58-33A-25.5. Definition of terms--Compliance with Conduct Rules.

The terms used in § 58-33A-25 mean:

(1)    "Comparable standards,":

(a)    With respect to broker-dealers and registered representatives of broker-dealers, applicable SEC and FINRA rules pertaining to best interest obligations and supervision of annuity recommendations and sales, including 17 C.F.R. § 240.15|-1 (2023);

(b)    With respect to investment advisers registered under federal or state securities laws or investment adviser representatives, the fiduciary duties and all other requirements imposed on such investment advisers or investment adviser representatives by contract or under the Investment Advisers Act of 1940 or applicable state securities law, including the Form ADV and interpretations; and

(c)    With respect to plan fiduciaries or fiduciaries, the duties, obligations, prohibitions, and all other requirements attendant to such status under Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code as of January 1, 2023; and

(2)    "Financial professional," a producer that is regulated and acting as:

(a)    A broker-dealer registered under federal or state securities laws or a registered representative of a broker-dealer;

(b)    An investment adviser registered under federal or state securities laws or an investment adviser representative associated with the federal or state registered investment adviser; or

(c)    A plan fiduciary under 29 U.S. Code § 1002(21) (2019) or fiduciary under 26 U.S. Code § 4975(e)(3) (2019).

Source: SL 2022, ch 186, § 23, eff. Jan. 1, 2023.