In a petition for review of an SEC rule stating that fixed indexed annuities are not "annuity contracts" within the meaning of the Securities Act (Act), the petition is granted in part where the SEC failed to properly consider the effect of the rule upon efficiency, competition, and capital formation; but denied in part, where the SEC's interpretation of "annuity contract" in the Act was reasonable.
Argued May 8, 2009
Decided July 21, 2009
Opinion by Chief Judge Sentelle
Eugene Scalia, Gibson, Dunn & Crutcher LLP, Washington, DC
Michael A. Conley, Deputy Solicitor, Securities & Exchange Commission, Washington, DC