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NASD Plans "Sweep" Exams of Brokerage Firms To Detect Purchases of Equity Indexed Annuities
The NASD has cracked down on unsuitable sales of variable annuities. Now, it is adding focus to sales of equity indexed annuities.
Recently the NASD announced that it would conduct sweep exams to detect sales of variable annuities in order to raise proceeds to buy equity indexed annuities.
This is part of securities regulators' continuing efforts to protect senior investors. The NASD particularly is concerned with the appropriateness of equity indexed annuities for seniors.
Source: Investment News, April 10, 2006
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