Joel Beck

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About The Beck Law Firm, LLC

  • Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practices focuses on three main areas: 1) broker-dealer and registered investment adviser regulation/compliance, regulatory investigations and enforcement actions, and arbitration cases, 2) business formations and small business legal needs, and 3) basic estate planning.

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January 20, 2009

SEC Adopts Final Rule on Indexed Annuities; Insurers Sue

On January 8, 2009, the SEC adopted as a final rule, Rule 151A of the Securities Act of 1933, which would define indexed annuities as securities, falling under the jurisdiction of the SEC, unless they fall within an exemption for products regulated under insurance laws.  You can find the text of the SEC's release # 33-8996 approving the rule at their website here.   

As you might imagine, this rule has not pleased many insurance companies, who are the issuers of these products.  Last week, several insurers banded together in a lawsuit against the SEC to stop the implementation of the rule because, among other reasons, the SEC overstepped its bounds in promulgating the rule.  Read more about the suit here and here.

Posted at 07:19 AM in Broker-Dealer/RIA Legal Issues |

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