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July 13, 2010 at 08:00 PM
I received a note from Sheryl J. Moore, president and CEO of AnnuitySpecs.com this morning with an announcement that “the court has vacated the SEC’s rule 151A.”
Moore has long been an opponent of 151A and has been calling for it to be overturned. Others fighting the battle are NAFA and the Coalition for Indexed Products, among others.
The following are excerpts from Moore’s letter clarifying what has taken place:
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Here is language from the court’s order:
“Having determined that the SEC’s S. 2(b) analysis is lacking, we grant the petitions [assertion that] the SEC failed properly to consider the effect of the rule upon efficiency, competition, and capital formation… We therefore order that Rule 151A be vacated.”
So, what does this mean to all of us?
