DOL, SEC Fiduciary-Related Rules to Be a ‘Heavy Lift’: Attorney Choi
January 29, 2019 by Elizabeth Festa
Richard Choi’s favorite winter pastimes are hitting the slopes and shooting sporting clays, but he was too busy in mid-January helping the Insured Retirement Institute craft a comment letter to the Securities and Exchange Commission on the agency’s variable annuity summary prospectus proposal to relish in such pleasures – as of yet.
A partner in the law firm Carlton Fields in Washington, Choi’s been spending his days advocating for clients before the SEC as well as talking to CEOs and other executives about the regulatory challenges around the bend – namely fiduciary-type standards from the Labor Department and SEC – and penning comments to the securities regulator on a long-awaited VA summary prospectus.
Choi and IRI hope that the VA summary prospectus will be adopted later this year.
The layers of supervisory work, cooperation and input by multiple supervisors across the federal and state system for potential new best-practices standards for the sale of annuities and other investment practices after the collapse of the now-defunct Obama-era fiduciary rule “will be a heavy lift,” Choi admits.
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