With an insider’s knowledge of the U.S. Securities and Exchange Commission (SEC), Tom Bisset helps financial institutions, including insurance companies, banks and mutual funds, comply with SEC rulings and regulatory requirements. Tom follows new developments in regulatory issues, and guides his clients in matters affecting mutual funds, variable insurance products, fixed annuity contracts and equity index products.
Before joining Eversheds Sutherland (US), Tom served as a senior counsel in the Office of Insurance Products in the SEC’s Division of Investment Management, working on investment company registration statements, exemptive applications and no-action letters, and participating in rulemaking projects and investment company examinations. He spent two years as a staff attorney in the Division of Market Regulation. Tom participated in several significant SEC projects, including the October 1987 Market Break Study.
Selected Experience
Represented several insurers in developing and obtaining groundbreaking regulatory approvals from SEC and FINRA.
Advised mutual fund trustees on fund oversight.
Counseled life insurance companies on the redesign of registered separate account products.
Presentations
“Our clients, for the most part, are very compliance oriented. They’re good companies trying to do what is right for their clientele. We’re helping them to achieve their goals, and that’s very satisfying work.”
Presentations
Fundamental of Mutual Funds and Exchange-Traded Funds Regulation 2012 (June 6, 2012)
Practising Law Institute
Fundamental of Mutual Funds and Exchange - Traded Funds 2011 (June 8, 2011)
Practising Law Institute
Commission Sharing vs. Traditional Soft Dollar Agreements (November 2, 2010)
2010 NSCP National Meeting
Publications
“I’ve co-authored a number of publications that address issues related to mutual funds and variable and fixed insurance products.”
Legal Alerts
COVID-19-related insurance regulatory developments (May 12, 2020)
The COVID-19 pandemic has prompted a significant amount of insurance regulatory activity for both life and property & casualty insurers. This alert summarizes the current state of some of the most ...
Legal and Regulatory Developments - Business Interruption Insurance for COVID-19 Related Losses (Updated May 6, 2020)
As the COVID-19 pandemic continues to have significant economic consequences in the US, a key issue for insurers and businesses throughout the country will be whether all or a portion of losses may ...
COVID-19-related insurance regulatory developments for the week of March 23 (March 31, 2020)
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, including suspension of the National Association of ...
SEC extends flexibility due to COVID-19 (March 26, 2020)
On March 25, 2020, the Securities and Exchange Commission (SEC) issued several orders (the Orders) under the Securities Exchange Act of 1934 (the “Exchange Act”), the Investment Company Act of 1940 ...
COVID-19-related insurance regulatory developments (March 23, 2020)
There has been significant activity at both the state and federal levels related to the novel coronavirus (COVID-19) and its impact on the insurance industry. This alert summarizes some of the most ...
On track with the SEC-staff proposes rules on streamlining private exemptions (March 23, 2020)
Introduction On March 4, 2020, the Securities and Exchange Commission (the SEC) issued a proposed rule (the “Proposed Rule”)1 on ways to “simplify, harmonize, and improve certain aspects of ...
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 ...
Coronavirus - The SEC provides relief for investment companies (March 17, 2020)
On March 13, 2020, the SEC issued an exemptive order under the Investment Company Act of 1940 (the “1940 Act” and the “1940 Act Order”) providing relief for registered management investment companies ...
The SEC feels the need for speed-SEC proposes amendments to exemptive application procedures (October 29, 2019)
On October 18, 2019, the US Securities and Exchange Commission (the “SEC”) announced that it had voted to propose rule amendments1 intended to improve the efficiency of the exemptive application ...
Legal Alert: In tune with the SEC-staff continues dialogue on harmonizing private exemptions (September 20, 2019)
Introduction On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a concept release (the “Release”) on ways to “simplify, harmonize, and improve the exempt offering ...
Articles
Modernizing The Variable Contract Disclosure Regime (December 2018)
Law360
The US Securities and Exchange Commission recently proposed a new disclosure framework for SEC-registered variable annuity contracts and variable life insurance policies that reflects almost a decade ...
A Compromise on Indexed Universal Life Insurance Visuals (July 7, 2015)
Law360
On June 18, 2015, the National Association of Insurance Commissioners Executive Committee/Plenary adopted new Actuarial Guideline XLIX (AG 49), which for the first time sets forth uniform standards ...
Soft Dollars, Investment Adviser Regulation - A Step by Step Guide to Compliance and the Law (2011)
Practicing Law Institute, Third Edition, Volume 1, Chapter 17
SEC Adopts New Soft Dollar Guidelines (September 2006)
Reprinted with permission, Investment Lawyer
SEC Clarifies Meaning of Research and Brokerage in Proposed Soft Dollars Release (January 2006)
Reprinted with permission, The Investment Lawyer
Privately Place VLI Products: Charting The Regulatory Waters (September 2000)
ALI-ABA Conference on Life Insurance Company Products: Current Securities, Tax, ERISA, and State Regulatory Issues
Roundtable on the Role of Independent Investment Company Directors: Issues for Independent Directors of Bank-Related Funds, Variable Insurance Product Funds, and Closed-End Funds (November 1999)
The Business Lawyer, Volume 55, Number 1
Legal, Regulatory, and Accounting Issues (1998)
The Handbook of Stable Value Investments
