Keep up-to-date on the progress of important legislative issues and get a roundup of the latest regulatory moves affecting the financial advisory industry. Delivered on the first Tuesday of each month.

REGULATION: Obama pushes financial reform to forefront
President Barack Obama used last week's State of the Union address to urge lawmakers to move forward on financial reform.  

RETIREMENT: Extension sought for retirement distribution law
A bill introduced last month would suspend minimum-distribution rules for retirement accounts through the end of this year.  

TAXES: Donations for Haiti count as 2009 deduction
The president last month signed into law a bill that allows taxpayers to take a 2009 tax deduction for donations made to help Haiti.  

SAVINGS: Bill calls for ensuring FSA funds remain with ex-employees
A new bill calls for requiring companies to distribute funds from flexible spending accounts to workers when they leave their jobs.  

INSURANCE: COLI bill moves to subcommittee
A bill that would limit corporate-owned life insurance coverage of employees recently was referred to a subcommittee.  

TAX: Estate tax awaits Senate action
A bill to set the estate tax at 2009 levels permanently has been put on the Senate calendar.  

TAXES: FSA cap included in health care reform act
Consumers would face contribution limits to flexible spending accounts under the massive health care reform legislation passed by Congress in December.  

CONSUMERS: Protection agency included in financial reform bill
The House financial reform bill also included the creation of a federal agency to protect consumer rights.  

REGULATION: Senior protection plan advances
A provision in the House financial reform bill aims to protect older Americans from financial fraud.  

TAXES: IRA charitable gift extension gets nod
A bill passed last month by the House would extend a tax break applying to individual retirement accounts.  

HEDGE FUNDS: Reform bill includes hedge fund registration
The House financial reform bill includes a provision that would require most advisers of hedge funds to register with the SEC, along with subjecting them to systemic risk regulation.  

INDUSTRY: Measure gives SEC authority to end mandatory arbitration
The House financial reform bill includes a provision that address mandatory arbitration in securities contracts.  

INSURANCE: Information Office gets House nod
The House financial reform bill includes a provision that would create a Federal Insurance Office within the Treasury Department.  

TAXES: House approves tax break extensions
The House voted recently to extend roughly $31 billion in popular tax breaks for one year.  

INSURANCE: Bill joins call for long-term-care disclosures
The federal government would be required to develop a national model disclosure form to assist consumers in purchasing long-term-care insurance under a bill introduced recently.  

RETIREMENT: Break sought for tapping nest eggs early
A bill floated recently joins a handful of existing measures that would waive the 10% penalty on early distributions from retirement plans in certain situations.  

RETIREMENT: Call sounded for higher IRA contributions
A bill introduced recently would boost contribution limits to certain retirement accounts.  

RETIREMENT: Bills seek tax relief for annuities
Tax relief for annuity investors would be provided under legislation pending on Capitol Hill.  

CORPORATE TAX: Corporate compensation write-offs in crosshairs
Several pending bills aim to limit a corporation’s ability write off executive compensation as a business expense.  

INSURANCE: Push made for national insurance licensing group
Insurance agents could be registered by a single national licensing organization under a bill pending in the House.  

COLLEGE SAVINGS: Bill calls for changes to 529 plans
Families with 529 college savings plans would be able to change their investment allocations twice a year under a pending House bill.  

SEC: Regulators seek ban on ‘naked’ access to markets
Regulators last month proposed a new rule aimed at preventing brokerage firms from providing customers with so-called “naked” access to an exchange or alternative trading system.  

FINRA: Guidance given for social-media sites
The Financial Industry Regulatory Authority Inc. issued guidance last month to help securities firms and brokers that use social-networking websites to communicate with the public.  

SEC: Say-on-pay rule issued for TARP firms
Final rules were issued last month pertaining to recipients of federal funds from the Troubled Asset Relief Program, or TARP.  

IRS: Input due for cost-basis reporting regs
Comments are due Feb. 8 on a proposal issued by the Internal Revenue Service to implement the cost-basis reporting requirements for stock brokers and mutual fund companies mandated by a law enacted in 2008.  

SEC: Comment deadline nears for dark-pools rule
Public input is due by Feb. 22 on proposed measures intended to increase the transparency of so-called dark pools.  

SEC: Regulators consider director nomination proposal
The comment period for the SEC's proposal to give shareholders the power to nominate directors recently closed.  

SEC: Surprise exam rule soon in effect
A new rule that will require certain advisers to undergo surprise exams takes effect March 12.  

SEC: Proxy disclosure rules set to take effect
New rules intended to enhance information provided to shareholders takes effect Feb. 28.  

INSURANCE: Model reg for annuity suitability gets committee okay
A final version of model regulation pertaining to annuities was adopted recently by a committee of the National Association of Insurance Commissioners.  

SEC: Rating-agency rule under consideration
Regulators are considering proposed rule changes intended to boost the oversight of credit-rating agencies.  

SEC: Compliance date for Reg S-AM delayed
The compliance date has been extended for an SEC regulation that limits the use of an affiliate's client information for marketing purposes.  

ECONOMY: Task force calls for automatic IRAs
The White House last month said employers should be required to provide workers with the option to enroll in direct-deposit individual retirement accounts if no retirement plan is already offered.  

REGULATION: Schapiro continues call for single fiduciary standard
SEC Chairman Mary Schapiro last month reiterated her stance that broker-dealers and investment advisers should be subject to uniform fiduciary standards of conduct and regulatory requirements.  

SEC: Agency seeks input on structure of equity market
As part of the SEC's broad review of the equity market's structure, the agency is seeking public comment on a concept addressing various aspects of how the market operates.  

Please feel free to send comments about this monthly electronic newsletter. Send information to Jim Pavia, InvestmentNews editor.