Insurance & Financial Services

On the heels of codifying 940 CMR 35.00, the “Unfair and Deceptive Debt Collection Practices During the State of Emergency Caused by COVID-19” (the “Emergency Regulations”), Attorney General Maura Healey issued guidance on April 3, 2020 “to provide clarity with regard to frequently asked questions concerning the Emergency Regulations[.]”

The Federal Reserve (Fed) announced that it is modifying this year's stress test to reflect how banks have performed during the COVID-19 pandemic.

On March 27, 2020, the Massachusetts Attorney General, Maura Healy, filed an emergency regulation, aimed at what the office described as “prevent[ing] debt collectors and creditors from harassing our residents.”

On April 3, 2020, FinCEN issued its second notice related to the COVID-19 pandemic (Notice).

The SEC’s Office of Compliance Inspection and Examinations (OCIE) issued two risk alerts relating to Regulation Best Interest (Reg. BI).

In a Statement on April 2, the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, announced that the June 30, 2020 timeline for implementation of Regulation Best Interest (“Reg. BI”) will remain.

On March 31, 2020, the CFTC extended temporary no-action relief to foreign affiliates of certain futures commission merchants (FCMs) in further response to the COVID-19 pandemic.

As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19 while being fair to the regulated entities.

On March 23, 2020 the SEC issued a statement warning about the risks of insider trading posed by the COVID-19 pandemic.

The Enforcement Section of the Massachusetts Securities Division (“MSD”) recently filed an Administrative Complaint against Ryan Patrick Skinner (“Skinner”) and related entities Summit Financial Partners and Summit Financial Ptrs Inc of Woburn, MA (together, “Summit”). 

During the Consumer Financial Protection Bureau’s (“CFPB”) symposium series in June 2019, the featured panel discussed whether it was necessary for the Bureau to further define “abusive acts or practices” under the Dodd-Frank Act.

As they do at this time each year, the SEC Office of Compliance, Inspections and Examinations (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) recently announced their examination priorities for 2020.

This post explains how to set up and monitor a retirement plan fiduciary committee in a manner that insulates the plan sponsor’s board and senior management from unnecessary fiduciary exposure.

Open Enrollment is fast approaching and the landscape with be notably different than in years past. From the introduction of short-term plans and association health plans to proposals to allow for greater use of health reimbursement arrangements, the strength of the Marketplace will be tested and will inform future policy considerations. We cover this and more in this week's health care preview.

Recently, the Department of Health and Human Services (“HHS”) and the Department of Treasury (“Treasury”) released new guidelines (the “Guidance”) on the application and approval process for states seeking waivers through Section 1332 of the Patient Protection and Affordable Care Act (“ACA”) from certain requirements for health plans issued under the ACA. The Guidance replaces guidelines issued under the Obama Administration and previously published on December 16, 2015. This post highlights how the Guidance differs from the Obama Administration guidelines and what those differences will mean for states seeking Section 1332 waivers.