With nearly 30 years of experience in insurance, securities and banking law, Eric Arnold helps insurance companies, broker-dealers and investment advisers manage the complex distribution of insurance and investment products while balancing the disparate challenges of complying with increased regulatory processes, and doing so in an economically efficient manner.
Eric frequently reviews, revises and updates broker-dealer clients’ compliance manuals and procedures to reflect the impact of new rules, regulations and interpretations. He regularly advises broker-dealer and investment advisers on financial, operational and reporting requirements, including privacy, suitability and compensation issues.
On the transactional side, Eric counsels financial services clients on changes to their distribution structures, which includes providing assistance with adding to, subtracting from, and/or consolidating and combining broker-dealer, investment adviser and insurance agency operations in compliance with the applicable regulatory structure.
Since the passage of the Dodd-Frank Act, Eric closely follows the developing role of federal oversight of insurance activities.
Experience
“I’m here to answer the client questions of ‘Can I do this?’ ‘What’s this new rule mean for our business?’ ‘What kind of impact does this regulation have on our firm?’”
(As outlined in separate experience request)
Experience
Counseled a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.
Financial services company relies on firm in establishing a retirement plan platform to facilitate product distribution.
Provided broker-dealers with counsel on day-to-day regulatory obligations.
Advised financial institutions and payment processors providing services to cannabis businesses on potential liability under the Money Laundering Control Act and the Controlled Substances Act.
Multimedia
Videocast: Regulation Best Interest videocast series - Regulation Best Interest recordkeeping requirements (October 31, 2019)
The SEC’s new Regulation Best Interest imposes additional recordkeeping requirements on broker-dealers. These additional recordkeeping requirements will need to capture all information collected ...
Webcast: Planning for a patchwork of best interest standards (November 15, 2018)
As 2018 concludes, regulatory developments governing broker-dealer and adviser standards of conduct continue to advance on a number of fronts. Join Eversheds Sutherland for a webcast discussing steps ...
Webcast: The Price Is Right? Predictive Modeling, Big Data and “Price Optimization”: Regulatory and Litigation Developments (May 12, 2015)
Predictive analytics, fueled by big data and driven by our constant use of smartphones, apps and web browsers, are increasingly used by insurers in marketing and distribution, underwriting, in-force ...
Podcast: BDC Quick Call: Recent Accounting and Regulatory Developments on Advisory Fees and Financing Transactions (March 3, 2011)
Sutherland attorneys Steven B. Boehm and Cynthia M. Krus are speaking on a BDC Quick Call: Recent Accounting and Regulatory Developments on Advisory Fees and Financing Transactions on March 3, 2011. ...
Presentations
“I enjoy working with clients who are forming new broker-dealers. There are lots of business challenges to getting a new enterprise up and running, and there’s also a time of working through regulatory obstacles. I like working through that with the regulators and the business folks and the in-house legal people. It’s a lot of fun and a big challenge.”
Presentations
Hat switching, special challenges for dual registrants and documenting investment advice provided as an investment adviser (October 29, 2019)
Envestnet
Eversheds Sutherland attorneys Eric Arnold, Michael Koffler, Susan Krawczyk, Issa Hanna and Ben Marzouk present the webcast “Hat switching, special challenges for dual registrants and documenting ...
Webcast: Planning for a patchwork of best interest standards (November 15, 2018)
As 2018 concludes, regulatory developments governing broker-dealer and adviser standards of conduct continue to advance on a number of fronts. Join Eversheds Sutherland for a webcast discussing steps ...
Roundtable Discussion: Final DOL ERISA Fiduciary Definition and Related Exemptions (April 28, 2016)
Sutherland hosts a roundtable on the “Final DOL ERISA Fiduciary Definition and Related Exemptions” on April 28, 2016, in Boston, Massachusetts. The program is an in-depth discussion regarding the ...
Webcast: Real Life Minority Report? - Insurers Grapple With Big Data’s Implications (October 20, 2015)
New York Insurance Association
Sutherland Partners Mary Jane Wilson-Bilik and Eric Arnold present, “Real Life Minority Report? - Insurers Grapple With Big Data’s Implications” at New York Insurance Association on October 20, 2015.
Webcast: The Price Is Right? Predictive Modeling, Big Data and “Price Optimization”: Regulatory and Litigation Developments (May 12, 2015)
Predictive analytics, fueled by big data and driven by our constant use of smartphones, apps and web browsers, are increasingly used by insurers in marketing and distribution, underwriting, in-force ...
Rollover Programs: State of the Art 2014, Panelist (July 2, 2014)
Insured Retirement Institute Government Legal & Regulatory Conference
Sutherland Partner Eric Arnold served as a panelist for Rollover Programs: State of the Art 2014 at the Insured Retirement Institute (IRI) Retirement Plan Forum, Washington DC on July 2, 2014. The ...
The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation (September 23, 2011)
ALI-ABA
Sutherland Partners Eric A. Arnold, Clifford E. Kirsch and Brian L. Rubin are speaking at ALI-ABA’s upcoming Course of Study on The Financial Services Regulatory Revolution: Navigating the New World ...
Fiduciary Duty Forum (July 28, 2010)
Sutherland Partners Eric A. Arnold, Clifford E. Kirsch, and Michael B. Koffler are speaking at the Fiduciary Duty Forum, on July 28, 2010, in Washington, D.C. Eric, Cliff and Michael will lead an ...
Real Estate Funds and Alternative Investments: Impact of Recent FINRA Developments (March 25, 2010)
Webinar
Sutherland Partners Eric A. Arnold, Clifford E. Kirsch, Susan S. Krawczyk and Brian L. Rubin are speaking on a Webinar entitled Real Estate Funds and Alternative Investments: Impact of Recent FINRA ...
The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation (October 8-9, 2009)
Sutherland Partner Clifford E. Kirsch is the Program Chair and Partner Eric A. Arnold is a member of the faculty for the American Law Institute-American Bar Association (ALI-ABA) course, The ...
Publications
“Our clients are facing the perfect storm of increased regulatory pressures to be compliant, while at the same time, they are dealing with challenging economic issues and tightened budgets. Their need to develop more efficient and better oversight and compliance processes is going up. It’s a huge challenge for everyone.”
Legal Alerts
NAIC’s Privacy Protections (D) Working Group begins revising privacy model laws (May 28,2020)
On May 5, 2020, the NAIC’s Privacy Protections (D) Working Group met via conference call. The Working Group was formed on October 1, 2019, under the Market Regulation and Consumer Affairs (D) ...
The emerging patchwork of fiduciary investment advice regulation - Putting the pieces together (update) (April 15, 2020)
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing ...
Issues for broker-dealers, investment advisers and their independent contractors under the Paycheck Protection Program and Economic Injury Disaster Loans (April 9, 2020)
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act provides emergency financial relief to individuals, businesses ...
SEC adopts groundbreaking disclosure improvements for variable insurance contracts (March 19, 2020)
On March 11, 2020, the Securities and Exchange Commission (“SEC” or “Commission”) adopted a new prospectus disclosure framework, including new rules, rule amendments and registration statement form ...
SEC relief for advisers impacted by COVID-19 (March 16, 2020)
On March 13, 2020, the Securities and Exchange Commission (SEC) issued a temporary order (the Order)1 providing conditional exemptive relief to investment advisers registered with the SEC (RIAs) and ...
SEC warns investors about initial exchange offerings (February 18, 2020)
NAIC 2019 Fall National Meeting (December 26, 2019)
The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas. Notable developments from the Fall National Meeting ...
Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses (December 12, 2019)
On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks1 ...
Regulators have bank deposit sweep programs in their sights (November 21, 2019)
Coming on the heels of the share class initiative,1 the US Securities and Exchange Commission (SEC) is at the initial stages of another initiative involving concerns about adviser disclosures and ...
Recent regulatory developments regarding AML requirements for broker-dealers (November 12, 2019)
On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement ...
Articles
US Cybersecurity and Data Privacy review and update: Looking back on 2019 and planning ahead for 2020 (February 4, 2020)
In collaboration with Eversheds Sutherland attorneys Paula Barrett, Jake McQuitty, Craig Rogers, Jennifer Van Dale, Rhys McWhirter and David Cook .
The reality of cybersecurity and data privacy threats and regulations proved a sobering one for many companies in 2019.The cost of data privacy began to hit home in January, with French ...
The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions (April 12, 2016)
Just less than a year since its proposal, and just more than six months after receiving thousands of pages of commentary, petitions and hearing testimony, the Department of Labor finalized its ...
Price Optimization: Regulators Struggling with Big Data (June 8, 2015)
Law360
“Price optimization,” an emerging practice that uses big data, predictive modeling and data analytics in pricing insurance products, especially personal lines property and casualty insurance, ...
Finra's amended Rule 8210: Where does it end? (October 13, 2013)
InvestmentNews
In “Finra’s amended Rule 8210: Where does it end?,” Sutherland partners Eric Arnold and Brian Rubin address the changes Finra is making to its Rule 8210, and the implications for broker-dealers. In ...
FINRA's amended Rule 8210: No Documents for You? (July 1, 2013)
Law 360
FINRA's recent amendments to Rule 8210 have begun to stir the pot among broker-dealers and registered representatives regarding its seemingly unlimited authority to request documents and information, ...
'Like' It Or Not: Broker-Dealers And Social Media Access (June 28, 2012)
Law360
Whither Fee-Based Accounts: The DC Circuit Vacates Investment Advisers Act Rule 202(A)(11)-1 (June 2007)
The Investment Lawyer
Final SEC Rule Addressing Broker-Dealer Exclusion from Definition of Investment Adviser (June 2005)
The Investment Lawyer
Banks Selling Annuities (Chapter 6) (2005)
Annuities Answer Book (3rd ed.) (2005 Supplement)
Books
Chapter 5: Banks Selling Annuities (July 2017)
Annuities Answer Book - published by Wolters Kluwer
In the fifth edition of the Annuities Answer Book, which provides analysis and commentary on handling the widest variety of annuities issues, Eversheds Sutherland Partner Eric Arnold contributed ...
