The question was: Within what period of time does the Securities and Exchange Commission plan to fully implement Rule 151A, after the final rule is issued?
a) 6 months
b) 1 year
c) 18 months
d) 2 years
e) 3 years
The answer is: d). In a court brief filed with the U.S. Court of Appeals for the D.C. Circuit, the U.S. Securities and Exchange Commission says it now plans to provide a two-year implementation period for federal regulation of equity indexed annuities under Rule 151A.
The implementation period would begin after a final rule was issued. The SEC also agreed through its court brief to open a Section 2(a) comment period on the SEC’s Section 2(b) analysis of the likely effects of Rule 151A. Section 2(b) of the federal Securities and Exchange Act of 1933 requires the SEC to include an analysis of possible effects on efficiency, capital formation and competition when it releases a draft of a proposed rule.