SECURITIES AND EXCHANGE COMMISSION, Appellant,
v.
UNITED BENEFIT LIFE INSURANCE COMPANY, Appellee.
United States Court of Appeals District of Columbia Circuit.https://leagle.com/images/logo.png
Argued October 19, 1965.
Decided March 10, 1966.
Attorney(s) appearing for the Case
Mr. Walter P. North, Associate Gen. Counsel, with whom Mr. Philip A. Loomis, Jr., Gen. Counsel, S. E. C., was on the brief, for appellant. Mr. Robert L. McCloskey, Atty., S. E. C., also entered an appearance for appellant.
Mr. Daniel J. McCauley, Jr., Philadelphia, Pa., of the bar of the Supreme Court of Pennsylvania, pro hac vice, by special leave of court, with whom Mr. M. Joseph Stoutenburgh, Washington, D. C., was on the brief, for appellee.
Mr. Joseph B. Levin, Washington, D. C., with whom Mr. Marc A. White, Washington, D. C., was on the brief, for Investment Company Institute and National Ass'n of Securities Dealers, Inc., as, amici curiae, urging reversal.
Before BAZELON, EDGERTON, and BURGER,
United States Court of Appeals District of Columbia Circuit.
BAZELON, Chief Judge:
The basic issue in this case is whether the Flexible Fund Annuity (FFA) issued by appellee United Benefit Life Insurance Company (United) is subject to federal regulation under the Securities Act of 1933 and the Investment Company Act of 1940. The Securities and Exchange Commission sought injunctive relief in the District Court against United on the grounds that the FFA contract is an unregistered...
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