The U.S. Securities and Exchange Commission will be giving members of the public more time to comment on a controversial proposal to classify indexed annuities as securities.
In June, the SEC set the comment period on the Section 151A proposal to end Sept. 10.
The comment period now will end 30 days from the date when the extension notice appears in the Federal Register, officials say.
The notice should appear in the Federal Register sometime this week, officials say.
Issuers of indexed annuities offer a fixed, guaranteed rate of return and also offer to pay holders extra if a specified investment index does well.