SEC Agrees To 2-Year Stay For Contested Annuity Rule

Law360, New York (December 10, 2009, 5:20 PM EST) -- The U.S. Securities and Exchange Commission has agreed to stay for two years a rule that would classify fixed indexed annuities as securities and subject them to federal regulation, saying the extra time would allow it to address shortcomings raised by insurance companies and a federal appeals court.

The SEC said it would delay implementing Rule 151A in a motion filed Tuesday in the U.S. Court of Appeals for the District of Columbia Circuit, which in July ordered the SEC to reconsider the rule in light...
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