The question was: The U.S. Court of Appeals decision on July 21, 2009 on the Securities and Exchange Commission’s proposed Rule 151A determined that:

a) A section of the Securities Act of 1933 as applied to fixed indexed annuities is ambiguous.
b) The SEC can rule that FIAs are subject to federal regulation.
c) The SEC does not need to show that fixed indexed annuity investors can lose money.
d) a and b only
e) a, b and c

The answer is: e). The appeals court further ruled that a fixed indexed annuity offering variable returns is sufficient to constitute investment risk. But the court returned the case to the SEC for reconsideration because the panel believed the SEC’s analysis of the efficiency, competition and capital formation component of the rulemaking was insufficient.

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