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