United States Court of Appeals Vacates rule 151A

GarySpicuzza · #1 (**permalink**) 07-14-2010, 02:00 PM

http://www.nafa.com/tmp/20100712-SEC151A_VACATE01.pdf

We therefore order that Rule 151A be vacated.

The Clerk is directed to amend the judgment filed July 21, 2009, accordingly.

The Clerk is further directed to issue the mandate 7 days after the issuance of this order.

Per Curiam

DavidBibby · #2 (**permalink**) 08-04-2010, 02:30 PM

Gary,

What does this mean for the rest of us?

GarySpicuzza · #3 (**permalink**) 08-11-2010, 12:26 PM

It means the SEC should mind its own business and stay out of the insurance business.

Talk about poetic justice...when the SEC was trying to take over the Fixed Indexed Annuity business Bernard MADE-OFF with billions of stolen money right under their nose.

To the insurance buying public this ruling doesn't really mean anything.

The regulatory burden would have been on insurance agents having to become registered representives to sell a product that clearly does not have investment risk.

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