Meanwhile, the NASD
and Minnesota Department of Commerce in May hosted an Annuity Roundtable for securities and insurance regulators and industry executives.
member firms should develop checklists for life settlement transactions which would include items relative to these factors.
According to NASD
officials, conference events included a Friday night "sock hop," a "beach bash" and an elaborate dinner at a Civil War fort.
In late 1994, the NASD
proposed new rules governing sales of securities on bank premises by member firms.
Over the following 18 months, the units "provided inaccurate and misleading responses despite having learned information raising serious questions about the accuracy of those responses," NASD
Gilkison failed to respond to the complaint on the matter and a default decision was entered against him, NASD
In addition, NASD
, which is under the sponsorship of the National Market System (NMS), provides continuous electronic transmission of the last sale price, as well as the volume information for certain NASDAQ issues.
The new draft, "Amendment Number 2" to an original proposed rule released in December 2004, would create NASD
Rule 2821, which would require deferred VA sellers to make sure that the products sold are suitable for the buyers, that the buyers understand the products and that a company principal review the suitability of all sales.
Given the examination findings, the large number of enforcement cases over the past couple of years and the complexity of these products, we feel we can best protect investors by establishing stronger, more specific rules that apply specifically to variable annuities," NASD
Chairman Robert Glauber said in a statement.
The boards of Amex and the NASD
, which runs the electronic Nasdaq Stock Market, met Thursday to discuss the agreement.