Law360, New York (May 08, 2009, 12:00 AM ET) -- A federal appeals court heard arguments Friday in a case alleging that the U.S. Securities and Exchange Commission did not follow proper procedure when it adopted a new rule that classified fixed indexed annuities as securities, subjecting them to federal regulation.
The U.S. Court of Appeals for the District of Columbia Circuit will now weigh its decision in the case, lodged by a coalition of insurance companies on Jan. 16, the same day the SEC published the new rule, which would require the offerers of such...
DC Circ. Weighs SEC Annuity Rule In Insurers' Suit
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