Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation > SEC

SEC Requires Separate Tags For Separate Accounts

Your article was successfully shared with the contacts you provided.

The U.S. Securities and Exchange Commission wants manufacturers of variable annuities and variable life contracts to help it distinguish between the electronic filings of different series and classes of contracts.[@@]

The SEC’s new final rule will affect life insurers that have registered variable contracts on Form N-3, Form N-4 or Form N-6.

The SEC will provide contract identifiers that will include 9 numerical digits and start with the letter “S” for a series and “C” for a class.

Contracts registered on Form N-3 may have more than 1 series identifiers but more than 1 contract identifier.

Contracts registered on forms N-4 and N-6 will have only 1 series identifiers but may have more than 1 contract within each series, according to the SEC.

The new system should help investors look up information about particular classes or series of contracts on the Web, the SEC says.

The SEC estimates getting the new identifiers will cost financial services companies about $200 per fund group.

The SEC final rule is on the Web at //


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.