The Financial Industry Regulatory Authority is still deciding how to handle supervision requirements for the variable annuity sales process, officials say.
FINRA, Washington, gave a brief update about progress on deferred variable annuity compliance work in a review of the organization’s 2008 compliance examination program priorities.
FINRA is the product of a merger of the National Association of Securities Dealers, Washington, and the regulatory arm of the New York Stock Exchange.
FINRA says it is continuing to review public comments on the proposed Rule 2821 deferred VA suitability and supervision guidelines.
“FINRA hopes to conclude its analysis of comments regarding the principal review provision and determine whether additional amendments to Rule 2821 are appropriate in the near future,” FINRA officials say in the exam priorities update.
Rule 2821, which was approved by the U.S. Securities and Exchange Commission in September 2007, would make many changes in the rules governing member firms’ sales of deferred VA contracts.
The rule originally was set to take effect May 5.