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FINRA Members Prepare For NASD Rule 2821

Law360 (March 6, 2008, 12:00 AM EST) -- On Sept. 7, 2007, the U.S. Securities and Exchange Commission approved NASD Rule 2821 (the “Rule” or “Rule 2821”),[1] which sets forth the new rules applicable to members of the Financial Institutions Regulatory Authority, Inc. (“FINRA”) related to sales of deferred variable annuities.

Rule 2821 contains requirements with respect to (i) determining the suitability of the transaction for the customer; (ii) principal review and approval of each sale of a deferred variable annuity; (iii) supervisory procedures for variable annuity sales and exchanges; and (iv) training for...
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