A court here has granted a request from the equity index annuity industry to expedite review of the industry’s appeal of a Securities and Exchange Commission decision that subjects some EIAs to federal regulation.
The U.S. Court of Appeals for the D.C. Circuit granted the request Tuesday, just 6 days after the EIA industry–supported by the SEC–asked for a compressed briefing schedule on the case.
The court agreed to move even faster on the case than the industry had sought, likely setting up its hearings of oral arguments for May. That would make it more likely that the court would hand down a decision by year-end.
For example, lawyers at Gibson Dunn & Crutcher, Washington, asked in a motion filed Jan. 27 that the final brief before oral arguments be filed by April 30. Instead, the court set April 3 as the deadline for the brief.
The case is American Equity Investment Life Insurance Company, et al, v. SEC, No. 09-1021.