|
Life Ins. Co. of Am., 359 U.S. 65 (1959); SEC v. United Benefit | Life Ins. Co., 387 U.S. 202 (1967). |
|
| | A variable annuity or other variable insurance product issued | by an investment company registered with the Securities and | Exchange Commission under the Investment Company Act of 1940 | would be a "federal covered security," see Section 102(7). See | Lander v. Hartford Life & Annuity Ins. Co., 251 F.3d 101 (2d Cir. | 2001). |
|
| | A variable annuity or other variable insurance product not | issued by a registered investment company would be exempted by | Section 201(4), but would be subject to the antifraud provisions | in Article 5. |
|
| | 5. Section 201(5): Common carrier and public utility | securities: Prior Provisions: 1956 Act Section 401(a)(7); RUSA | Section 401(b)(5). Both the 1956 Act and RUSA include references, | omitted here, to the Interstate Commerce Commission, whose | enabling legislation subsequently was repealed. Public utility | holding companies covered by this exemption are subject both to | the Public Utility Holding Company Act and to state or Canadian | utility regulation. |
|
| | 6. Section 201(6): Certain options and rights: No Prior | Provision. The 1956 Act Section 402(a)(8) provided an exemption | for securities listed on the New York, American, Midwest (now | Chicago), or other designated stock exchanges, senior or | substantially equal securities of the same issuer listed on the | exchange and any security covered by listed or approved | subscription rights or warrants, or any warrant or right to | purchase or subscribe to any security exempted by Section | 402(a)(8). |
|
| | RUSA essentially retained this exemption in Section 401(b)(7) | and added securities designated for inclusion in the National | Market System by the National Association of Securities Dealers | in Section 401(b)(8) and specified options issued by a clearing | agency registered under the Securities Exchange Act of 1934 in | Section 401(b)(9). |
|
| | In 1996 Congress enacted the National Securities Markets | Improvement Act and provided in Section 18(b)(1) that securities | listed on the New York, American or Nasdaq Stock Exchange, or | designated by rule of the Securities and Exchange Commission, as | well as any security of the same issuer that is equal in | seniority or senior to any of these securities will be a federal | covered security. Under Rule 146 the SEC has designated as | federal covered securities under Section 18(b)(1) Tier I of the | Pacific Exchange; Tier I of the Philadelphia Stock Exchange; and |
|
|