Further Delay May Be Warranted For FINRA Rule 2821

Law360, New York (January 8, 2008, 12:00 AM EST) -- On Dec. 21, 2007, FINRA filed a proposed rule change with the SEC seeking to delay until Aug. 4, 2008, the effective date of the principal review provisions of its new variable annuity sales rule, 2821.[1]

According to the recent filing, FINRA wants more time to consider a trio of concerns raised by several commentators, including the number of days allowed for the required principal review, the provision that firms must, for purposes of principal review, treat all variable annuity sales as if they had been...
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