[Federal Register Volume 84, Number 35 (Thursday, February 21, 2019)]
[Proposed Rules]
[Pages 5393-5395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02906]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 230, 232, 239, 240, 270, and 274
[Release Nos. 33-10605; 34-85146; IC-33375; File No. S7-23-18]
RIN 3235-AK60
Reopening of Comment Period for Updated Disclosure Requirements
and Summary Prospectus for Variable Annuity and Variable Life Insurance
Contracts
AGENCY: Securities and Exchange Commission.
ACTION: Reopening of comment period.
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SUMMARY: The Securities and Exchange Commission is reopening the
comment period for a proposal to amend rules and forms to help
investors make informed investment decisions regarding variable annuity
and variable life insurance contracts. The proposal would permit
persons to satisfy their prospectus delivery obligations under the
Securities Act of 1933 for a variable annuity or variable life
insurance contract and any associated portfolio companies by sending or
giving a summary contract prospectus to investors and making the
statutory and portfolio company prospectuses available online. In
addition, the proposal would amend the registration
[[Page 5394]]
forms for variable annuity and variable life insurance contracts to
update and enhance the disclosures to investors in these contracts, and
would require the Inline eXtensible Business Reporting Language
(``Inline XBRL'') format for certain required disclosures in the
variable contract statutory prospectus. The proposal would also make
certain technical and conforming amendments to our rules and forms, as
well as rescission of certain related rules and forms, and seek
comments regarding parallel amendments to rules governing mutual fund
summary prospectuses and registration forms applicable to other types
of registered investment companies. The original comment period ended
on February 15, 2019. The Commission is reopening the time period in
which to provide the Commission with comments until March 15, 2019.
This action will allow interested persons additional time to analyze
the issues and prepare their comments.
DATES: The comment period for the proposed rule published Nov. 30, 2018
(83 FR 61730), is reopened. Comments should be received on or before
March 15, 2019.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's internet comment forms (http://www.sec.gov/rules/proposed.shtml);
Send an email to [email protected]. Please include
File Number S7-23-18 on the subject line; or
Use the Federal Rulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.
Paper Comments
Send paper comments to Brent J. Fields, Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File Number S7-23-18. This file number
should be included on the subject line if email is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
website (http://www.sec.gov/rules/proposed.shtml). Comments also are
available for website viewing and printing in the Commission's Public
Reference Room, 100 F Street NE, Room 1580, Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
All comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly.
Studies, memoranda or other substantive items may be added by the
Commission or staff to the comment file during this rulemaking. A
notification of the inclusion in the comment file of any such materials
will be made available on the Commission's website. To ensure direct
electronic receipt of such notifications, sign up through the ``Stay
Connected'' option at www.sec.gov to receive notifications by email.
FOR FURTHER INFORMATION CONTACT: Daniel K. Chang, James Maclean, Amy
Miller, Senior Counsels; Amanda Hollander Wagner, Branch Chief; Michael
C. Pawluk, Senior Special Counsel, Investment Company Regulation
Office, at (202) 551-6792; Keith Carpenter or Michael Kosoff, Senior
Special Counsels, Disclosure and Review Office, at (202) 551-6921,
Division of Investment Management, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549-8549.
SUPPLEMENTARY INFORMATION: The Commission has requested comment on a
release proposing new rule 498A [proposed rule 17 CFR 230.498A] under
the Securities Act. The release also proposes amendments to the
following rules:
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\1\ 15 U.S.C. 77a et seq.
\2\ 15 U.S.C. 78a et seq.
\3\ 15 U.S.C. 80a et seq.
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Commission reference CFR citation (17 CFR)
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Regulation S[dash]T [17 CFR
232.10 through 232.903]:
Rule 11...................... Sec. 232.11.
Rule 405..................... Sec. 232.405.
Securities Act of 1933
(``Securities Act''): \1\
Rule 159A.................... Sec. 230.159A.
Rule 421..................... Sec. 230.421.
Rule 431..................... Sec. 230.431.
Rule 482..................... Sec. 230.482.
Rule 485..................... Sec. 230.485.
Rule 497..................... Sec. 230.497.
Rule 498..................... Sec. 230.498.
Securities Exchange Act of 1934
(``Exchange Act''): \2\
Rule 14a-16.................. Sec. 240.14a-16.
Investment Company Act of 1940
(``Investment Company Act''):
\3\
Rule 0-1..................... Sec. 270.0-1.
Rule 6c-7.................... Sec. 270.6c-7.
Rule 6c-8.................... Sec. 270.6c-8.
Rule 6e-2.................... Sec. 270.6e-2.
Rule 6e-3(T)................. Sec. 270.6e-3(T).
Rule 11a-2................... Sec. 270.11a-2.
Rule 14a-2................... Sec. 270.14a-2.
Rule 26a-1................... Sec. 270.26a-1.
Rule 27c-1................... Sec. 270.27c-1.
Securities Act and Investment
Company Act:
Form N-3..................... Sec. 239.17a and 274.11b.
Form N-4..................... Sec. 239.17b and 274.11c.
Form N-6..................... Sec. 239.17c and 274.11d.
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Finally, the release proposes to rescind:
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Commission reference CFR citation (17 CFR)
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Investment Company Act:
Rule 26a-2................... Sec. 270.26a-2.
Rule 27a-1................... Sec. 270.27a-1.
Rule 27a-2................... Sec. 270.27a-2.
Rule 27a-3................... Sec. 270.27a-3.
Rule 27d-2................... Sec. 270.27d-2.
Rule 27e-1................... Sec. 270.27e-1.
Rule 27f-1................... Sec. 270.27f-1.
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The Commission originally requested that comments on the release be
received by February 15, 2019. The Commission has received several
requests for an extension of time for public comment on the proposal
to, among other things, allow for adequate time to fully consider the
proposals and to improve the quality of responses.\4\ The Commission
believes that providing the public additional time to thoroughly
consider the matters addressed by the release and to submit
comprehensive responses to the release would benefit the Commission in
its consideration of final rules.\5\ Therefore, the Commission is
reopening the comment period for Release Nos. 33-10569; 34-84508; IC-
33286 ``Updated Disclosure Requirements and Summary Prospectus for
Variable Annuity and Variable Life Insurance Contracts'' until March
15, 2019.
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\4\ See Letters from Carl B. Wilkerson, Vice President & Chief
Counsel, Securities, American Council of Life Insurers (Dec. 20,
2018), Stephen E. Roth, on behalf of the Committee of Annuity
Insurers (Jan. 22, 2019), Benjamin G. Baldwin, Jr. (Feb. 13, 2019).
Comments are available on the Commission's website at https://www.sec.gov/comments/s7-23-18/s72318.htm.
\5\ In this regard, the Commission notes that the comment period
overlapped in part with the recent lapse in appropriations.
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By the Commission.
Dated: February 14, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02906 Filed 2-20-19; 8:45 am]
BILLING CODE 8011-01-P