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Rule 2330 Form: What You Should Know

Of the Final Release of Notice No. 036: Revised Advisor Suitability Standards (FINRA); Final Rules on Disclosure and  Fees & Fees (Regulation A) Rule 2330: Members' Responsibilities Regarding Application. The final rule includes many updates to the guidance on recommendation suitability that was adopted in 2016. To ensure that the final rule fully reflects the new guidance, and to ensure that these new guidance reflect the same level of coverage, I have made these proposed changes.  The Commission has the power and authority to adopt, amend or revoke such final rules pursuant to section 2(a)(22) of the Securities Act of 1933, 15 U.S.C. 78a(a)(22). In addition, the Commission has amended Rule 2330 to provide that this final rule does not become effective until December 22, 2018. Thereafter, the Commission will begin accepting public comments, except where provided in Sec. 3.33 or Section 2330.17e. If you have any questions regarding the new rules, please contact the Division of Investment Management or call the Commission toll-free at 1‑866‑275‑8922 (from 7 a.m. to 8 p.m.

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FAQ - Rule 2330

What is a variable annuity and how does it work?
A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic pay- ments to you, beginning either immediately or at some future date. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments.
Does the FDIC regulate variable annuities?
Are Annuities Insured By The FDIC? Annuities are not FDIC-insured, but they do offer comparable safeguards for your money. The claims-paying capability of the insurance company guarantees an annuity.
Does SEC regulate variable annuity?
Deferred variable annuities are hybrid investments containing securities and insurance features. Their sales are regulated both by FINRA and the Securities and Exchange Commission (SEC).
What are the 1035 exchange rules?
Generally, the Section 1035 exchange rules allow the owner of a financial product, such as a life insurance or annuity contract, to exchange one product for another without treating the transaction as a sale 14no gain is recognized when the first contract is disposed of, and there is no intervening tax liability.
How often can you exchange annuities?
If you purchase an annuity and later find an annuity with better terms, there is a provision in the law that permits exchanging one annuity for another, as long as the person who holds the contract doesn't change.
What is a deferred variable annuity?
A Variable Deferred Annuity is a contract with a life insurance company that offers you a way to accumulate savings and defer taxes until you begin withdrawing your money.
How many 1035 exchanges can I do in a year?
There is no limit on the number of old variable annuity contracts that can be exchanged for new contracts.
Who are variable annuities regulated by?
Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
Who are fixed annuities regulated by?
Fixed annuities are regulated by state insurance commissioners.
Who regulates variable life insurance?
Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws.
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