Subject: File No. S7-14-08
From: Michael Nevels

September 10, 2008

The proposed rule does not establish that the subject annuities are securities. As a court recently held: "Simply because all of the annuities . . . do not fall within the section 3(a)(8) exemption does not mean that they are 'securities' under federal law. As such, the Court must now determine whether the aforementioned annuities are securities.'" Luzerne County Retirement Bd. v. Makowski, 2007 WL 4211445 (M.D.Pa.,2007)