Podcast Center
Video Center
Webcasts
Resource Center
Events
June 15, 2009 at 08:00 PM
The Financial Industry Regulatory Authority has released the final version of changes to variable annuity transaction regulations.
FINRA Regulatory Notice 09-32, “Deferred Variable Annuities,” covers amendments to parts of NASD Rule 2821, which governs purchases and exchanges of deferred variable annuities.
The amendments were approved by the U.S. Securities and Exchange Commission in April. FINRA will use the amendments to put some hotly contested portions of Rule 2821 into effect Feb. 8, 2010.
One affected section of Rule 2821 will require FINRA member firms to have a principal review each recommended VA transaction within 7 business days after a firm’s “office of supervisory jurisdiction” has received a correct and complete copy of the application.
