8:00 am 9:00 am Breakfast Sponsored by Jackson National Life Insurance Company

Transcription

1 Agenda as of June 5, 2016 Sunday, June 5, :00 pm 6:30 pm Registration Open 5:30 pm 6:30 pm Welcome Reception Monday, June 6, :00 am 6:30 pm Registration Open 8:00 am 9:00 am Breakfast Sponsored by Jackson National Life Insurance Company 8:45 am 9:00 am Welcome Remarks Speaker: J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute (IRI) 9:00 am 9:15 am Introductory Remarks: A View from the Top The DOL Fiduciary Rule and Beyond Speaker: Meredith Kornreich, Managing Director and General Counsel, Retail & Institutional Financial Services, TIAA; Conference Co-Chair One of our Conference Co-Chairs, Meredith Kornreich, the General Counsel for the Retail and Institutional Financial Services businesses at TIAA, will introduce the major theme for today s sessions, the final DOL fiduciary advice rule, including industry efforts to comply and implement this major new regulation. She will highlight some of the efforts and challenges facing our industry as we all prepare for this new regulatory regime. 9:15 am 10:00 am DOL & Treasury: The DOL Fiduciary Rule and the Administration s Lifetime Income Initiative J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute (IRI) 1

2 The Honorable Seth Harris, Counsel, Dentons; Former Acting Secretary and Deputy Secretary, U.S. Department of Labor The Honorable J. Mark Iwry, Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy, U.S. Department of the Treasury The adoption of the DOL s final fiduciary rule has been widely viewed as a watershed event for our industry. As IRI and its members undertake efforts to implement this game-changing rule, former DOL Deputy Secretary Seth Harris will share his thoughts and answer audience questions about the fiduciary rule. Former Secretary Harris will be joined by Treasury Senior Advisor Mark Iwry to discuss the Obama Administration s work, through their respective agencies, to break down barriers to access to annuities and encourage Americans to utilize guaranteed income to supplement their current retirement savings. 10:00 am 11:00 am Breaking Down the DOL Fiduciary Proposal Panelist: Richard Turner, Vice President and Associate General Counsel, AIG Consumer James F. Jorden, Shareholder, Carlton Fields Jorden Burt, P.A. Stephen M. Saxon, Chairman, Groom Law Group Mark Smith, Partner, Sutherland Asbill & Brennan LLP The DOL s final fiduciary rule significantly expands the universe of activities that could cause a financial services professional who is assisting clients in ERISA plans, self-employed plans, or IRAs to become an investment advice fiduciary. The expanded scope of fiduciary activity includes sales activities, recommendations of another fiduciary, and recommendations of distributions and rollovers. Many of these new fiduciary activities also will become subject to a new best interest standard, either under existing exemptions (as modified) or under a new exemption, the Best Interest Contract Exemption ( BICE ). As the industry shifts its focus from the rulemaking process to implementation of the 2

3 11:00 am 11:15 am Break 11:15 am 12:15 pm Breakout Sessions Preliminary Agenda as of May 31, 2016 final rule and related guidance, this panel of leading ERISA experts will discuss some of the key interpretive questions under the final rule and provide their insights on the rule s most significant implications for IRI s member companies. A. Innovation in the Fixed and Fixed Indexed Annuity Marketplace Product Development Track Diane E. Ambler, Partner, K&L Gates Kathi M. Carter, Vice President, Annuity Marketing Supervisor, Insurance/Annuities, Stifel, Nicolaus & Company, Inc. Jodi Hyde, Vice President, Deputy General Counsel, Fidelity & Guaranty Life Kevin W. Mechtley, Consultant, First Consulting & Administration, Inc. Mike Morrone, AVP, Fixed Ann Product Strategy, Nationwide Financial Group Industry-wide annuity sales posted strong numbers in 2015, due largely to record growth in sales of fixed indexed annuities (FIAs). Fixed annuity sales were up 8 percent overall, with FIAs experiencing a 14 percent increase in 2015 as the FIA segment continued to build on the 24 percent sales growth in These sales increases have occurred in a challenging interest rate environment, both in terms of yield and supporting lifetime income guarantee liabilities. A panel of experts will explore the industry s efforts to maximize opportunities in an environment where interest rates may begin to rise. 3

4 B. After the Fiduciary Rule What s Next from Congress and the Federal Agencies? Legislative and Regulatory Track Sean Cassidy, Vice President, Federal Government Affairs, Voya Financial Stefan P. Smith, Partner, Locke Lord LLP Mark Quinn, Director Regulatory Affairs, Cetera Financial Group Chris Payne, Vice President, Federal Government Relations, Principal Financial Group Nicole Petrosino, Head of Federal Government Relations, LPL Financial Although the DOL fiduciary rule has occupied most of the bandwidth in our industry over the past eighteen months, Congress and the Departments of Labor and Treasury have continued to pursue other legislative and regulatory initiatives to encourage Americans to save more for their retirement and reduce barriers that prevent Americans from accessing lifetime income products within their retirement plans. During this session, industry experts will discuss the prospects and implications of ongoing efforts to expand coverage, require lifetime income illustrations on participant benefit statements, and improve the annuity selection safe harbor under ERISA, among other things. In addition, the panel will explore best practices to address the increasing number of examinations and enforcement actions from the SEC, FINRA and other federal agencies. C. Rules and Best Practices for Preventing Exploitation of Older Investors Emerging Issues Track Susan Grafton, Partner, Dechert, LLP 4

5 Christine Benefield, Vice President and Associate General Counsel, AIG Consumer E. Elizabeth Loewy, General Counsel & Senior Vice President, Industry Relations, EverSafe; Former Chief of the Elder Abuse Unit, New York County District Attorney's Office Mary Tucker, Regulatory Affairs & Elder Client Initiatives, Wells Fargo Advisors Policymakers at both the federal and state levels of government are growing more concerned about financial elder abuse and the threat it poses to retirement security for older Americans. The ability of older investors to make decisions as cognitive impairment encroaches is also a significant concern. This panel will explore this critical issue, including industry practices for addressing the issues facing older investors and the public policy opportunities to serve and protect the needs of older investors. D. Robo-Advisors Help or Harm for Retirement Investors? Technology and Innovations Track William Wilcox, Vice President and Senior Corporate Counsel, Prudential Insurance Sean McDermott, Senior Analyst, Consulting Services, Corporate Insight, Inc. Dan Sibears, Executive Vice President of Regulatory Operations Shared Services, Financial Industry Regulatory Authority (FINRA) The technology revolution has transformed the marketplace for investment products and services in significant ways. Robo-advisors are emerging in the marketplace as an alternative for use by small investors, but they raise many questions. While the SEC and FINRA have cautioned that robo-advisors may rely on assumptions that are incorrect or inapplicable to an individual s 5

6 12:15 pm 1:30 pm Lunch On Your Own 1:30 pm 2:30 pm Breakout Sessions Repeats Preliminary Agenda as of May 31, 2016 financial situation and may recommend investments that are not appropriate for an individual investor, the DOL has touted robo-advisors as potentially useful tools that can benefit retirement investors by minimizing costs and avoiding conflicts of interest. This panel will explore both sides of this debate and discuss how the growth of robo-advisors will impact the industry in the coming years. A. Innovation in the Fixed and Fixed Indexed Annuity Marketplace Product Development Track Diane E. Ambler, Partner, K&L Gates Kathi M. Carter, Vice President, Annuity Marketing Supervisor, Insurance/Annuities, Stifel, Nicolaus & Company, Inc. Jodi Hyde, Vice President, Deputy General Counsel, Fidelity & Guaranty Life Kevin W. Mechtley, Consultant, First Consulting & Administration, Inc. Mike Morrone, AVP, Fixed Ann Product Strategy, Nationwide Financial Group Industry-wide annuity sales posted strong numbers in 2015, due largely to record growth in sales of fixed indexed annuities (FIAs). Fixed annuity sales were up 8 percent overall, with FIAs experiencing a 14 percent increase in 2015 as the FIA segment continued to build on the 24 percent sales growth in These sales increases have occurred in a challenging interest rate environment, both in terms of yield and supporting lifetime income guarantee liabilities. A panel of experts will explore the industry s efforts to 6

7 maximize opportunities in an environment where interest rates may begin to rise. B. After the Fiduciary Rule What s Next from Congress and the Federal Agencies? Legislative and Regulatory Track Sean Cassidy, Vice President, Federal Government Affairs, Voya Financial Stefan P. Smith, Partner, Locke Lord LLP Mark Quinn, Director Regulatory Affairs, Cetera Financial Group Chris Payne, Vice President, Federal Government Relations, Principal Financial Group Nicole Petrosino, Head of Federal Government Relations, LPL Financial Although the DOL fiduciary rule has occupied most of the bandwidth in our industry over the past eighteen months, Congress and the Departments of Labor and Treasury have continued to pursue other legislative and regulatory initiatives to encourage Americans to save more for their retirement and reduce barriers that prevent Americans from accessing lifetime income products within their retirement plans. During this session, industry experts will discuss the prospects and implications of ongoing efforts to expand coverage, require lifetime income illustrations on participant benefit statements, and improve the annuity selection safe harbor under ERISA, among other things. In addition, the panel will explore best practices to address the increasing number of examinations and enforcement actions from the SEC, FINRA and other federal agencies. C. Rules and Best Practices for Preventing Exploitation of Older Investors Emerging Issues Track 7

8 Susan Grafton, Partner, Dechert, LLP Christine Benefield, Vice President and Associate General Counsel, AIG Consumer E. Elizabeth Loewy, General Counsel & Senior Vice President, Industry Relations, EverSafe; Former Chief of the Elder Abuse Unit, New York County District Attorney's Office Mary Tucker, Regulatory Affairs & Elder Client Initiatives, Wells Fargo Advisors Policymakers at both the federal and state levels of government are growing more concerned about financial elder abuse and the threat it poses to retirement security for older Americans. The ability of older investors to make decisions as cognitive impairment encroaches is also a significant concern. This panel will explore this critical issue, including industry practices for addressing the issues facing older investors and the public policy opportunities to serve and protect the needs of older investors. D. Robo-Advisors Help or Harm for Retirement Investors? Technology and Innovations Track William Wilcox, Vice President and Senior Corporate Counsel, Prudential Insurance Sean McDermott, Senior Analyst, Consulting Services, Corporate Insight, Inc. Dan Sibears, Executive Vice President of Regulatory Operations Shared Services, Financial Industry Regulatory Authority (FINRA) The technology revolution has transformed the marketplace for investment products and services in significant ways. Robo-advisors are emerging in the marketplace as an alternative for use by small investors, but they raise many questions. While the SEC and FINRA have cautioned that robo-advisors may 8

9 2:30 pm 2:45 pm Break Preliminary Agenda as of May 31, 2016 rely on assumptions that are incorrect or inapplicable to an individual s financial situation and may recommend investments that are not appropriate for an individual investor, the DOL has touted robo-advisors as potentially useful tools that can benefit retirement investors by minimizing costs and avoiding conflicts of interest. This panel will explore both sides of this debate and discuss how the growth of robo-advisors will impact the industry in the coming years. 2:45 pm 3:45 pm Current SEC and FINRA Examination Priorities and Recent Enforcement Developments Richard Choi, Shareholder, Carlton Fields Jorden Burt, P.A. Panelist: James E. Day, Associate Vice President and Chief Counsel, Enforcement Department, Financial Industry Regulatory Authority (FINRA) Marc Wyatt, Director, Office of Compliance Inspections and Examinations (OCIE), U.S. Securities and Exchange Commission (SEC) This panel will offer insights into current SEC and FINRA examination priorities and recent enforcement developments, including the suitability of VA exchange recommendations and product classes; the adequacy of disclosure, supervision and training; lessons from the SEC s Distribution in Guise sweep examination; FINRA s recent enforcement action against MetLife Securities; and emerging issues. 3:45 pm 4:45 pm Litigation and Enforcement under the DOL Fiduciary Rule and the BIC Exemption Wilson G. Barmeyer, Counsel, Sutherland, Asbill & Brennan LLP Brian P. Perryman, Shareholder, Carlton Fields Jorden Burt, P.A. 9

10 Waldemar J. Pflepsen Jr., Shareholder, Carlton Fields Jorden Burt, P.A. Phillip E. Stano, Partner, Sutherland, Asbill & Brennan LLP Michael A. Valerio, Shareholder, Carlton Fields Jorden Burt, P.A. Gail L. Westover, Partner, Sutherland, Asbill & Brennan LLP Our panelists will focus on litigation exposure arising from the Department of Labor final fiduciary rule and address the process of preparing for this litigation risk from a product, distribution system, and company perspective. Particular emphasis will be placed on realistic solutions to challenges resulting from the final rule. 4:45 pm 5:30 pm A View from Capitol Hill: Congressional Perspectives on What to Expect from Congress in 2016 and Beyond Off the Record Peter Lefkin, Senior Vice President, Government & External Affairs, Allianz Life Insurance Company Kara Getz, Senior Tax Counsel, Senate Finance Committee Kevin Casey, Counselor and Policy Director to House Democratic Caucus Vice Chairman, Rep. Joseph Crowley (D-N.Y.) Erik Rust, Senior Policy Advisor, Rep. Ann Wagner (R-Mo.) Preston Rutledge, Republican Tax and Oversight Counsel, Senate Finance Committee Heading into the last six months of the current session, prevailing wisdom inside the Beltway is that Congress is unlikely to take any action on retirement security and tax issues before This off-the-record panel of leading Congressional staff will discuss the status of legislative efforts relating to the DOL s final fiduciary rule, as well as the outlook for comprehensive tax reform, efforts to expand retirement plan coverage and access to guaranteed lifetime income 10

11 products, and other retirement security proposals on topics ranging from open MEPs to annuity portability. 5:45 pm 7:00 pm Networking Reception Tuesday, June 7, :30 am 4:30 pm Registration Open 8:00 am 9:00 am Breakfast 8:45 am 8:50 am Opening Remarks Speaker: Jason Berkowitz, Vice President and Counsel, Regulatory Affairs, Insured Retirement Institute (IRI) 8:50 am 9:00 am Speaker: Noah Sorkin, General Counsel, Advisor Group; GLRC 2016 Conference Co-Chair 9:00 am 9:30 am Retirement Security and Other Regulatory Priorities: The Latest from the NAIC Speaker: The Honorable John M. Huff, Director, Missouri Department of Insurance; President, National Association of Insurance Commissioners (NAIC) During the NAIC s Spring 2016 National Meeting, NAIC President and Missouri Insurance Director John Huff announced the creation of a new NAIC Retirement Security Initiative. During this session, Director Huff will discuss his thoughts about how our industry and our regulators can work together to advance this important initiative. Director Huff will also share his perspective on a variety of other important state issues, including cybersecurity, market conduct reform, and other evolving regulatory developments. 11

12 9:30 am 10:00 am A View from NASAA: Emerging Issues in State Securities Regulation Speaker: The Honorable Andrew Hartnett, Commissioner, Missouri Securities Division; Chair, Broker-Dealer Section, North American Securities Administrators Association (NASAA) With the North American Securities Administrators Association (NASAA) playing a larger role in the retirement income landscape, you will hear from NASAA s Broker-Dealer Section Chairman, Missouri Securities Division Commissioner Andrew Hartnett, on NASAA priorities for the retirement security industry. During this session, Commissioner Hartnett will discuss what NASAA and state securities regulators are working on to expand and strengthen protections for senior investors, foster investor confidence through effective regulation, promote a fair and transparent marketplace for retail investors; and facilitate capital formation through federal-state partnerships. 10:00 am 11:00 am Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds Jeffrey S. Puretz, Partner, Dechert LLP Thoreau Bartmann, Branch Chief, Division of Investment Management, U.S. Securities and Exchange Commission (SEC) Peter Pisapia, Head of Registered Funds Compliance and CCO of Life Insurance Separate Accounts, TIAA Brian Rubin, Partner, Sutherland Asbill & Brennan LLP Russ Ryan, Senior Vice President and Deputy Chief of Enforcement, Financial Industry Regulatory Authority (FINRA) This panel will explore the latest trends in regulation and enforcement under the federal securities laws affecting variable products and mutual funds. Panelists will discuss FINRA s renewed enforcement focus on sales practices for variable annuities. The panel will present the CCO perspective on compliance issues for mutual funds. Panelists will dive into new SEC rulemaking initiatives that affect 12

13 funds, including methods for coping with money market fund reform, the SEC s ambitious proposal for liquidity management for funds, and the latest on the SEC s uniform fiduciary standard on providing personalized investment advice to retail customers. The panel will also provide an update on the new wave of strike suits against fund advisers for the fees they charge to funds. 11:00 am 11:30 am Networking Break Sponsored by Dechert LLP 11:30 am 12:30 pm Breakout Sessions A. The Evolving Variable Annuity Market Product Development Track Stephen E. Roth, Partner, Sutherland, Asbill & Brennan LLP Steve Mabry, Director, AXA Equitable Life Insurance Company Kimberly Plante, Second Vice President and Counsel, Ohio National Financial Services Tamiko Toland, Managing Director, Retirement Income Consulting, Strategic Insight The variable annuity marketplace continues to evolve despite a historically low interest rate environment, sustained periods of market volatility and a dramatically changing regulatory landscape. In this session, panel members will share their insights as to how products and the industry, including insurer/broker-dealer relationships, will likely continue to change and progress in the coming years. Attendees will also hear about current sales trends and product development trends, such as hybrid contracts, in plan guarantees, liquidity riders, share classes, investment only contracts and continuing risk management efforts. The panel will also share their views on the impact of the DOL fiduciary rule on product trends and designs. 13

14 B. Emerging Issues in State Insurance and Securities Legislation, Regulation and Examinations Legislative and Regulatory Track Matthew Hoffman, Compliance Manager - Regulatory Sourcing and Analysis, Wells Fargo Advisors, LLC Michael Canning, Director of Policy, North American Securities Administrators Association (NASAA) Roman Gabriel, Vice President External Affairs, Prudential Financial Ethan Sonnichsen, Director of Government Relations, National Association of Insurance Commissioners (NAIC) The state regulatory system has often been described as a research laboratory for oversight of the financial services industry. Nowhere is this more evident than in the context of state insurance commissioners and state securities administrators, who are often the first regulators to encounter new products and sales practices. The past year has also seen an increase in state legislative activity in the area of retirement security. In this session, attendees will hear about some of the latest areas of focus in the states, including legislative and regulatory and examination priorities for the state insurance and securities departments, older investor protection, state run retirement plans, and suitability. C. Latest Developments in Cybersecurity Risk and Regulation Emerging Issues Track Josephine Cicchetti, Chair, Data Privacy and Cybersecurity Task Force, Carlton Fields Jorden Burt, P.A. Kenneth P. Mortensen, Senior Managing Director, PricewaterhouseCoopers 14

15 MacDonnell Don Ulsch, Managing Director, PricewaterhouseCoopers Debra Hampson, Chief Privacy Officer and Senior Counsel, Cigna Every firm and every industry is dealing with the growing issues around cybersecurity. Cybersecurity incidents are often referred to as existential corporate threats and have taken a top spot in enterprise risk management discussions. Legal and compliance professionals must be familiar with the threats and the various issues related to mitigating and responding to them. Even if you are not the individual charged by your company to be primarily responsible for these issues, the industry s regulators at both the state and federal levels of government are expecting you to be informed and to take certain steps concerning these issues. In this session, you will hear from cybersecurity experts about the current risk environment and regulatory developments and discuss best practices for breach preparation and response. D. The Regulatory Environment For ecommerce Technology and Innovations Track Brian T. Casey, Partner, Locke Lord LLP Doug Morrin, Vice President & Chief Legal Officer, U.S. Customer Office, Prudential Financial Scott Trainor, Vice President & Deputy General Counsel, DocuSign Jim Young, Vice President, Operations & Technology, Insured Retirement Institute (IRI) E-signature and e-commerce is ubiquitous in most industries today. In today s marketplace, the annuity industry is seeking to develop, modernize and adopt technologies to solve for the industry s complexities. These efforts include designing an electronic contracting process for the real world 15

16 12:30 pm 1:45 pm Lunch on Your Own 1:45 pm 2:45 pm Breakout Sessions (Repeats) Preliminary Agenda as of May 31, 2016 customer, addressing the common challenges for transacting e-commerce and understanding the technologies for e-signatures which is central to industry efforts to reduce not-in-good-order (NIGO) business. Our panel of experts will explore these issues and examine the current status of electronic signatures and records under federal and state law. A. The Evolving Variable Annuity Market Product Development Track Stephen E. Roth, Partner, Sutherland, Asbill & Brennan LLP Steve Mabry, Director, AXA Equitable Life Insurance Company Kimberly Plante, Second Vice President and Counsel, Ohio National Financial Services Tamiko Toland, Managing Director, Retirement Income Consulting, Strategic Insight The variable annuity marketplace continues to evolve despite a historically low interest rate environment, sustained periods of market volatility and a dramatically changing regulatory landscape. In this session, panel members will share their insights as to how products and the industry, including insurer/broker-dealer relationships, will likely continue to change and progress in the coming years. Attendees will also hear about current sales trends and product development trends, such as hybrid contracts, in plan guarantees, liquidity riders, share classes, investment only contracts and continuing risk management efforts. The panel will also share their views on the impact of the DOL fiduciary rule on product trends and designs. 16

17 B. Emerging Issues in State Insurance and Securities Legislation, Regulation and Examinations Legislative and Regulatory Track Matthew Hoffman, Compliance Manager - Regulatory Sourcing and Analysis, Wells Fargo Advisors, LLC Michael Canning, Director of Policy, North American Securities Administrators Association (NASAA) Roman Gabriel, Vice President External Affairs, Prudential Financial Ethan Sonnichsen, Director of Government Relations, National Association of Insurance Commissioners (NAIC) The state regulatory system has often been described as a research laboratory for oversight of the financial services industry. Nowhere is this more evident than in the context of state insurance commissioners and state securities administrators, who are often the first regulators to encounter new products and sales practices. The past year has also seen an increase in state legislative activity in the area of retirement security. In this session, attendees will hear about some of the latest areas of focus in the states, including legislative and regulatory and examination priorities for the state insurance and securities departments, older investor protection, state run retirement plans, and suitability. C. Latest Developments in Cybersecurity Risk and Regulation Emerging Issues Track Josephine Cicchetti, Chair, Data Privacy and Cybersecurity Task Force, Carlton Fields Jorden Burt, P.A. Kenneth P. Mortensen, Senior Managing Director, PricewaterhouseCoopers 17

18 MacDonnell Don Ulsch, Managing Director, PricewaterhouseCoopers Debra Hampson, Chief Privacy Officer and Senior Counsel, Cigna Every firm and every industry is dealing with the growing issues around cybersecurity. Cybersecurity incidents are often referred to as existential corporate threats and have taken a top spot in enterprise risk management discussions. Legal and compliance professionals must be familiar with the threats and the various issues related to mitigating and responding to them. Even if you are not the individual charged by your company to be primarily responsible for these issues, the industry s regulators at both the state and federal levels of government are expecting you to be informed and to take certain steps concerning these issues. In this session, you will hear from cybersecurity experts about the current risk environment and regulatory developments and discuss best practices for breach preparation and response. D. The Regulatory Environment For ecommerce Technology and Innovations Track Brian T. Casey, Partner, Locke Lord LLP Doug Morrin, Vice President & Chief Legal Officer, U.S. Customer Office, Prudential Financial Scott Trainor, Vice President & Deputy General Counsel, DocuSign Jim Young, Vice President, Operations & Technology, Insured Retirement Institute (IRI) E-signature and e-commerce is ubiquitous in most industries today. In today s marketplace, the annuity industry is seeking to develop, modernize and adopt technologies to solve for the industry s complexities. These efforts include designing an electronic contracting process for the real world 18

19 2:45 pm 3:00 pm Break Preliminary Agenda as of May 31, 2016 customer, addressing the common challenges for transacting e-commerce and understanding the technologies for e-signatures which is central to industry efforts to reduce not-in-good-order (NIGO) business. Our panel of experts will explore these issues and examine the current status of electronic signatures and records under federal and state law. 3:00 pm 3:45 pm Political Perspectives: Election 2016 Speakers: John H. Brown, Vice President Government Relations, Jackson National Life Insurance Company Frank J. Donatelli, Executive Vice President and Director Federal Public Affairs, McGuire Woods Consulting Michael Lewan, President, The Michael Lewan Company The 2016 elections are shaping up to be among the most historic in our nation s history, with a change in leadership at the White House and potential for pivotal changes of control in both Chambers of Congress. This panel will provide the Republican and Democratic perspectives about the Presidential and Congressional races this fall. We ll hear political insight from both sides of the aisle from two recognized and seasoned inside the Beltway political strategists and get their predictions for particular contests. Our political insiders will go indepth on the races that will determine which party will wield power in It promises to be an engaging and informative discussion for all attendees, regardless of your partisan stripes. 3:45 pm 4:15 pm Ask Your Advocates: IRI Staff Perspectives Speakers: Jason Berkowitz, Vice President and Counsel, Regulatory Affairs, Insured Retirement Institute (IRI) Paul Richman, Vice President, Regulatory Affairs and Compliance, Insured Retirement Institute (IRI) 19

20 4:15 pm 4:30 pm Closing Remarks Preliminary Agenda as of May 31, 2016 Have questions about how the IRI team advocates for its members? In this GLRC wrap-up session, you ll have the opportunity to ask about our efforts on the wide variety of topics we cover, ranging from the DOL rule and tax reform to cybersecurity and older investor protection. This session will provide a peek behind the curtain to help you understand how IRI makes an impact on Capitol Hill, with federal regulators, and in the states. Speaker: Jason Berkowitz, Vice President and Counsel, Regulatory Affairs, Insured Retirement Institute (IRI) 5:30 pm 6:30 pm Networking Reception 20

21 Wednesday, June 8, :30 am 3:30 pm Registration Open 8:00 am 9:00 am Breakfast 9:00 am 3:30 pm DOL Fiduciary Implementation Workshops Co-Sponsored by Carlton Fields Jorden Burt, P.A., Groom Law Group, and Sutherland Asbill & Brennan LLP Separate Registration Required; Closed to Press and Regulators A. For Annuity Manufacturers * Moderators: Mark Smith, Partner, Sutherland Asbill & Brennan LLP Thomas Roberts, Principal, Groom Law Group Michael A. Valerio, Shareholder, Carlton Fields Jorden Burt, P.A. B. For Recordkeepers and Other Service Providers * Moderators: Stephen W. Kraus, Shareholder, Carlton Fields Jorden Burt, P.A. C. For Broker-Dealers * * See below for detailed agendas for each Workshop. David C. Kaleda, Principal, Groom Law Group Carol T. McClarnon, Counsel, Sutherland Asbill & Brennan LLP Moderators: Richard K. Matta, Principal, Groom Law Group Richard T. Choi, Shareholder, Carlton Fields Jorden Burt, P.A. Susan S. Krawczyk, Partner, Sutherland Asbill & Brennan LLP 21

22 A. For Annuity Manufacturers Moderators: Mark Smith, Partner, Sutherland Asbill & Brennan LLP Thomas Roberts, Principal, Groom Law Group Michael A. Valerio, Shareholder, Carlton Fields Jorden Burt, P.A. 9:00 pm 10:30 pm Annuity Product Distribution Challenges under the Final Rule 10:30 am 10:45 am Break BIC exemption compliance issues for distribution partners o Changes in advisor compensation structures o Differential compensation limitations o Neutral factor considerations o Insulating advisers from third party payment influences Third party vs. proprietary distribution channels o Potential reliability issues o A resurgence in proprietary distribution? Wholesaling issues o Independent fiduciary determination questions o The small plan market and the platform exception 10:45 am 12:30 pm Annuities in a Best Interest Environment Fitting product features to investor needs, objectives and circumstances Product re-design issues o For the broker-dealer channel o For the registered investment adviser channel o Other channels Selling agreement issues 22

23 12:30 pm 2:00 pm Lunch on Your Own 2:00 pm 2:45 pm Fixed and Fixed Indexed Products PTE availability o Covered products o Covered compensation The Strange Case of FIAs 2:45 pm 3:30 pm Product Administration Grandfathering Orphan contracts Call center issues 23

24 B. For Recordkeepers and Other Service Providers Moderators: Stephen W. Kraus, Shareholder, Carlton Fields Jorden Burt, P.A. David C. Kaleda, Principal, Groom Law Group Carol T. McClarnon, Counsel, Sutherland Asbill & Brennan LLP 9:00 pm 10:30 pm Activities That Constitute Investment Advice Thereby Creating Fiduciary Status 10:30 am 10:45 am Break New Regulatory Definition o Investment property o Rollovers, benefit distributions and transfers Communications and activities carved out from investment advice o Platform Providers o Selection and Monitoring Assistance o Education o General Communications o Execution of Securities Transactions o Transactions with Independent Fiduciaries with Financial Expertise Reasonable compensation Prohibited Compensation 10:45 am 12:30 pm Best Interest Contract Exemption Entire BIC Level Fee Fiduciaries BIC Lite Proprietary Products Contract Execution and Asset 24

25 Acknowledgement of Fiduciary Status 12:30 pm 2:00 pm Lunch on Your Own 2:00 pm 2:45 pm Best Interest Contract Exemption (continued) Impartial Conduct Standards o Best Interest o Reasonable Compensation o Material Conflicts of Interest Warranties o Policies and Procedures o Incentive Compensation Contractual Disclosures Web Disclosure Transaction-Based Disclosure Labor Department Disclosure 2:45 pm 3:30 pm Prohibited Transaction Exemption Fixed Rate Annuity Contracts Variable Annuities Fixed Indexed Annuities Insurance Compensation 25

26 C. For Broker-Dealers Moderators: Richard K. Matta, Principal, Groom Law Group Richard T. Choi, Shareholder, Carlton Fields Jorden Burt, P.A. Susan S. Krawczyk, Partner, Sutherland Asbill & Brennan LLP 9:00 pm 10:30 pm What is investment advice? 10:30 am 10:45 am Break Legal definition Practical considerations Exceptions from investment advice is it possible to avoid the BIC Exemption? o Wrap programs Hire me does it have any utility? o Self-directed brokerage 10:45 am 12:30 pm Compliance with the BIC Pathways o Marketing plan platforms ERISA only o Transactions with independent fiduciaries o Full BIC o Unilateral BIC o BIC Lite 12:30 pm 2:00 pm Lunch on Your Own Best Interest standard practical considerations Financial advisor compensation structures 2:00 pm 2:45 pm Formation of a BIC Contract Existing contracts negative consent process Timing 26

27 Ineligible contract provisions Permissible limitations Compliance with disclosure requirements Special considerations for proprietary products Statute of limitations Compliance officer requirements Special exemption for principal transactions Effective date(s) April 10, 2017 versus January 1, 2018 what needs to be completed when? 2:45 pm 3:30 pm Reliance on Other Exemptions PTE for certain insurance and mutual funds PTE 77-4 for proprietary mutual funds PTE for securities commissions ERISA section 408(b)(14)/408(g) for level fee / computer model (robo) advice 27