider s policies and procedures is not practical, the insurance company depositor or fund board must approve the Service Provider s compliance policies and procedures and make a finding that the Service Provider s policies and procedures are reasonably designed to prevent violations of the Federal Securities Laws. 1. Simple reliance on a Service Provider s policies and procedures is not sufficient oversight. The Adopting Release explicitly rejects the suggestion from commenters that, when overseeing its Service Provider s compliance, a RIC may simply rely on [its] Service Provider s policies and procedures. The SEC did not permit simple reliance on the third party s procedures on the ground it would permit the RIC to absolve itself of responsibility for the compliance activities of its Service Providers. More active supervisory measures are required to be included in the RIC s own written policies and
5 procedures. 2. Suggested oversight techniques of Service Providers to be included in the RIC s policies and procedures. As will be discussed further below, in cases where a fund or separate account employs Service Providers that are not affiliated persons, it may not be practical for the CCO for the fund or separate account to directly review all the Service Provider s policies and procedures. In such cases, the Adopting Release indicates that one of the ways that Rule 38a-1 will be satisfied is if the fund or separate account uses a third-party report on the Service Provider s procedures, rather than the procedures themselves, to evaluate the Service Provider. The third-party report must describe the Service Provider s compliance program as it relates to the types of services provided to the RIC, discuss the types of compliance risks material to the RIC, and assess the adequacy of the Service Provider s compliance controls. 3. RIC s approval of the Service Provider s policies and procedures: appropriate use of summaries. The SEC noted in the Adopting Release that a RIC may satisfy its obligations under the Rule with regard to the approval of the policies and procedures of its Service Providers by reviewing summaries of their policies and procedures. These summaries can be prepared by the CCO for the RIC, by legal counsel or by persons familiar with the Service Provider s compliance program. The summaries should provide the RIC s board (or the depositor, in the separate account context) with a good understanding of how the compliance programs address particularly significant compliance risks. Comment: Although the Adopting Release has been published for over 18 months, the authors are unaware of any registrants utilizing a SAS 70 review for this purpose. Moreover, the audit profession has not clearly accepted the suitability of the SAS 70 report to this type of review. C. Board/depositor approval of written policies and procedures. Rule 38a-1(a)(2) requires each RIC to obtain approval from the RIC s board of directors (including a majority of disinterested directors) of the RIC s compliance policies and procedures and those of its Service Providers. Because unit investment trusts ( UITs ) do not have boards of directors, paragraph (b) was included in Rule 38a-1 to require the insurance company depositor (or principal underwriter) to function in place of the RIC s board of directors, and approve the policies and procedures of the separate account and each of its Service Providers (including the depositor). The depositor must base this approval on a finding that the policies and procedures are reasonably designed to prevent violations of the Federal Securities Laws by the separate account and its Service Providers (including the depositor).
Compliance Programs of Investment Companies and Investment Advisers
Client Publication March 2004 Compliance Programs of Investment Companies and Investment INTRODUCTION On December 3, 2003, the Securities and Exchange Commission ( SEC ) adopted new rules under the Investment
More informationThe Challenge of Annuity Disclosure Reform: Summaries, Profiles and Buyers Guide
SUTHERLAND The Challenge of Annuity Disclosure Reform: Summaries, Profiles and Buyers Guide ALI-ABA Conference on Life Insurance Company Products October 28-29, 2010 Mary Jane Wilson-Bilik Partner Sutherland
More informationFREQUENTLY ASKED QUESTIONS ABOUT UNIT INVESTMENT TRUSTS
FREQUENTLY ASKED QUESTIONS ABOUT UNIT INVESTMENT TRUSTS Understanding Unit Investment Trusts What is a unit investment trust? A unit investment trust ( UIT ) is a type of registered investment company
More informationLife Insurance Company Products
23rd Annual Advanced ALI-ABA Conference on Life Insurance Company Products Featuring Current Securities, Tax, ERISA, and State Regulatory and Compliance Issues Thursday-Friday, November 3-4, 2005 (Grand
More informationProposed Rule 206(4)-7 Investment Adviser Compliance Program February 20, 2003
Legal Alert: Proposed Rule 206(4)-7 Investment Adviser Compliance Program February 20, 2003 Overview. On February 4, 2003, the Securities and Exchange Commission ( SEC ) proposed sweeping changes for investment
More informationNotice of Plan Administrator Address Change
Notice of Plan Administrator Address Change All written correspondence in connection with your investment plan should be mailed to Computershare Trust Company, N.A. (the Plan Administrator ) at: Regular
More informationAGENCY: Board of Governors of the Federal Reserve System. SUMMARY: Under section 805(a)(1)(A) of the Dodd-Frank Wall Street Reform and
FEDERAL RESERVE SYSTEM 12 CFR Part 234 Regulation HH; Docket No. R-1412 RIN No. 7100-AD71 Financial Market Utilities AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice of Proposed
More informationThe Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation
81 ALI-ABA Course of Study The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation October 8-9, 2009 New York, New York Suitability-Recent
More informationBITS KEY CONSIDERATIONS FOR MANAGING SUBCONTRACTORS
BITS KEY CONSIDERATIONS FOR MANAGING SUBCONTRACTORS BITS 1001 PENNSYLVANIA AVENUE, NW SUITE 500 SOUTH WASHINGTON, DC 20004 202-289-4322 WWW.BITSINFO.ORG TABLE OF CONTENTS Executive Summary...3 Regulatory
More informationThe National Association of Community Health Centers, Inc. Issue Brief on. Complying with the FTC s Red Flag Rules. February, 2009
1/28/2009 The National Association of Community Health Centers, Inc. Issue Brief on Complying with the FTC s Red Flag Rules February, 2009 Prepared for NACHC by: Michael Glomb Feldesman Tucker Leifer Fidell,
More informationMary Jane Wilson-Bilik
ATTORNEY BIOGRAPHY Mary Jane Wilson-Bilik Partner Washington P: +1.202.383.0660 E: mjwilson-bilik@eversheds-sutherland.com Education J.D., magna cum laude, Georgetown University Law Center, Articles Editor,
More informationASC Releases Results of EMD Sweep and Best Practices and CSA Provides Guidance on Small Firms Compliance and Regulatory Obligations
ASC Releases Results of EMD Sweep and Best Practices and CSA Provides Guidance on Small Firms Compliance and Regulatory Obligations Thursday, June 8, 2017 Introduction On May 10, 2017, the Alberta Securities
More informationSEC PROPOSES AMENDMENTS TO REGULATION S-P TO SAFEGUARD CUSTOMER PRIVACY
CLIENT MEMORANDUM SEC PROPOSES AMENDMENTS TO REGULATION S-P TO SAFEGUARD CUSTOMER PRIVACY On March 4, 2008, the Securities and Exchange Commission ( SEC ) proposed for comment amendments to Regulation
More informationGDPR : We protect your data
GDPR : We protect your data Dear customer, From the 25th May 2018 the new law of Personal Data Protection (GDPR) will enter into force. At Almagest Wealth Management S.A., we understand your need to be
More informationThe Northwestern Mutual Life Insurance Company, et al.; Notice of Application. Agency: Securities and Exchange Commission ( SEC or Commission )
This document is scheduled to be published in the Federal Register on 08/28/2013 and available online at http://federalregister.gov/a/2013-20955, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION
More informationCOMPASS GROUP DIVERSIFIED HOLDINGS LLC
COMPASS GROUP DIVERSIFIED HOLDINGS LLC FORM S-1/A (Securities Registration Statement) Filed 5/9/2006 Address 61 WILTON ROAD WESTPORT, Connecticut 06880 Telephone 203-221-1703 CIK 0001345122 Fiscal Year
More informationHEDGE FUND ADVISER REGISTRATION AND COMPLIANCE
HEDGE FUND ADVISER REGISTRATION AND COMPLIANCE Cary J. Meer Mark D. Perlow September 19, 2005 DC-#728969-v2 Current Exemption from Registration Until February 1, 2006, where advice is provided to an entity
More informationADVISORSHARES TRUST. ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH
ADVISORSHARES TRUST ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH Supplement dated June 12, 2018 to the Prospectus and Statement
More informationRECENT SEC MARKET STRUCTURE INITIATIVES
CLIENT MEMORANDUM RECENT SEC MARKET STRUCTURE INITIATIVES The Securities and Exchange Commission (the SEC ), continuing its efforts in the area of market structure, recently: voted to adopt Rule 15c3-5
More informationReport on Inspection of KPMG LLP. Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org Report on 2007 Issued by the Public Company Accounting Oversight Board THIS IS A PUBLIC VERSION
More informationALI-ABA Conference on Life Insurance Company Products November 3-4, 2011 Washington, D.C.
775 ALI-ABA Conference on Life Insurance Company Products November 3-4, 2011 Washington, D.C. Redefining the Retail Relationship: The Emerging Regulatory Framework Governing Suitability, the Standard of
More informationLegal Alert: Sarbanes-Oxley Act Certification Requirements and Best Practices September 12, I. Introduction
Legal Alert: Sarbanes-Oxley Act Certification Requirements and Best Practices September 12, 2002 I. Introduction Since the Sarbanes-Oxley Act of 2002 (the Act ) became law on July 30, 2002, much attention
More informationReport on Inspection of Albert Wong & Co. LLP (Headquartered in New York, New York) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 (Headquartered in New York, New York) Issued by the Public Company Accounting
More informationRemarks From the 2015 FINRA Annual Conference
Remarks From the 2015 FINRA Annual Conference Richard G. Ketchum Chairman and Chief Executive Officer Washington, DC MAY 27, 2015 As prepared for delivery. I would like to discuss with you today the important
More informationPage 1 of 111 Rich text Print 2009 09-27 SEC Approves New FINRA Rule 5122 Relating to Private Placements of Securities Issued by a Member Firm or a Control Entity; Effective Date: June 17, 2009 View PDF
More informationStatement of Guidance Nature, Accessibility and Retention of Records
Statement of Guidance Nature, Accessibility and Retention of Records 1. Statement of Objectives 1.1. To ensure that persons and entities regulated or registered under the Regulatory Laws as defined in
More informationDIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN TABLE OF CONTENTS Page About this Prospectus 2 Summary 3 Risk Factors 7 Forward-Looking Statements 7 Use of Proceeds 9 Terms and Conditions of the Plan 9 Purpose
More informationReport on Inspection of Deloitte & Touche LLP. Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org Report on 2005 Issued by the Public Company Accounting Oversight Board THIS IS A PUBLIC VERSION
More information) ) ) ) ) ) ) ) ) ) II.
1666 K Street NW Washington, DC 20006 Office: (202 207-9100 Fax: (202 862-8430 www.pcaobus.org ORDER INSTITUTING DISCIPLINARY PROCEEDINGS, MAKING FINDINGS, AND IMPOSING SANCTIONS In the Matter of Richard
More informationThe SEC s ReTIRE Initiative: An Examination Initiative Focused on Products and Services Provided to Retail Investors Saving for Retirement
The SEC s ReTIRE Initiative: An Examination Initiative Focused on Products and Services Provided to Retail Investors Saving for Retirement By Robert L. Tuch Introduction Robert L. Tuch is a senior consultant
More informationBERMUDA MONETARY AUTHORITY THE INSURANCE CODE OF CONDUCT FEBRUARY 2010
Table of Contents 0. Introduction..2 1. Preliminary...3 2. Proportionality principle...3 3. Corporate governance...4 4. Risk management..9 5. Governance mechanism..17 6. Outsourcing...21 7. Market discipline
More informationElectronic Recordkeeping by Invest. Co. and Invest. Adv.: Release Nos. IC-24991, IA-19... Page 1 of 15 Home Previous Page Final Rule: Electronic Recordkeeping by Investment Companies and Investment Advisers
More informationIn summary, CEOs and CFOs of public companies are potentially subject to three separate certification requirements:
Checklist for CEO/CFO Certifications by Large Companies and Sarbanes-Oxley Certifications August 9, 2002 On July 25 and July 30, 2002, the Staff of the Securities and Exchange Commission issued additional
More informationProtection of Personal Information (POPI) Policy. Sigma SA (Pty) Ltd FSP: 45643
Protection of Personal Information (POPI) Policy Sigma SA (Pty) Ltd FSP: 45643 1 Table of Contents 1. Protection of Personal Information Policy... 3 2 1. Protection of Personal Information Policy Objective:
More informationAlternative Investments: What Regulators Are After
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com Alternative Investments: What Regulators Are After
More informationAlert Memo. Financial Regulatory Reform - Hedge Fund and Private Equity Provisions
Alert Memo NEW YORK JUNE 17, 2009 Financial Regulatory Reform - Hedge Fund and Private Equity Provisions The Administration s sweeping recommendations for financial regulatory reform, issued June 17, 2009,
More informationSan Francisco Municipal Transportation Agency. Disclosure Responsibilities of Public Officials under Federal Securities Laws
San Francisco Municipal Transportation Agency Disclosure Responsibilities of Public Officials under Federal Securities Laws 1 The Wheels on the Bus... Presentation will cover the applicability of federal
More information) ) ) ) ) ) ) ) ) ) ) ) PCAOB Release No March 9, 2004
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org PROPOSED AUDITING STANDARD CONFORMING AMENDMENTS TO PCAOB INTERIM STANDARDS RESULTING FROM THE
More information2018 Legal Notice HIPAA Notice of Privacy Practice
2018 Legal Notice HIPAA Notice of Privacy Practice Notice of Privacy Practices TO: Participants in The Prudential Welfare Benefits Plan, The Prudential Retiree Welfare Benefits Plan, The Prudential Flexible
More informationReport on Inspection of BDO Canada LLP (Headquartered in Toronto, Canada) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 (Headquartered in Toronto, Canada) Issued by the Public Company Accounting Oversight
More informationENER-CORE, INC. DISCLOSURE CONTROLS AND PROCEDURES. Adopted September 24, analyzed to determine whether disclosure is appropriate; and
ENER-CORE, INC. DISCLOSURE CONTROLS AND PROCEDURES I. Policy Regarding Public Disclosures Adopted September 24, 2013 Ener-Core, Inc., a Nevada corporation (the Company ), including all subsidiaries, branches
More informationOur comments and observations on the Proposed Standards address the following principal areas:
Deloitte & Touche LLP Ten Westport Road P.O. Box 820 Wilton, CT 06897-0820 USA www.deloitte.com September 12, 2011 Public Company Accounting Oversight Board Office of the Secretary 1666 K Street, N.W.
More informationUnique Markets, Responsible Investing
Unique Markets, Responsible Investing IFC s Integrity Due Diligence Process BENEFICIAL OWNERSHIP CLIENT SCREENING SANCTIONS & DEBARMENT AML/CFT INTEGRITY RISK International Finance Corporation 2017. All
More informationSEC Adopts Rules Regarding Internal Control Over Financial Reporting Updated
July 13, 2004 SEC Adopts Rules Regarding Internal Control Over Financial Reporting Updated In June 2003, the SEC adopted much-anticipated rules relating to internal controls for SEC reporting companies.
More informationHIPAA PRIVACY POLICY AND PROCEDURES FOR PROTECTED HEALTH INFORMATION THE APPLICABLE WELFARE BENEFITS PLANS OF MICHIGAN CATHOLIC CONFERENCE
HIPAA PRIVACY POLICY AND PROCEDURES FOR PROTECTED HEALTH INFORMATION THE APPLICABLE WELFARE BENEFITS PLANS OF MICHIGAN CATHOLIC CONFERENCE Policy Preamble This privacy policy ( Policy ) is designed to
More informationThe European Court of Justice Invalidated EU/US Safe Harbor: What Does the Future Hold?
Association of Corporate Counsel NJ and Lowenstein Sandler LLP The European Court of Justice Invalidated EU/US Safe Harbor: What Does the Future Hold? Presented by: November 20, 2015 Mary J. Hildebrand,
More informationDWMC DWSH. ADVISORSHARES TRUST 4800 Montgomery Lane Suite 150 Bethesda, Maryland
DWMC ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF DWSH ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWMC NASDAQ Ticker: DWSH Sub-advised by: Dorsey, Wright & Associates, LLC ADVISORSHARES TRUST 4800
More informationUser Fees Relating to Enrolled Agents and Enrolled Retirement Plan Agents. ACTION: Notice of proposed rulemaking and notice of public hearing.
[4830-01-p] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 300 [REG-124018-10] RIN 1545-BJ65 User Fees Relating to Enrolled Agents and Enrolled Retirement Plan Agents AGENCY: Internal
More informationRegulatory Notice 11-54
Regulatory Notice 11-54 Branch Office Inspections FINRA and the SEC Issue Joint Guidance on Effective Policies and Procedures for Broker-Dealer Branch Inspections Executive Summary FINRA and the Securities
More informationPRE-EMPLOYMENT BACKGROUND SCREENING Guidance on Developing an Effective Pre-Employment Background Screening Process
Federal Deposit Insurance Corporation 550 17th Street NW, Washington, D.C. 20429-9990 Financial Institution Letter FIL-46-2005 June 1, 2005 PRE-EMPLOYMENT BACKGROUND SCREENING Guidance on Developing an
More informationFebruary 13, Jonathan G. Katz Secretary Securities and Exchange Commission 450 Fifth Street, NW Washington, DC
1120 Connecticut Avenue, NW Washington, DC 20036 1-800-BANKERS www.aba.com World-Class Solutions, Leadership & Advocacy Since 1875 Sarah A. Miller Director Center for Securities, Trust and Investments
More informationSUMMARY: The Federal Trade Commission ( FTC or Commission ) requests public
[Billing Code: 6750-01S] FEDERAL TRADE COMMISSION 16 CFR Part 314 RIN 3084-AB35 Standards for Safeguarding Customer Information AGENCY: Federal Trade Commission. ACTION: Request for public comment. SUMMARY:
More informationPROPOSED AMENDMENTS (additions are underscored and deletions are stricken through) INTERPRETIVE NOTICES
June 7, 2018 Via Federal Express Mr. Christopher J. Kirkpatrick Secretary Office of the Secretariat Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, N.W. Washington, DC 20581
More informationReport on Inspection of LBB & Associates Ltd., LLP (Headquartered in Houston, Texas) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2017 (Headquartered in Houston, Texas) Issued by the Public Company Accounting Oversight
More informationReport on Inspection of Pinaki & Associates LLC (Headquartered in Newark, Delaware) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Newark, Delaware) Issued by the Public Company Accounting Oversight
More informationReport on Inspection of Zachary Salum Auditors PA (Headquartered in Miami, Florida) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Miami, Florida) Issued by the Public Company Accounting Oversight
More informationIf you are a business partner, we will collect your business contact details. Gender. Marital Status. Criminal History
PRIVACY POLICY At AXIS, we routinely collect and use personal information about individuals, including insured persons, claimants or business partners. We take our responsibilities to handle your personal
More informationJuly 6, Board of Directors American River Flood Control District 165 Commerce Circle, Suite D Sacramento, California 95815
550 Howe Avenue, Suite 210 Sacramento, California 95825 Telephone: (916) 564-8727 FAX: (916) 564-8728 Board of Directors American River Flood Control District 165 Commerce Circle, Suite D Sacramento, California
More informationWhistleblower Rules Time for an Ombudsman?
McBRIDE ASSOCIATES, INC. GOVERNANCE CONSULTING Whistleblower Rules Time for an Ombudsman? Marco E. Adelfio Partner Goodwin Procter March 9, 2012 Jonathan E. McBride President McBride Associates, Inc. 2012
More informationNotice of Plan Administrator Address Change
Notice of Plan Administrator Address Change All written correspondence in connection with your investment plan should be mailed to Computershare Trust Company, N.A. (the Plan Administrator ) at: Regular
More informationSarbanes-Oxley Act. The U.S. Sarbanes-Oxley Act of 2002: 2004 Update for Non-U.S. Issuers.
Sarbanes-Oxley Act The U.S. Sarbanes-Oxley Act of 2002: 2004 Update for Non-U.S. Issuers www.lw.com Sarbanes-Oxley REPORT September 1, 2004 The U.S. Sarbanes-Oxley Act of 2002: 2004 Update for Non-U.S.
More informationSECURITIES AND EXCHANGE COMMISSION FORM 485BPOS. Post-effective amendments [Rule 485(b)]
SECURITIES AND EXCHANGE COMMISSION FORM 485BPOS Post-effective amendments [Rule 485(b)] Filing Date: 1997-04-21 SEC Accession No. 0000916641-97-000392 (HTML Version on secdatabase.com) GNA VARIABLE ANNUITY
More informationVENTURE CAPITAL & PRIVATE EQUITY FUNDS
VENTURE CAPITAL & PRIVATE EQUITY FUNDS DESKBOOK SERIES Consequences of Registration Under the Investment Advisers Act of 1940 This article discusses, in summary form, various disclosure, reporting, and
More informationInspection of Freedman & Goldberg, C.P.A.'s, P.C. (Headquartered in Farmington Hills, Michigan) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Inspection of Freedman & Goldberg, C.P.A.'s, P.C. (Headquartered in Farmington Hills, Michigan)
More informationFunds Use of Derivatives November 8, Derivatives: A Regulatory Overview
MUTUAL FUND DIRECTORS FORUM AND COLUMBIA UNIVERSITY Funds Use of Derivatives November 8, 2007 Derivatives: A Regulatory Overview Susan C. Ervin Dechert LLP Washington, DC 20006 susan.ervin@dechert.com
More informationManagement Alert Final HIPAA Regulations Issued
Management Alert Final HIPAA Regulations Issued After much anticipation, the Department of Health and Human Services (HHS) has issued its omnibus set of final regulations modifying and clarifying the privacy,
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationCFTC PROPOSES HARMONIZATION RULES FOR MUTUAL FUNDS
CLIENT MEMORANDUM CFTC PROPOSES HARMONIZATION RULES FOR MUTUAL FUNDS In connection with the recent adoption of amendments to Commodity Futures Trading Commission Rule 4.5, 1 the CFTC has proposed amendments
More informationWorld Bank Group Policy
World Bank Group Policy Personal Data Privacy Bank Access to Information Policy Designation Public Catalogue Number SEC4.05-POL.101 Issued May 30, 2018 Effective May 25, 2018 Content Policy setting forth
More informationReport on Inspection of RSM US LLP (Headquartered in Chicago, Illinois) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 (Headquartered in Chicago, Illinois) Issued by the Public Company Accounting
More informationTHE BDC ALTERNATIVE: Is It Right for You?
THE BDC ALTERNATIVE: Is It Right for You? Cynthia M. Krus Sutherland Asbill & Brennan LLP cynthia.krus@sutherland.com (202) 383-0218 Steven B. Boehm Sutherland Asbill & Brennan LLP steven.boehm@sutherland.com
More informationOffice of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington, DC December 11, 2013
Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington, DC 20006-2803 December 11, 2013 RE: PCAOB Rulemaking Docket Matter No. 034, Proposed Auditing Standards
More informationReport on Inspection of KPMG LLP (Headquartered in Toronto, Canada) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 (Headquartered in Toronto, Canada) Issued by the Public Company Accounting Oversight
More informationGeneral Compliance Policies for Trust & Adviser
General Compliance Policies for Trust & Adviser Section 7: Disclosures, Filings, and Reporting 7Ha. John Hancock Funds Proxy Voting Procedures Version Effective Date 1 01-01-2012 2 02-01-2015 3 Sept. 2015
More informationEUROPEAN STANDARD OF ACTUARIAL PRACTICE 2 (ESAP 2) ACTUARIAL FUNCTION REPORT UNDER DIRECTIVE 2009/138/EC
ACTUARIAL ASSOCIATION OF EUROPE ASSOCIATION ACTUARIELLE EUROPÉENNE 4 PLACE DU SAMEDI B-1000 BRUSSELS, BELGIUM TEL: (+32) 22 17 01 21 FAX: (+32) 27 92 46 48 E-MAIL: info@actuary.eu WEB: www.actuary.eu EUROPEAN
More informationSUGGESTED COMPLIANCE FILES AND REPORTS
SUGGESTED COMPLIANCE FILES AND REPORTS The following is a list of suggested files and reports that may be requested by a regulator during an examination or investigation. This list of suggested files and
More informationBoard Oversight of Multi-Manager Funds and Subadvisers. Presented by: Diana McCarthy and Joshua Deringer November 29, 2011
Board Oversight of Multi-Manager Funds and Subadvisers Presented by: Diana McCarthy and Joshua Deringer November 29, 2011 Changes in How Funds Use Subadvisers > Open architecture has increased use of subadvisers
More informationNew NYSE and NASDAQ Listing Rules Raise the Accountability of Company Boards and Compensation Committees Through Flexible Standards
New NYSE and NASDAQ Listing Rules Raise the Accountability of Company Boards and Compensation Committees Through Flexible Standards By Todd B. Pfister and Aubrey Refuerzo* On January 11, 2013, the U.S.
More informationNovember 10, Re: Request for Commission action re CUSIP identifiers
VIA ELECTRONIC MAIL November 10, 2010 The Honorable Mary L. Schapiro Chairman 100 F St., NE Washington, DC 20549 Re: Request for Commission action re CUSIP identifiers Dear Chairman Schapiro, The Bond
More informationSEC PROPOSES AMENDMENTS TO MUTUAL FUND DISCLOSURE AND PROSPECTUS DELIVERY REQUIREMENTS
CLIENT MEMORANDUM SEC PROPOSES AMENDMENTS TO MUTUAL FUND DISCLOSURE AND PROSPECTUS DELIVERY REQUIREMENTS Just in time for the holidays, the Securities and Exchange Commission announced its latest proposal
More informationLegal Alert: Overview of NYSE and Nasdaq Corporate Governance Listing Rules December 10, 2003
Legal Alert: Overview of NYSE and Nasdaq Corporate Governance Listing Rules December 10, 2003 Introduction On November 4, 2003, the SEC approved changes to the listing rules of the NYSE and the Nasdaq.
More informationReport on Inspection of McGladrey LLP (Headquartered in Chicago, Illinois) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2014 (Headquartered in Chicago, Illinois) Issued by the Public Company Accounting
More informationADVISOR SELECT P R UL I F E. Pruco Life of New Jersey Variable Appreciable Account
Pruco Life of New Jersey Variable Appreciable Account Pruco Life Insurance Company of New Jersey (in New Jersey and New York) P R UL I F E ADVISOR SELECT V ARIABLE UNIVERSAL LIFE INSURANCE PROSPECTUS MAY
More informationFederal Act on Financial Services
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Financial Services (Financial Services
More informationALI-ABA Course of Study Insurance Industry and Financial Services Litigation. April 3-4, 2008 Scottsdale, Arizona
23 ALI-ABA Course of Study Insurance Industry and Financial Services Litigation April 3-4, 2008 Scottsdale, Arizona FINRA/NASD Notices to Members, Regulatory Notices and Other Regulatory Pronouncements
More informationFile Number S ; Custody of Funds or Securities of Clients by Investment Advisers
Via Electronic Mail: rule-comments@sec.gov Elizabeth M. Murphy Secretary U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Re: File Number S7-09-09; Custody of Funds or
More informationT he US Supreme Court s recent decision in Janus Capital Group, Inc. v. First Derivative
The Supreme Court s Janus decision: no secondary liability, but many secondary questions Arthur Delibert and Gregory Wright Arthur Delibert and Gregory Wright are both Partners at K&L Gates LLP, Washington,
More information) ) ) ) ) ) ) ) ) ) ) )
1666 K Street NW Washington, DC 20006 Office: (202 207-9100 Fax: (202 862-8430 www.pcaobus.org INSTITUTING DISCIPLINARY PROCEEDINGS, MAKING FINDINGS, AND IMPOSING SANCTIONS In the Matter of Tarvaran Askelson
More informationNotice to Members. Market Order Protection. Executive Summary. Questions/Further Information. Background and Discussion
Notice to Members OCTOBER 2005 SUGGESTED ROUTING Internal Audit Legal & Compliance Operations Senior Management Systems Trading KEY TOPICS IM-2110-2 Manning Rule Market Orders Rule 2111 GUIDANCE Market
More informationLiquidity Coverage Ratio: Public Disclosure Requirements; Extension of. Compliance Period for Certain Companies to Meet the Liquidity Coverage Ratio
FEDERAL RESERVE SYSTEM 12 CFR Part 249 Regulation WW; Docket No. 1525 RIN 7100 AE-39 Liquidity Coverage Ratio: Public Disclosure Requirements; Extension of Compliance Period for Certain Companies to Meet
More informationThe Annual Review Handbook for Investment Adviser CCOs
The Annual Review Handbook for Investment Adviser CCOs How-to Guidance and Tools to Thrive with this Responsibility PUBLISHED BY: IAWatch Two Washingtonian Center 9737 Washingtonian Blvd, Suite 200 Gaithersburg,
More informationAudit Engagement Letter a. [CPA Firm s Letterhead]
8 EBP 2/15 EBP-CL-1.1: Audit Engagement Letter a [CPA Firm s Letterhead] [Date] [Identify the body or individual(s) charged with governance.] and [Name of Management] b [Client s Name and Address] We are
More informationInspection of Amper, Politziner & Mattia, LLP (Headquartered in Edison, New Jersey) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Inspection of Amper, Politziner & Mattia, LLP (Headquartered in Edison, New Jersey) Issued by
More informationThe Municipalities Continuing Disclosure Cooperation Initiative: GUIDE FOR CONDUIT BORROWERS
BOSTON // EAST BRUNSWICK // HARTFORD // NEW YORK // NEWARK // PHILADELPHIA // STAMFORD // WASHINGTON, DC // WILMINGTON The Municipalities Continuing Disclosure Cooperation Initiative: GUIDE FOR CONDUIT
More informationCFTC Harmonization Rules
2013 Morrison & Foerster LLP All Rights Reserved mofo.com CFTC Harmonization Rules Webinar September 4, 2013 Presented by Jay G. Baris Anna T. Pinedo NY2 722798 Caveat This outline is for informational
More informationANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS (PCAOB Release No August 20, 2018)
ANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS (PCAOB Release No. 2018-003 August 20, 2018) Table of Contents Background 1 Inspections of Firms During 2017 1 Independence
More informationReport on Inspection of Zhang Hongling CPA, P.C. (Headquartered in Flushing, New York) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2017 (Headquartered in Flushing, New York) Issued by the Public Company Accounting
More informationPrivate Letter Ruling
93 ALI-ABA Video Law Review Advanced Estate Planning Practice Update Winter 2006 February 9, 2006 Live via Satellite TV/Webcast on the American Law Network Private Letter Ruling 200551009 By Lloyd Leva
More informationUNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Washington, D.C.
UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Washington, D.C. In the Matter of SOCIÉTÉ GÉNÉRALE S.A. Paris, France Docket No. 18-031-B-FB 18-031-CMP-FB Order to
More information