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The ISC’s objective is to strengthen the cohesion between federal, state, and local agencies, enhance opportunities to collaborate on cases to protect investors, provide insight and guidance across the ecosystem to those who may not frequently operate in this space, and create a forum for unified efforts in combatting financial fraud.

The ISC launched with representatives from more than 100 departments and agencies, including federal agencies, state offices of attorneys general and state police, and local police departments and sheriff’s offices.

“The Interagency Securities Council will help front line investigators stay abreast of emerging threats and fact patterns to protect their communities from securities fraud, while supporting the efforts of federal, state, and local law enforcement partners across the country,” said Gurbir S. Grewal, Chair of the ISC and Director of the SEC’s Division of Enforcement.

“As financial frauds become more complex, investors benefit from the government – at all levels – working together and sharing information to protect and inform the public,” said Cristina Martin Firvida, the SEC’s Investor Advocate.

About the Interagency Securities Council

The ISC is open to law enforcement and regulatory agencies, and members participate in discussions with experts on emerging threats, hear from investigators conducting and supervising investigations, and explore case study examples of agencies employing innovative approaches to combat financial fraud. The ISC also serves as an opportunity to connect and share information with the larger law enforcement community that less frequently deals with securities law violations, such as police/sheriff departments and tribal- and military-community law enforcement. 

The SEC’s efforts on the council will be led by Adam Anicich and Manuel Vazquez.

Contact

To learn more about this initiative, or to enroll your department or agency, please contact ISC@sec.gov.

“The market for these complex products has grown significantly in recent years. Sales of RILAs reached approximately $47.4 billion in 2023 alone, more than quintupling since 2017,” said SEC Chair Gary Gensler. “It is important that investors receive the information they need – in plain English – to make informed investment decisions. These amendments will improve the disclosure process for these complex products to benefit investors.”

Non-variable annuities are annuity contracts offered by insurance companies and sold to retail investors. With RILAs, investor returns are based in part on the performance of an index or other benchmark over a set timeframe, subject to limits on potential losses and gains. Registered MVA annuity returns are based on a fixed and stated minimum rate of interest over a set timeframe. Both products typically impose certain charges and penalties for early withdrawals.

The final amendments build on the Commission’s existing registration, filing, and disclosure framework for variable annuities to provide a tailored approach for non-variable annuities. These amendments are designed to provide investors with a better understanding of these products. They also will provide efficiencies for insurance company issuers that offer both variable and non-variable annuities as well as for the Commission in reviewing those filings.

The approach to disclosure is informed by investor testing conducted in connection with the proposal. Under the amendments, non-variable annuities will be permitted to use a summary prospectus framework that highlights key information for investors while making additional information available for investors who want it. The Commission also is extending to non-variable annuity advertisements and sales literature a current Commission rule (Rule 156) that provides guidance as to when sales literature is materially misleading under the federal securities laws.

In addition, the Commission is adopting amendments to Form N-4 that apply to offerings of variable annuities that are informed by the Commission staff’s historical experience in administering these forms as well as relevant investor testing. The Commission also is adopting technical amendments to other insurance product registration forms.

The amendments will become effective 60 days after publication in the Federal Register. Filers will have until May 1, 2026, to comply with most of the final amendments to Form N-4 and the related rule and form amendments. For the amendments to Rule 156, insurance companies will be required to comply on the effective date.

The program will provide municipal market participants an opportunity to hear from SEC, MSRB, and FINRA staff on timely regulatory and compliance matters for municipal advisors and dealers. Panel topics will include compliance pain points for municipal advisors and broker-dealers, exam and enforcement priorities, a regulatory outlook, net capital requirements, federal fiduciary duty, post-trade monitoring, and other municipal market hot topics.

“The SEC looks forward to co-hosting this meaningful Compliance Outreach Program for municipal market participants,” said SEC Director of the Office of Municipal Securities, Dave Sanchez. “These panel discussions address important regulatory and guidance information—much of which includes novel ideas and perspective—that municipal market participants will find valuable both in their roles and as industry leaders.”

“We are pleased to continue coordinating with the SEC and FINRA to continue an open dialogue with municipal advisors and dealers to address their top concerns and interests,” said MSRB Chief Regulatory and Policy Officer Ernesto Lanza. “This year’s program devotes time to both municipal advisors and dealers in the form of breakout sessions that will address unique issues and needs for all types of municipal market professionals, including small firms.”

“The Compliance Outreach Program is a great opportunity to engage in dialogue that fosters effective regulation, improves compliance, and strengthens everyone’s understanding of the industry,” said Michael Solomon, Executive Vice President, Examinations and Membership Application Program at FINRA. “We are pleased to partner with the SEC and MSRB to offer a forum where municipal market participants not only hear from their regulators but also work with them.”

Registration ⊗ is being administered by FINRA and is now open. The program is free and open to the public. For those unable to attend in-person or via the livestream, a recording will be archived on the SEC’s website following the event.

To submit questions and topics of interest in advance of the event, please email: gergana.sellers@finra.org.

Register for the program ⊗.