Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Candriam S.C.A.
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Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
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Compliance & Disclosures
Filing dated 3/31/2026 1:17:02 PM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that one or more events below involve the firm or its supervised persons.RIA responseYes
AFelonies1 Yes1 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?Yes
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions2 Yes3 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings1 Yes3 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?Yes
Additional DRP filings 18 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
criminal · block 1PDF pages 81–82
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BELFIUS BANK (For individuals, Last, First, ( Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). SPF ECONOMY 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): 08/10/2016 Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). FOLLOWING A COMPLAINT DATED 10 AUGUST 2016 THAT LEAD TO A AN INVESTIGATION BY THE BELGIAN DIRECTION GÉNÉRALE DE L'INSPECTION ECONOMIQUE FROM THE SERVICE PUBLIC FÉDÉRAL (SPF) ECONOMIE, THE SPF ECONOMIE HAS NOTED THAT : -BETWEEN JUNE 1, 2003 AND NOVEMBER 30, 2016, BELFIUS BANK REPORTED TO THE CENTRAL REGISTER INFORMATION RELATING TO CREDIT AGREEMENTS THAT WERE NOT SIGNED BY CONSUMERS. -BETWEEN JULY 1 AND JULY 31, 2016, BELFIUS DELETED FROM THE CENTRAL REGISTER AT LEAST 14 CREDIT RECORDS BEFORE THE CONTRACTUAL END DATE, EVEN THOUGH THEY HAD NOT BEEN TERMINATED EARLY. SUCH ACTIONS CONSTITUTED VIOLATIONS OF ARTICLE XV.88, 2° OF THE ECONOMIC CODE AND ARE PUNISHABLE BY A LEVEL 4 SANCTION, NAMELY A CRIMINAL FINE OF BETWEEN EUR 26 AND EUR 50,000. A SETTLEMENT WAS REACHED BETWEEN THE SPF ECONOMIE AND BELFIUS BANK FOR AN AMOUNT OF EUR 10,000 TO CLOSE THIS CASE. C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): 08/10/2016 Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.) A SETTLEMENT WAS REACHED BETWEEN THE SPF ECONOMIE AND BELFIUS BANK FOR AN AMOUNT OF EUR 10,000 TO CLOSE THIS CASE.
criminal · block 2PDF pages 82–84
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV. Criminal Check item(s) being responded to: 11.A(1) 11.A(2) 11.B(1) 11.B(2) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BELFIUS BANK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business and your or the advisory affiliate's position, title, or relationship. 2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number). JUDICIAL (BELGIUM FEDERAL PROSECUTOR OFFICE) 3. Event Disclosure Detail (Use this for both organizational and individual charges.) A. Date First Charged (MM/DD/YYYY): 11/12/2020 Exact Explanation If not exact, provide explanation: B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if charge is investment-related). ON 12 NOVEMBER 2020, PUBLIC PROSECUTION HAS BEEN INITIATED, A.O. AGAINST BELFIUS BANK IN BELGIUM, FOR ITS ALLEGED ROLE IN POTENTIAL FRAUDULENT ACTIVITIES THAT WOULD HAVE BEEN CONDUCTED WITH THE ASSISTANCE OF A DIRECTOR OF AN INDEPENDENT BANK AGENCY OF BELFIUS BANK IN VIOLATION OF SEVERAL BANKING REGULATIONS. AFTER CONSULTATION OF THE CRIMINAL FILE, BELFIUS CONTINUES TO BELIEVE THAT IT HAS SUFFICIENT VALID ARGUMENTS TO RESULT IN THESE CLAIMS BEING DECLARED INADMISSIBLE AND/OR WITHOUT MERIT. SINCE 2020, BELFIUS HAS SENT SEVERAL LETTERS OF REBUTTAL TO THE BELGIAN FEDERAL PROSECUTOR WITH THE AIM OF DROPPING THE CHARGES AGAINST THE BANK AND NOT REFERRING THE BANK TO THE BELGIAN COUNCIL CHAMBER. NO ANSWER HAS BEEN GIVEN TO THESE LETTERS SO FAR, AND THE PROCEDURE HAS NOT BEEN EVOLVING SINCE THEN. C. Did any of the Charge(s) within the Event involve a felony? Yes No D. Current status of the Event? Pending On Appeal Final E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Disposition Disclosure Detail: Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of Penalty, (f) Penalty/Fine Amount, and (g) Date Paid. 5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response must fit within the space provided.) ON 12 NOVEMBER 2020, PUBLIC PROSECUTION HAS BEEN INITIATED, A.O. AGAINST BELFIUS BANK, FOR ITS ALLEGED ROLE IN POTENTIAL FRAUDULENT ACTIVITIES THAT WOULD HAVE BEEN CONDUCTED WITH THE ASSISTANCE OF A DIRECTOR OF AN INDEPENDENT BANK AGENCY OF BELFIUS BANK IN VIOLATION OF SEVERAL (BANKING) REGULATIONS. AFTER CONSULTATION OF THE CRIMINAL FILE, BELFIUS CONTINUES TO BELIEVE THAT IT HAS SUFFICIENT VALID ARGUMENTS TO RESULT IN THESE CLAIMS BEING DECLARED INADMISSIBLE AND/OR WITHOUT MERIT. SINCE 2020, BELFIUS HAS SENT SEVERAL LETTERS OF REBUTTAL TO THE FEDERAL PROSECUTOR WITH THE AIM OF DROPPING THE CHARGES AGAINST THE BANK AND NOT REFERRING THE BANK TO THE COUNCIL CHAMBER. NO ANSWER HAS BEEN GIVEN TO THESE LETTERS SO FAR, AND THE PROCEDURE HAS NOT BEEN EVOLVING SINCE THEN.
regulatory · block 1NEW YORK LIFE INSURANCE COMPANY ("NYLIC")PDF pages 84–86
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY ("NYLIC")
- Regulator name — filed text
- ILLINOIS DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 26,450.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
NYLIC PAID $26,450 TO THE DIRECTOR OF INSURANCE ON 12/16/2015.
Other filed details
Description of allegations — filed text
THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
Sanction detail — filed text
THE CIVIL FORFEITURE LEVIED AGAINST NYLIC (EAGLE'S CONTROLLING AFFILIATE) WAS IN THE AMOUNT OF $26,450 AND A CHECK WAS ISSUED, PAYABLE TO THE DIRECTOR OF INSURANCE, FOR THIS AMOUNT ON 12/16/2015.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
COMPANY ("NYLIC")
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
ILLINOIS DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
INSTITUTE AND MAINTAIN SPECIFIC POLICIES AND PROCEDURES.
3.
Date Initiated (MM/DD/YYYY):
12/07/2015
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
66915
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
NYLIC
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT
IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT
ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
12/07/2015
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 26,450.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
INSTITUTE AND MAINTAIN SPECIFIC POLICIES AND PROCEDURES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
THE CIVIL FORFEITURE LEVIED AGAINST NYLIC (EAGLE'S CONTROLLING AFFILIATE) WAS IN THE AMOUNT OF $26,450 AND A CHECK WAS ISSUED,
PAYABLE TO THE DIRECTOR OF INSURANCE, FOR THIS AMOUNT ON 12/16/2015.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
NYLIC PAID $26,450 TO THE DIRECTOR OF INSURANCE ON 12/16/2015.regulatory · block 2NEW YORK LIFE INSURANCE COMPANYPDF pages 86–87
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- STATE OF NEW YORK DEPARTMENT OF FINANCIAL SERVICES
- Monetary/Fine Amount — filed text
- $ 732,067.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE FINDINGS BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES HAVE BEEN RESOLVED THROUGH A CONSENT ORDER.
Other filed details
Description of allegations — filed text
AS THE RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005 THROUGH DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTIONS 53-3.5(A), 53-3.2(A)(2) AND 53-3.6(B)OF THE DEPARTMENT REGULATION NO.74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B) (1).
Sanction detail — filed text
IN OCTOBER 2016, NEW YORK LIFE PAID A CIVIL PENALTY OF $732,067.00.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEW YORK LIFE INSURANCE COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEW YORK DEPARTMENT OF FINANCIAL SERVICES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/31/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016-001-A 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): NYLIC 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): AS THE RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005 THROUGH DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTIONS 53-3.5(A), 53-3.2(A)(2) AND 53-3.6(B)OF THE DEPARTMENT REGULATION NO.74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B) (1). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 10/31/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 732,067.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: IN OCTOBER 2016, NEW YORK LIFE PAID A CIVIL PENALTY OF $732,067.00. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE FINDINGS BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES HAVE BEEN RESOLVED THROUGH A CONSENT ORDER.
regulatory · block 3NEW YORK LIFE INSURANCE COMPANYPDF pages 87–89
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- STATE OF CONNECTICUT INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES.
Other filed details
Description of allegations — filed text
DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES.
Sanction detail — filed text
NYLIC WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEW YORK LIFE INSURANCE COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF CONNECTICUT INSURANCE DEPARTMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/24/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MC 17-47 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 01/24/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NYLIC WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NYLIC WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES.
regulatory · block 4PDF pages 89–91
- Regulator name — filed text
- COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON APRIL 16, 2020, CANDRIAM PAID THE EUR 10,000 FINE IN FULL.
Other filed details
Description of allegations — filed text
THE COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER FOUND THAT A SUB-FUND MADE AVAILABLE TO NON-US INSTITUTIONAL INVESTORS BY THE FIRM AND LIQUIDATED IN MARCH 2017, WAS NOT MANAGED IN ACCORDANCE WITH THE FUND PROSPECTUS AND THEREFORE WAS NOT IN COMPLIANCE WITH CERTAIN PROVISIONS OF LUXEMBOURG LAW.
Sanction detail — filed text
MONETARY FINE OF $10,000
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/06/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: OPC.20/M207-JDU/JDU S626 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Mutual Fund(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER FOUND THAT A SUB-FUND MADE AVAILABLE TO NON-US INSTITUTIONAL INVESTORS BY THE FIRM AND LIQUIDATED IN MARCH 2017, WAS NOT MANAGED IN ACCORDANCE WITH THE FUND PROSPECTUS AND THEREFORE WAS NOT IN COMPLIANCE WITH CERTAIN PROVISIONS OF LUXEMBOURG LAW. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 04/16/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: MONETARY FINE OF $10,000 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON APRIL 16, 2020, CANDRIAM PAID THE EUR 10,000 FINE IN FULL.
Show 12 more source blocks
regulatory · block 5NEW YORK LIFE INSURANCE COMPANYPDF pages 91–93
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- KENTUCKY DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 112,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON OCTOBER 4,2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
Other filed details
Description of allegations — filed text
ON OCTOBER 4,2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
Sanction detail — filed text
MONETARY FINE OF $112,000
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
KENTUCKY DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
10/04/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2021SCM066
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON OCTOBER 4,2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE
ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON
112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/20/2021
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 112,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MONETARY FINE OF $112,000
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 4,2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE
ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON
112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.regulatory · block 6NEW YORK LIFE INSURANCE COMPANYPDF pages 93–95
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- KENTUCKY DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 112,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
Other filed details
Description of allegations — filed text
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
Sanction detail — filed text
MONETARY FINE $112,000
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
KENTUCKY DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
10/14/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2021SCM066
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE
ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON
112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/20/2021
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 112,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MONETARY FINE $112,000
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE
ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON
112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.regulatory · block 7MACKAY SHIELDS LLCPDF pages 95–96
- Advisory affiliate name — filed text
- MACKAY SHIELDS LLC
- Regulator name — filed text
- SWEDISH FINANCIAL SUPERVISORY AUTHORITY ("SFSA")
- Monetary/Fine Amount — filed text
- $ 300.00
- How was matter resolved — filed text
- Decision
Action status / disposition — filed text
IN JUNE 2018, MACKAY SHIELDS NOTIFIED THE SFSA OF ONE SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012
Other filed details
Description of allegations — filed text
IN JUNE 2018, MACKAY SHIELDS NOTIFIED THE SFSA OF ONE SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012.
Sanction detail — filed text
MACKAY SHIELDS WAS NOTIFIED ON 5/20/19, THAT THE SFSA WAS INVESTIGATING TO DETERMINE WHETHER TO IMPOSE A SPECIAL FINE. ON 6/11/20 MACKAY SHIELDS WAS NOTIFIED THAT THE SFSA DECIDED TO IMPOSE A SPECIAL FINE OF SEK 5,000 (APPROX. $600.00). MACKAY SHIELDS APPEALED THE DECISION. ON 2/8/21, MACKAY SHIELDS WAS NOTIFIED THAT THE APPEAL WAS NOT SUCCESSFUL IN OVERTURNING THE DECISION, HOWEVER, THE AMOUNT OF THE SPECIAL FINE WAS REDUCED TO SEK 2,500 (APPROX. $300.00). THE DECISION BECAME FINAL ON 3/11/21.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
107717
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
MACKAY SHIELDS LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SWEDISH FINANCIAL SUPERVISORY AUTHORITY ("SFSA")
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
05/20/2019
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FI REF 18-16063
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN JUNE 2018, MACKAY SHIELDS NOTIFIED THE SFSA OF ONE SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE
UNINTENTIONALLY LATER THAN THE NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
03/11/2021
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 300.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MACKAY SHIELDS WAS NOTIFIED ON 5/20/19, THAT THE SFSA WAS INVESTIGATING TO DETERMINE WHETHER TO IMPOSE A SPECIAL FINE. ON
6/11/20 MACKAY SHIELDS WAS NOTIFIED THAT THE SFSA DECIDED TO IMPOSE A SPECIAL FINE OF SEK 5,000 (APPROX. $600.00). MACKAY
SHIELDS APPEALED THE DECISION. ON 2/8/21, MACKAY SHIELDS WAS NOTIFIED THAT THE APPEAL WAS NOT SUCCESSFUL IN OVERTURNING THE
DECISION, HOWEVER, THE AMOUNT OF THE SPECIAL FINE WAS REDUCED TO SEK 2,500 (APPROX. $300.00). THE DECISION BECAME FINAL ON
3/11/21.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN JUNE 2018, MACKAY SHIELDS NOTIFIED THE SFSA OF ONE SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE
UNINTENTIONALLY LATER THAN THE NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012regulatory · block 8PDF pages 97–98
- Regulator name — filed text
- OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.
Other filed details
Description of allegations — filed text
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.
Sanction detail — filed text
THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY ISSUE, LAW OR FACT.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
COMPANY
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/23/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INS 2018-275
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE
INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND
GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID
NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
03/23/2021
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 10,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY
ISSUE, LAW OR FACT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE
INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND
GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID
NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.regulatory · block 9NEW YORK LIFE INSURANCE COMPANYPDF pages 99–100
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- LOUISIANA DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
Other filed details
Description of allegations — filed text
NEW YORK LIFE INSURANCE COMPANY FAILED TO USE POLICY FORMS THAT WERE REVIEWED AND APPROVED BY THE STATE. IN ADDITION, CERTAIN FORMS DID NOT COMPLY WITH STATE REGULATIONS.
Sanction detail — filed text
NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEW YORK LIFE INSURANCE COMPANY (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) LOUISIANA DEPARTMENT OF INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/16/2023 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NEW YORK LIFE INSURANCE COMPANY FAILED TO USE POLICY FORMS THAT WERE REVIEWED AND APPROVED BY THE STATE. IN ADDITION, CERTAIN FORMS DID NOT COMPLY WITH STATE REGULATIONS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 12/16/2023 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
regulatory · block 10NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORKPDF pages 100–102
- Advisory affiliate name — filed text
- NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK
- Regulator name — filed text
- MISSOURI DEPARTMENT OF COMMERCE AND INSURANCE
- Monetary/Fine Amount — filed text
- $ 13,000.00
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK AND THE PREDECESSOR COMPANY FILED FORMS AND PROVIDED DATA TO THE STATE FROM 2018 TO 2022 THAT CONTAINED INACCURACIES. NEW YORK LIFE HAS PAID THE $13,000 FORFEITURE AND TAKEN REMEDIAL ACTION BRINGING IT INTO, AND MAINTAINING, COMPLIANCE WITH THE STATUTES AND REGULATIONS OF MISSOURI.
Other filed details
Description of allegations — filed text
NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK AND THE PREDECESSOR COMPANY FILED FORMS AND PROVIDED DATA TO THE STATE FROM 2018 TO 2022 THAT CONTAINED INACCURACIES.
Sanction detail — filed text
NEW YORK LIFE AGREES TO PAY THE $13,000 FORFEITURE AND TO TAKE REMEDIAL ACTION BRINGING IT INTO COMPLIANCE WITH THE STATUTES AND REGULATIONS OF MISSOURI AND AGREES TO MAINTAIN THOSE REMEDIAL ACTIONS AT ALL TIMES.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MISSOURI DEPARTMENT OF COMMERCE AND INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/19/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 390226 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK AND THE PREDECESSOR COMPANY FILED FORMS AND PROVIDED DATA TO THE STATE FROM 2018 TO 2022 THAT CONTAINED INACCURACIES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 04/19/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 13,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NEW YORK LIFE AGREES TO PAY THE $13,000 FORFEITURE AND TO TAKE REMEDIAL ACTION BRINGING IT INTO COMPLIANCE WITH THE STATUTES AND REGULATIONS OF MISSOURI AND AGREES TO MAINTAIN THOSE REMEDIAL ACTIONS AT ALL TIMES. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). NEW YORK LIFE GROUP INSURANCE COMPANY OF NEW YORK AND THE PREDECESSOR COMPANY FILED FORMS AND PROVIDED DATA TO THE STATE FROM 2018 TO 2022 THAT CONTAINED INACCURACIES. NEW YORK LIFE HAS PAID THE $13,000 FORFEITURE AND TAKEN REMEDIAL ACTION BRINGING IT INTO, AND MAINTAINING, COMPLIANCE WITH THE STATUTES AND REGULATIONS OF MISSOURI.
regulatory · block 11BELFIUS BANKPDF pages 102–104
- Advisory affiliate name — filed text
- BELFIUS BANK
- Regulator name — filed text
- FSMA (BELGIUM)
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
A SETTLEMENT BETWEEN THE FSMA AND BELFIUS BANK HAS BEEN CONCLUDED ON 4 SEPTEMBER 2024. THE SETTLEMENT CONSISTS OF THE PAYMENT OF 1 MILLION EURO, BELFIUS BANK'S COMMITMENT TO REINFORCE ITS LEGAL RISK MANAGEMENT BY APPOINTING A NEW MEMBER OF THE MANAGEMENT BOARD WITH SOLID LEGAL BACKGROUND. FROM JANUARY 1, 2025 AND AS LONG AS THE ABOVE MENTIONED STRENGTHENING HAS NOT TAKEN PLACE, BELFIUS HAS TAKEN THE COMMITMENT TO SET UP AN EXECUTIVE COMMITTEE COMPRISING AT LEAST ONE MEMBER WITH A SOLID LEGAL BACKGROUND TO ASSIST AND ADVICE THE MANAGEMENT BOARD ON THE IMPLEMENTATION OF BELFIUS' STRATEGY AND POLICY. BELFIUS BANK ALSO AGREED FOR THIS SETTLEMENT TO BE PUBLISHED, INCLUDING DISCLOSURE OF NAMES, ON THE FSMA'S WEBSITE.
Other filed details
Description of allegations — filed text
THE BELGIAN FINANCIAL SERVICES AND MARKETS AUTHORITY (FSMA) CONSIDERED THAT, DURING THE PERIOD FROM 4 APRIL TO 31 MAY 2023, BELFIUS BANK COMMITTED SEVERAL INFRINGEMENTS IN CONNECTION WITH THE PUBLIC OFFERING OF DEPOSIT CERTIFICATES. THERE WAS NO QUESTION OF INTENTIONAL WRONGDOING. AS SOON AS THE HEAD OF LEGAL INFORMED OLIVIER ONCLIN (MEMBER OF THE MANAGEMENT BOARD, RESPONSIBLE FOR PBR) AND JOHAN VANKELECOM (CFO RESPONSIBLE FOR LEGAL AT THAT TIME) OF THE SITUATION, THE KASBON / BON DE CAISSE OFFER WAS IMMEDIATELY STOPPED AND THE MANAGEMENT BOARD IMPLEMENTED DIFFERENT ACTIONS TO REMEDY AND TO PREVENT IT IN THE FUTURE. A SETTLEMENT BETWEEN THE FSMA AND BELFIUS BANK HAS BEEN CONCLUDED ON 4 SEPTEMBER 2024. THE SETTLEMENT CONSISTS OF THE PAYMENT OF 1 MILLION EURO, BELFIUS BANK'S COMMITMENT TO REINFORCE ITS LEGAL RISK MANAGEMENT BY APPOINTING A NEW MEMBER OF THE MANAGEMENT BOARD WITH SOLID LEGAL BACKGROUND. FROM JANUARY 1, 2025 AND AS LONG AS THE ABOVE MENTIONED STRENGTHENING HAS NOT TAKEN PLACE, BELFIUS HAS TAKEN THE COMMITMENT TO SET UP AN EXECUTIVE COMMITTEE COMPRISING AT LEAST ONE MEMBER WITH A SOLID LEGAL BACKGROUND TO ASSIST AND ADVICE THE MANAGEMENT BOARD ON THE IMPLEMENTATION OF BELFIUS' STRATEGY AND POLICY. BELFIUS BANK ALSO AGREED FOR THIS SETTLEMENT TO BE PUBLISHED, INCLUDING DISCLOSURE OF NAMES, ON THE FSMA'S WEBSITE.
Sanction detail — filed text
NO SANCTION - TRANSACTIONAL AGREEMENT
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BELFIUS BANK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FSMA (BELGIUM) 2. Principal Sanction: Other Other Sanctions: NO SANCTION - TRANSACTIONAL AGREEMENT 3. Date Initiated (MM/DD/YYYY): 09/04/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: CD(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE BELGIAN FINANCIAL SERVICES AND MARKETS AUTHORITY (FSMA) CONSIDERED THAT, DURING THE PERIOD FROM 4 APRIL TO 31 MAY 2023, BELFIUS BANK COMMITTED SEVERAL INFRINGEMENTS IN CONNECTION WITH THE PUBLIC OFFERING OF DEPOSIT CERTIFICATES. THERE WAS NO QUESTION OF INTENTIONAL WRONGDOING. AS SOON AS THE HEAD OF LEGAL INFORMED OLIVIER ONCLIN (MEMBER OF THE MANAGEMENT BOARD, RESPONSIBLE FOR PBR) AND JOHAN VANKELECOM (CFO RESPONSIBLE FOR LEGAL AT THAT TIME) OF THE SITUATION, THE KASBON / BON DE CAISSE OFFER WAS IMMEDIATELY STOPPED AND THE MANAGEMENT BOARD IMPLEMENTED DIFFERENT ACTIONS TO REMEDY AND TO PREVENT IT IN THE FUTURE. A SETTLEMENT BETWEEN THE FSMA AND BELFIUS BANK HAS BEEN CONCLUDED ON 4 SEPTEMBER 2024. THE SETTLEMENT CONSISTS OF THE PAYMENT OF 1 MILLION EURO, BELFIUS BANK'S COMMITMENT TO REINFORCE ITS LEGAL RISK MANAGEMENT BY APPOINTING A NEW MEMBER OF THE MANAGEMENT BOARD WITH SOLID LEGAL BACKGROUND. FROM JANUARY 1, 2025 AND AS LONG AS THE ABOVE MENTIONED STRENGTHENING HAS NOT TAKEN PLACE, BELFIUS HAS TAKEN THE COMMITMENT TO SET UP AN EXECUTIVE COMMITTEE COMPRISING AT LEAST ONE MEMBER WITH A SOLID LEGAL BACKGROUND TO ASSIST AND ADVICE THE MANAGEMENT BOARD ON THE IMPLEMENTATION OF BELFIUS' STRATEGY AND POLICY. BELFIUS BANK ALSO AGREED FOR THIS SETTLEMENT TO BE PUBLISHED, INCLUDING DISCLOSURE OF NAMES, ON THE FSMA'S WEBSITE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 09/04/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NO SANCTION - TRANSACTIONAL AGREEMENT Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NO SANCTION - TRANSACTIONAL AGREEMENT 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). A SETTLEMENT BETWEEN THE FSMA AND BELFIUS BANK HAS BEEN CONCLUDED ON 4 SEPTEMBER 2024. THE SETTLEMENT CONSISTS OF THE PAYMENT OF 1 MILLION EURO, BELFIUS BANK'S COMMITMENT TO REINFORCE ITS LEGAL RISK MANAGEMENT BY APPOINTING A NEW MEMBER OF THE MANAGEMENT BOARD WITH SOLID LEGAL BACKGROUND. FROM JANUARY 1, 2025 AND AS LONG AS THE ABOVE MENTIONED STRENGTHENING HAS NOT TAKEN PLACE, BELFIUS HAS TAKEN THE COMMITMENT TO SET UP AN EXECUTIVE COMMITTEE COMPRISING AT LEAST ONE MEMBER WITH A SOLID LEGAL BACKGROUND TO ASSIST AND ADVICE THE MANAGEMENT BOARD ON THE IMPLEMENTATION OF BELFIUS' STRATEGY AND POLICY. BELFIUS BANK ALSO AGREED FOR THIS SETTLEMENT TO BE PUBLISHED, INCLUDING DISCLOSURE OF NAMES, ON THE FSMA'S WEBSITE.
regulatory · block 12BELFIUS BANKPDF pages 104–106
- Advisory affiliate name — filed text
- BELFIUS BANK
- Regulator name — filed text
- FSMA (BELGIUM)
- How was matter resolved — filed text
- Settled
Action status / disposition — filed text
A SETTLEMENT HAS BEEN CONCLUDED BETWEEN BELFIUS BANK AND THE FSMA ON 29 JUNE 2021. THE SETTLEMENT AGREEMENT STIPULATES THE PAYMENT OF AN AMOUNT OF 300,000 EUROS, AS WELL AS THE NOMINATIVE PUBLICATION OF THE SETTLEMENT DOCUMENT ON THE WEBSITE OF THE FSMA.
Other filed details
Description of allegations — filed text
IN OCTOBER 2020, BELFIUS BANK INITIATED AN ADVERTISING CAMPAIGN CONCERNING A COMPARTMENT OF AN UNDERTAKING FOR COLLECTIVE INVESTMENT (UCI) IN BELGIUM WHICH HAD NOT BEEN SUBMITTED TO THE BELGIAN FINANCIAL SERVICES AND MARKETS AUTHORITY FOR PRIOR APPROVAL AS REQUIRED BY REGULATORY REQUIREMENTS IN BELGIUM (LAW OF 3/08/2012 AND AR 25/04/2014). ACCORDING TO THE FSMA, THE ADVERTISING CAMPAIGN OF BELFIUS BANK RELATED TO THE CURE COMPARTMENT OF THE BELFIUS EQUITIES OPC DID NOT CONSTITUTE A "BRAND AWARENESS ADVERTISING"", AND THEREFORE THE FSMA WAS OF THE OPINION THAT BELFIUS BANK DID NOT COMPLY WITH THE INFORMATION OBLIGATIONS (LAW OF 3/08/2012 AND AR 25/04/2014) WHEN SELLING FINANCIAL PRODUCTS TO RETAIL CLIENTS. A SETTLEMENT HAS BEEN CONCLUDED BETWEEN BELFIUS BANK AND THE FSMA ON 29 JUNE 2021. THE SETTLEMENT AGREEMENT STIPULATES THE PAYMENT OF AN AMOUNT OF 300,000 EUROS, AS WELL AS THE NOMINATIVE PUBLICATION OF THE SETTLEMENT DOCUMENT ON THE WEBSITE OF THE FSMA.
Sanction detail — filed text
NO SANCTION - TRANSACTIONAL AGREEMENT
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BELFIUS BANK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) FSMA (BELGIUM) 2. Principal Sanction: Other Other Sanctions: NO SANCTION - TRANSACTIONAL AGREEMENT 3. Date Initiated (MM/DD/YYYY): 12/01/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Options Other Product Types: ADVERTISEMENT 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): IN OCTOBER 2020, BELFIUS BANK INITIATED AN ADVERTISING CAMPAIGN CONCERNING A COMPARTMENT OF AN UNDERTAKING FOR COLLECTIVE INVESTMENT (UCI) IN BELGIUM WHICH HAD NOT BEEN SUBMITTED TO THE BELGIAN FINANCIAL SERVICES AND MARKETS AUTHORITY FOR PRIOR APPROVAL AS REQUIRED BY REGULATORY REQUIREMENTS IN BELGIUM (LAW OF 3/08/2012 AND AR 25/04/2014). ACCORDING TO THE FSMA, THE ADVERTISING CAMPAIGN OF BELFIUS BANK RELATED TO THE CURE COMPARTMENT OF THE BELFIUS EQUITIES OPC DID NOT CONSTITUTE A "BRAND AWARENESS ADVERTISING"", AND THEREFORE THE FSMA WAS OF THE OPINION THAT BELFIUS BANK DID NOT COMPLY WITH THE INFORMATION OBLIGATIONS (LAW OF 3/08/2012 AND AR 25/04/2014) WHEN SELLING FINANCIAL PRODUCTS TO RETAIL CLIENTS. A SETTLEMENT HAS BEEN CONCLUDED BETWEEN BELFIUS BANK AND THE FSMA ON 29 JUNE 2021. THE SETTLEMENT AGREEMENT STIPULATES THE PAYMENT OF AN AMOUNT OF 300,000 EUROS, AS WELL AS THE NOMINATIVE PUBLICATION OF THE SETTLEMENT DOCUMENT ON THE WEBSITE OF THE FSMA. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Settled 11. Resolution Date (MM/DD/YYYY): 06/29/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NO SANCTION - TRANSACTIONAL AGREEMENT Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: NO SANCTION - TRANSACTIONAL AGREEMENT 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). A SETTLEMENT HAS BEEN CONCLUDED BETWEEN BELFIUS BANK AND THE FSMA ON 29 JUNE 2021. THE SETTLEMENT AGREEMENT STIPULATES THE PAYMENT OF AN AMOUNT OF 300,000 EUROS, AS WELL AS THE NOMINATIVE PUBLICATION OF THE SETTLEMENT DOCUMENT ON THE WEBSITE OF THE FSMA.
regulatory · block 13BELFIUS BANKPDF pages 106–108
- Advisory affiliate name — filed text
- BELFIUS BANK
- Regulator name — filed text
- EUROPEAN CENTRAL BANK
- Monetary/Fine Amount — filed text
- $ 8,183,717.00
- How was matter resolved — filed text
- Other
Action status / disposition — filed text
ON 6 JUNE 2025 THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION.
Other filed details
Description of allegations — filed text
ON 6 JUNE 2025, THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION TO BELFIUS BANK DUE TO NON-COMPLIANCE WITH THE REQUIREMENTS RELATED TO THE IMPLEMENTATION OF INTERNAL MODELS. (PLEASE NOTE THAT THE ECB DECISION OF JULY 2023 CONTAINS 26 DIFFERENT OBLIGATIONS ON WHICH BELFIUS BANK NV / BELFIUS BANQUE SA HAS ALL - BUT FOR OBLIGATION 1 - BEEN ACTING IN LINE WITH THE IMPLEMENTATION CALENDAR IMPOSED BY THE ECB.) THE EUROPEAN CENTRAL BANK, DECIDED ON 6 JUNE 2025 TO IMPOSE AN ADMINISTRATIVE PENALTY ON BELFIUS BANK IN AN AMOUNT OF EUR 6,940,000. THIS PENALTY IS IMPOSED IN RESPECT OF A BREACH OF AN ECB DECISION ON INTERNAL MODELS, FOR THE PERIOD FROM 27 JANUARY 2024 TO 17 MARCH 2025. MORE SPECIFICALLY BELFIUS BANK FAILED, BY THE DEADLINE OF 26 JANUARY 2024, TO IMPLEMENT THE NEW INTERNAL MODELS FOR CALCULATING CAPITAL REQUIREMENTS FOR CREDIT RISK AND TO SUBMIT AN AUDIT REPORT TESTING AND VALIDATING THESE MODELS. CONSEQUENTLY, IT CONTINUED USING OUTDATED INTERNAL MODELS. THIS DECISION WAS MADE PURSUANT TO ARTICLE 18(7) OF COUNCIL REGULATION (EU) NO 1024/2013. THE ECB HAS TAKEN INTO ACCOUNT AS A MITIGATING CIRCUMSTANCE THE FACT THAT BELFIUS BANK IMPLEMENTED SINCE Q1 2024 AN OVERALL ADD-ON TO TEMPORARILY MITIGATE THE IMPACT OF THE USE OF NON- COMPLIANT INTERNAL MODELS.
Sanction detail — filed text
ON 6 JUNE 2025 THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: BELFIUS BANK (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) EUROPEAN CENTRAL BANK 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 06/06/2025 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Other Product Types: INTERNAL RISK MODELS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON 6 JUNE 2025, THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION TO BELFIUS BANK DUE TO NON-COMPLIANCE WITH THE REQUIREMENTS RELATED TO THE IMPLEMENTATION OF INTERNAL MODELS. (PLEASE NOTE THAT THE ECB DECISION OF JULY 2023 CONTAINS 26 DIFFERENT OBLIGATIONS ON WHICH BELFIUS BANK NV / BELFIUS BANQUE SA HAS ALL - BUT FOR OBLIGATION 1 - BEEN ACTING IN LINE WITH THE IMPLEMENTATION CALENDAR IMPOSED BY THE ECB.) THE EUROPEAN CENTRAL BANK, DECIDED ON 6 JUNE 2025 TO IMPOSE AN ADMINISTRATIVE PENALTY ON BELFIUS BANK IN AN AMOUNT OF EUR 6,940,000. THIS PENALTY IS IMPOSED IN RESPECT OF A BREACH OF AN ECB DECISION ON INTERNAL MODELS, FOR THE PERIOD FROM 27 JANUARY 2024 TO 17 MARCH 2025. MORE SPECIFICALLY BELFIUS BANK FAILED, BY THE DEADLINE OF 26 JANUARY 2024, TO IMPLEMENT THE NEW INTERNAL MODELS FOR CALCULATING CAPITAL REQUIREMENTS FOR CREDIT RISK AND TO SUBMIT AN AUDIT REPORT TESTING AND VALIDATING THESE MODELS. CONSEQUENTLY, IT CONTINUED USING OUTDATED INTERNAL MODELS. THIS DECISION WAS MADE PURSUANT TO ARTICLE 18(7) OF COUNCIL REGULATION (EU) NO 1024/2013. THE ECB HAS TAKEN INTO ACCOUNT AS A MITIGATING CIRCUMSTANCE THE FACT THAT BELFIUS BANK IMPLEMENTED SINCE Q1 2024 AN OVERALL ADD-ON TO TEMPORARILY MITIGATE THE IMPACT OF THE USE OF NON- COMPLIANT INTERNAL MODELS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Other 11. Resolution Date (MM/DD/YYYY): 06/06/2025 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 8,183,717.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: ON 6 JUNE 2025 THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON 6 JUNE 2025 THE ECB HAS ISSUED AN ADMINISTRATIVE PENALTY OF EUR 6.94 MILLION.
regulatory · block 14NEW YORK LIFE INSURANCE COMPANY ("NYLIC")PDF pages 108–110
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY ("NYLIC")
- Regulator name — filed text
- STATE OF CONNECTICUT INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 2,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES.
Other filed details
Description of allegations — filed text
NYLIC PAID A $2,000 FINE FOR FAILING TO PAY CLAIMS AND INTEREST ON CLAIMS IN A TIMELY MANNER, IN VIOLATION OF CONNECTICUT STATUTORY REQUIREMENTS. RESOLVED VIA STIPULATION AND CONSENT ORDER DATED AUGUST 7, 2025, AND NO FORMAL HEARING WAS HELD.
Sanction detail — filed text
NYLIC PAID A $2,000 FINE
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
COMPANY ("NYLIC")
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF CONNECTICUT INSURANCE DEPARTMENT
2.
Principal Sanction:
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
08/07/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
MC 25-65
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NYLIC PAID A $2,000 FINE FOR FAILING TO PAY CLAIMS AND INTEREST ON CLAIMS IN A TIMELY MANNER, IN VIOLATION OF CONNECTICUT STATUTORY
REQUIREMENTS. RESOLVED VIA STIPULATION AND CONSENT ORDER DATED AUGUST 7, 2025, AND NO FORMAL HEARING WAS HELD.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
08/07/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 2,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
NYLIC PAID A $2,000 FINE
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED
08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES.regulatory · block 15NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION ("NYLIAC")PDF pages 110–112
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION ("NYLIAC")
- Regulator name — filed text
- STATE OF CONNECTICUT INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 12,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION WAS FOUND TO HAVE VIOLATED SECTION 38A-702M OF THE CONNECTICUT GENERAL STATUTES.
Other filed details
Description of allegations — filed text
NYLIAC PAID A $12,000 FINE FOR PERMITTING EIGHT (8) PRODUCERS TO ACT AS AGENTS IN CONNECTICUT WITHOUT THE REQUIRED APPOINTMENT. RESOLVED VIA STIPULATION AND CONSENT ORDER DATED AUGUST 7, 2025, AND NO FORMAL HEARING WAS HELD.
Sanction detail — filed text
NYLIAC PAID A $12,000 FINE.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION
("NYLIAC")
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
y
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
STATE OF CONNECTICUT INSURANCE DEPARTMENT
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
08/07/2025
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
MC 25-82
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NYLIAC PAID A $12,000 FINE FOR PERMITTING EIGHT (8) PRODUCERS TO ACT AS AGENTS IN CONNECTICUT WITHOUT THE REQUIRED APPOINTMENT.
RESOLVED VIA STIPULATION AND CONSENT ORDER DATED AUGUST 7, 2025, AND NO FORMAL HEARING WAS HELD.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
08/07/2025
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 12,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
NYLIAC PAID A $12,000 FINE.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED
08/07/2025, NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION WAS FOUND TO HAVE VIOLATED SECTION 38A-702M OF THE CONNECTICUT
GENERAL STATUTES.civil judicial · block 1PDF pages 112–114
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 109591 This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEW YORK LIFE INVESTMENT MANAGEMENT LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H. (1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) PAUL ANDRUS AND RONALD BERRESFORD 2. Principal Relief Sought: Money Damages (Private/Civil Complaint) Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): 07/18/2016 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Mutual Fund(s) Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): CASE NO. 1:16-CV-05698 THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE MAIN ALLEGATION OF THE COMPLIANT IN THAT PLAN FIDUCIARIES VIOLATED ERISA BY NOT OFFERING THE ELAST EXPENSIVE S&P 500 INDEX FUND AVAILABLE. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): 07/18/2016 Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Settled 12. Resolution Date (MM/DD/YYYY): 06/15/2017 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 3,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: CLASS ACTION WAS APPROVED AND SETTLED FOR ALL PERSONS WHO PARTICIPATED IN THE NEW YORK LIFE INSURANCE COMPANY EMPLOYEE PROGRESS-SHARING INVESTMENT PLAN OR THE NEW YORK LIFE AGENTS PROGRESS-SHARING INVESTMENT PLAN (COLLECTIVELY, THE "PLANS") WHOSE PLAN ACCOUNT INCLUDED AN INVESTMENT IN THE MAINSTAY S&P 500 INDEX FUND AT ANY TIME DURING THE PERIOD BETWEEN JULY 18, 2010 AND JULY 19, 2016 (THE "CLASS PERIOD"), INCLUDING ANY BENEFICIARY OF A DECEASED PERSON WHO PARTICIPATED IN THE PLANS AT ANY TIME DURING THE CLASS PERIOD, AND/OR, ALTERNATE PAYEES IN THE CASE OF A PERSON SUBJECT TO A QUALIFIED DOMESTIC RELATIONS ORDER WHO PARTICIPATED IN THE PLANS AT ANY TIME DURING THE CLASS PERIOD. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE MAIN ALLEGATION OF THE COMPLIANT IN THAT PLAN FIDUCIARIES VIOLATED ERISA BY NOT OFFERING THE LEAST EXPENSIVE S&P 500 INDEX FUND AVAILABLE.
* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.