2023-21986: Registration for Index-Linked Annuities; Amendments to Form N-4 for Index-Linked and Variable Annuities

Summary

The Securities and Exchange Commission ("Commission") is proposing rule and form amendments to provide a tailored form to register the offerings of registered index-linked annuities ("RILAs"). Specifically, the Commission is proposing to amend the form currently used by most variable annuity separate accounts, Form N- 4, to require issuers of RILAs to register offerings on that form as well. To facilitate this amendment, the Commission is also proposing to amend certain filing rules and make other related amendments. These changes would, if adopted, implement the requirements relating to RILAs contained in Division AA, Title I of the Consolidated Appropriations Act, 2023. Further, the Commission is proposing other amendments to Form N-4 that would apply to all issuers that would use that form under the proposal. The Commission is also proposing to apply to RILA advertisements and sales literature a current Commission rule that provides guidance as to when sales literature is materially misleading under the Federal securities laws. The Commission is proposing a technical amendment to Form N-6 to correct an error from a prior Commission rulemaking. Finally, the Commission requests comment as to whether to require the registration of market-value adjustments associated with certain annuities on Form N-4 as well.

The agency’s own summary, as published.

What this changes

Amends 4 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

• 17 CFR 230 General Rules and Regulations, Securities Act of 1933
• 17 CFR 232 Regulation S-T—General Rules and Regulations for Electronic Filings
• 17 CFR 239 Forms Prescribed Under the Securities Act of 1933
• 17 CFR 274 Forms Prescribed Under the Investment Company Act of 1940