SR-NASD-2004-183

Proposed New Rule 2821 Regarding Transactions in Deferred Variable Annuities

NASD is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to create a new rule, proposed NASD Rule 2821, that includes recommendation requirements (including a suitability obligation), principal review and approval requirements, and supervisory and training requirements tailored specifically to transactions in deferred variable annuities.