The SEC has published for public comment FINRA’s proposed rule changes regarding marketing material for variable annuities and variable life insurance (collectively, "variable products"). FINRA proposes to adopt new FINRA Rule 2211 as a replacement for current NASD Interpretive Material 2210-2 (IM-2210-2). New FINRA Rule 2211 would modify some of the existing requirements of IM-2210-2 and codify some of the FINRA staff interpretations that have developed through the advertising filing program since IM-2210-2 was adopted in 1993. The October 27, 2009 Alert highlighted key provisions of the proposal. The August 5, 2008 Alert summarized FINRA’s initial proposal.
The deadline for comments is December 30, 2009.