More On Legal & Compliancefrom The Advisor's Professional Library
- Recent Changes in the Regulatory Landscape 2011 marked a major shift in the regulatory environment, as the SEC adopted rules for implementing the Dodd-Frank Act. Many changes to Investment Advisers Act were authorized by Title IV of the Dodd-Frank Act.
- Code of Ethics Rule The Code of Ethics Rule, found in Rule 204A-1, uses severe consequences for violation to help ensure investment advisors will do the right thing.
Roy Woodall, nominated for the only voting seat of three on the Financial Stability Oversight Council (FSOC) devoted to insurance experts, was confirmed Tuesday in the Senate. The body used a unanimous consent process that allowed confirmation of a number of other candidates as well to appointments on various boards, committees and courts.
NU Online News Service reported that Woodall’s nomination had previously been endorsed by the Senate Banking, Housing and Urban Affairs Committee on Sept. 8. There are three positions on the FSOC for insurance representatives; Woodall’s is the only one with the ability to vote. The other two members are Missouri Insurance Director John Huff, representing the National Association of Insurance Commissioners, Kansas City, Mo., and Michael McRaith, director of the new Federal Insurance Office.
Woodall is a former Kentucky insurance commissioner. He is also a former president of the National Association of Life Companies, has worked at the Treasury Department in both the George W. Bush and Obama administrations as an expert on insurance-related issues and served as chief counsel for state relations at the American Council of Life Insurers, Washington.
The FSOC, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is supposed to help federal financial services regulators monitor trends, events and companies that could threaten the stability of the U.S. financial system.