NASD Rule 2821, which establishes standards for deferred variable annuity sales and exchanges, currently imposes on broker-dealers suitability, disclosure and training obligations. In Regulatory Notice 09-32 (June 11, 2009), FINRA announced SEC approval of amendments to the Rule, effective February 8, 2010, governing principal review and approval, as well as supervisory and surveillance procedures. The Regulatory Notice also contains supplementary material addressing variable annuity sales and processing issues.

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