There’s no getting around it. SEC 151A, which will securitize indexed annuities, will be a topic we’ll talk about for the foreseeable future as news continues to trickle out about it.
We know this much already: the U.S. Securities and Exchange Commission voted in favor of Rule 151A on Dec. 17 of last year. In addition, we learned at that meeting that the rule will take effect Jan. 12, 2011.
So, what’s new with 151A? Most recently, the SEC published its final rule. This latest installment includes some telling comments by SEC staffers.
You can read the full transcript by following the link posted above, but one SEC staffer comment that caught my eye states: “We do not believe the states’ regulatory efforts, no matter how strong, can substitute for our responsibility to identify securities covered by the federal securities laws and the protections Congress intended to apply.”