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PRUDENTIAL INS. CO. v. SECURITIES & EXCHANGE COMM.

No. 14370.

326 F.2d 383 (1964)

The PRUDENTIAL INSURANCE COMPANY OF AMERICA, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, Investment Company Institute, Intervenor, Commissioner of Banking and Insurance of the State of New Jersey, Intervenor.

United States Court of Appeals Third Circuit.

Decided January 20, 1964.

Attorney(s) appearing for the Case

Richard J. Congleton, Newark, N. J., for petitioner; Lawrence J. Latto and Shea & Gardner, Washington, D. C., of counsel.

Allan F. Conwill, Director Division of Corporate Regulation Securities and Exchange Commission, Washington, D. C., for respondent; Philip A. Loomis, Jr., Gen. Counsel, Walter P. North, Associate Gen. Counsel, George P. Michaely, Jr., Sp. Counsel, Robert L. McCloskey, Atty., Securities and Exchange Commission, Washington, D. C., on the brief.

Steven S. Radin, Deputy Atty. Gen., Trenton, N. J., for Commissioner of Banking and Insurance of the State of New Jersey; Arthur J. Sills, Atty. Gen. of New Jersey, Trenton, N. J., on the brief.

Robert L. Augenblick, New York City, for Investment Co. Institute; Joseph B. Levin, of Brown & Lund, Washington, D. C., of counsel, on the brief.

Harry Heller, Washington, D. C., amicus curiae; Marc A. White, Gen. Counsel National Association of Securities Dealers, Inc., Washington, D. C., on the brief.

Before STALEY and GANEY, Circuit Judges, and NEALON, District Judge.

STALEY, Circuit Judge.

The narrow but provocative question posed by this case is whether the Investment Company Act of 1940, 15 U.S.C. § 80a applies to the Investment Fund resulting from the sale of variable annuity contracts to members of the public by The Prudential Insurance Company of America. The Securities and Exchange Commission answered this question in the affirmative, rejecting the view of Prudential that the Act exempts such a program because the contracts...

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