Deferred VA rule gets nod
The SEC has approved a rule from the Financial Industry Regulatory Authority Inc. governing the sale of deferred variable annuities.
The SEC has approved a rule from the Financial Industry Regulatory Authority Inc. governing the sale of deferred variable annuities. Originally proposed in 2004, the rule imposes standards for training, suitability and supervisory procedures, along with requiring principal review and approval. Along with approving the rule, regulators issued an exemptive order allowing members of New York- and Washington-based FINRA to hold customer funds for seven days during principal review. For more details, visit sec.gov/rules/sro/nasd/2007/34-56375.pdf.
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