finra

FINRA



FOR RELEASE:
NASD CONTACTS:


 

MINNESOTA CONTACT:

Tuesday, May 16, 2006
Nancy Condon (202) 728-8379
Herb Perone (202) 728-8464

Patrick Sexton (651) 297-1295

 

Joint Statement of NASD Chairman and CEO Robert Glauber, Minnesota Commerce Commissioner Glenn Wilson Regarding Success of Annuity Roundtable

The Annuity Roundtable co-sponsored by NASD and the Minnesota Department of Commerce in Washington, D.C. on May 5 opened an important dialogue on the regulatory framework under which annuity products are marketed and sold, and effectively highlighted the current regulatory approaches by federal, state and NASD regulators.

 

It was the general consensus of the more than 20 securities and insurance regulators and industry executives who participated that investors purchasing fixed, variable or equity indexed annuities should be comparably protected, regardless of which regulatory regime covers the particular product they buy. With the roundtable, we have established a network to promote the establishment of comparable rules for the annuity sales among all regulators to better serve the interests of investors.

 

To that end, NASD and the Minnesota Department of Commerce will form working groups to compare regulatory standards in five crucial areas - supervision, suitability, advertising, sales force training and disclosure requirements. We anticipate that those working groups will be in place within 60 days.

 

NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services.  NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms.  For more information, please visit our Web site at www.nasd.com.

 

The mission of the Minnesota Department of Commerce is to ensure equitable commercial and financial transactions and reliable utility services by regulating and licensing business activity in more than 20 industries, investigating and resolving consumer complaints, advocating the public's interest before the Public Utilities Commission, and administering various state programs. For more information, visit www.commerce.state.mn.us.

 

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Note: Streaming video of the two Annuity Roundtable panel discussions and other information about the panel and its participants are accessible at www.nasd.com/annuityroundtable