The Financial Industry Regulatory Authority plans to keep an exemption for variable life and annuity products in a private placements rule it is updating.
A "private placement" is a non-public securities offering made using one of the registration exemption provisions in the Securities Act of 1933.
FINRA, Washington, wants to change the rule, Rule 5122, to expand conflict-of-interest disclosure requirements and eliminate an exemption from the rule requirements for FINRA members that are acting as wholesalers.
