Deals & People July 11, 2012

Mutual of Omaha Adds Sales Managers to Retirement Plans Division

 

Mutual of Omaha Retirement Plans Division named two regional sales managers in key markets.

 

 

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Brian Armstrong will cover the Central and South Florida market, and Oliver Schulz will focus on the New York area.

“These individuals are part of our strategic initiative to grow our national presence by placing proven financial sales experts in roles that will support sustainable growth and distribution of our 401(k) product line,” said Seth Friedman, 401(k) national sales director for Mutual of Omaha. “They bring a wide range of financial services experience to the table and will collaborate closely with advisers to competitively support the needs of the plan sponsor and their participants.”

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Armstrong has more than 15 years experience in the financial services industry. Before joining Mutual of Omaha, he served as sales director for MassMutual. He has also served in several retirement plans sales and leadership positions at First Mercantile Trust, Gallagher Retirement Services, ADP and Morgan Stanley.

Armstrong earned his bachelor’s degree from Illinois State University.

Schulz has more than 13 years experience in selling 401(k) and defined benefit plans. He most recently served as a financial adviser for Morgan Stanley Smith Barney. Schulz has also served in several retirement plans sales and leadership positions at Nationwide Financial, Oppenheimer Funds and Aegon/Transamerica.

Schulz earned his bachelor’s degree from Keene State College. He also attended Schiller International University.

 

Compliance July 11, 2012

CFTC Approves OTC Derivatives Rules

The Commodity Futures Trading Commission (CFTC) voted to finalize definitions and exemptions as part of the new regulatory regime for over-the-counter (OTC) derivatives.
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Rules and interpretations issued by the Securities and Exchange Commission (SEC) earlier this week further define the terms “swap” and “security-based swap,” and whether a particular instrument is a “swap” regulated by the CFTC or a “security-based swap” regulated by the SEC. The SEC action also addresses “mixed swaps,” which are regulated by both agencies, and “security-based swap agreements,” which are regulated by the CFTC but over which the SEC has antifraud and other authority. (See “SEC Takes Another Step in Regulating OTC Derivatives.”)  

According to The Wall Street Journal, the CFTC also passed an exemption for commercial companies that use derivatives to hedge risk, such as fluctuating commodity prices or interest rates. (See “Derivatives Users Fear Higher Hedging Costs.”) Commissioners also included an exemption for small banks with assets of $10 billion or less, which Congress told the commission to consider in the law.   

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The commission expects 30,000 banks and companies to qualify for the exemption, the Journal learned in a staff briefing for reporters on the rule.  

The new regulatory regime would require most derivatives to be traded on open platforms and routed through a clearinghouse that secures the deal and collects margin from both sides.

 

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