For many in the financial services and insurance industry, keeping up with the ever-changing regulatory requirements and expectations can be a challenge, especially during the summer months when employees are taking time off to enjoy the warm weather and travel for summer vacations, especially given the stress and disruption experienced with the unprecedented COVID-19 pandemic.  For 2020 alone, there is several new regulations that institutions need to comply with and/or start preparing for as these new regulations become effective. For example, the investment management portion of the FAST Act Regulation SK went into effect this past April 1st and the new Summary Prospectus for VA/VUL (Rule 498A) is coming into effect on July 1st. (See below for a summary of 2020 40' Act regulations)

What Does This Mean? Increased Regulations Require Increased Support

Institutions are experiencing unprecedented workforce disruption. Virtually all companies are still determining how they will work in the short- and long-term, as workforces try to function and perform. Given this backdrop, many financial institutions are turning to third-party service providers to act as an extension of their institution and help augment internal technology and compliance resources. When technology, business processes and compliance staff are experiencing resource constraints and burdens, outsourcing select technology, workflow management and distribution of communications helps fill potential resource gaps and provide added stability for the institution and peace of mind to all.

Toppan Merrill Can Help

As businesses juggle a range of new  priorities and challenges― business continuity risks, sudden changes in volume, real-time decision-making, workforce productivity, security risks―leaders must act quickly to address immediate issues and lay a foundation for the future. With over 50 years of experience in the financial services industry, working with over 300 top financial and insurance institutions, Toppan Merrill has gained a unique perspective on what is important to financial institutions in solving for regulatory and compliance technology, work management and distribution of communications. We help organizations transform, modernize, and shape the future of work within legal, compliance, and regulatory operations through innovative approaches and emerging technologies.  

Reach out to jump start a partnership that will bring expertise, speed, and accuracy to all of your complex regulatory, compliance, and communication requirements - so you and your teams can enjoy your summer!

Toppan Merrill Compliance Services	Recent 40' Act Regulations

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