Regulatory Notice 09-32

SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities

Effective Date: February 8, 2010

On April 15, 2009, the SEC approved amendments to NASD Rule 2821 governing purchases and exchanges of deferred variable annuities. Among other things, the amendments:

  • limit the rule's application to recommended transactions;
  • change the triggering event that begins the principal review period; and
  • clarify various other issues through new supplementary material to the rule.

The rule text is set forth in Attachment A and is effective February 8, 2010.

Questions regarding this Notice should be directed to:

  • James S. Wrona, Associate Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8270; or
  • Lawrence N. Kosciulek, Director, Investment Companies Regulation, at (240) 386-4535.