SIFMA offers dissenting view of NJ fiduciary rule

The Securities Industry and Financial Markets Association (SIFMA) is offering a dissenting opinion regarding New Jersey’s proposed rule to create a state fiduciary standard.© Shutterstock “To best protect investors and avoid investor confusion, the optimal approach is to defer to the uniform, nationwide, heightened, best interest standard for broker-dealers which is embodied in the SEC’s […]

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The Securities Industry and Financial Markets Association (SIFMA) is offering a dissenting opinion regarding New Jersey’s proposed rule to create a state fiduciary standard.

© Shutterstock

“To best protect investors and avoid investor confusion, the optimal approach is to defer to the uniform, nationwide, heightened, best interest standard for broker-dealers which is embodied in the SEC’s now final Reg BI,” SIFMA officials wrote in their letter to the New Jersey Bureau of Securities. “A state-by-state approach, on the other hand, would result in an uneven patchwork of laws that would be duplicative of, different than, and possibly in conflict with federal standards. It would also heighten investor confusion. We urge the Bureau to pause its rulemaking process, review Reg BI and reevaluate its proposal before deciding whether it is necessary to proceed with an additional state regulation.”

The correspondence also addressed potential broader negative consequences for the state in the wake of its industry footprint.

“The finance and insurance industry has roughly 200,000 employees in the state of New Jersey and accounts for almost 5 percent of all employment in the state,” the letter stated. “Every dollar spent in the securities industry in New Jersey generates an additional $1.22 for the state economy and every job in the securities industry generates an additional 1.34 jobs statewide.”

It is the SIFMA’s position the plan would represent a fundamental change in the way the securities sector operates in the state and would fundamentally alter its relationship with millions of New Jersey investors.

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Read more / Original news source: https://financialregnews.com/sifma-offers-dissenting-view-of-nj-fiduciary-rule/

Erin Schneider named director of regional SEC office

The Securities and Exchange Commission (SEC) has selected Erin E. Schneider to lead its San Francisco Regional Office.© ShutterstockErin Schneider Schneider, who joined the SEC staff in 2005 as a staff attorney in the San Francisco office, will serve as director, leading a staff of more than 125 enforcement attorneys, accountants, investigators, and compliance examiners. […]

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The Securities and Exchange Commission (SEC) has selected Erin E. Schneider to lead its San Francisco Regional Office.

© Shutterstock
Erin Schneider

Schneider, who joined the SEC staff in 2005 as a staff attorney in the San Francisco office, will serve as director, leading a staff of more than 125 enforcement attorneys, accountants, investigators, and compliance examiners.

“We are looking forward to working with Erin in her new position, and we are confident that under her leadership the San Francisco Regional Office will continue its track record of bringing complex enforcement actions,” Stephanie Avakian, co-director of the SEC’s Division of Enforcement, said.

Schneider was promoted to Assistant Regional Director of the Enforcement Division’s Asset Management Unit in 2012 and then to Associate Regional Director of the San Francisco office in 2015.

She will lead a staff involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the Northern California and Pacific Northwest region.

“I am pleased that Erin has agreed to take on the important role of leading the talented and dedicated group of women and men in our San Francisco Regional Office,” SEC Chairman Jay Clayton said. “For nearly 15 years, Erin has worked tirelessly with her colleagues in San Francisco and across the Commission to protect our markets and our Main Street investors. Her skills as a leader and extensive experience, including in issues relevant in the Silicon Valley region, will serve the Commission and investors well.”

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Read more / Original news source: https://financialregnews.com/erin-schneider-named-director-of-regional-sec-office/

Maryland Insurance Administration targets industry fraud

Maryland Insurance Administration (MIA) will continue to investigate and prosecute individuals and businesses committing insurance fraud, the administration recently announced. © Shutterstock During the first half of 2018, MIA investigations led to the criminal prosecution of 12 people for committing insurance fraud while the agency issued another 25 civil fraud orders. The enforcement efforts resulted […]

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Maryland Insurance Administration (MIA) will continue to investigate and prosecute individuals and businesses committing insurance fraud, the administration recently announced.

© Shutterstock

During the first half of 2018, MIA investigations led to the criminal prosecution of 12 people for committing insurance fraud while the agency issued another 25 civil fraud orders.

The enforcement efforts resulted in a combined total of $68,092 in fines and penalties, officials said, as well as $146,400 in restitution to insurance carriers impacted by the fraudulent activity.

“Our talented Insurance Fraud staff follows up and investigates every confidential tip received, and we want the public to report all suspected insurance fraud to us,” Insurance Commissioner Al Redmer, Jr. said. “The MIA’s efforts to root out fraud have resulted in fines, penalties, and restitution in excess of $2 million over the past several years. Our investigations have led to criminal convictions and jail time as well.”

Officials said anyone suspecting insurance fraud is encouraged to call the MIA’s Fraud Division hotline at 1-800-846-4069 or email a referral form to fraud-referrals.mia@maryland.gov.

MIA is an independent body charged with enforcing insurance laws and regulations, officials said. Its Fraud Division is staffed by former law enforcement officers and prosecutors who investigate reports of fraudulent activity related to insurance matters.

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Read more / Original news source: https://financialregnews.com/maryland-insurance-administration-targets-industry-fraud/