Securities & Exchange Commission v. Variable Annuity Life Insurance

This is an action instituted by the Securities and Exchange Commission 1 to enjoin respondents from offering their annuity contracts to the public without registering them under the Securities Act of 1933, 48 Stat. 74, 15 U. S. C. § 77a, and complying with the Investment Company Act of 1940, 54 Stat. 789, 15 U. S. C. § 80a. The District Court denied relief, 155 F. Supp. 521; and the Court of Appeals affirmed, 103 U. S. App. D. C. 197, 257 F. 2d 201. The case is here on petitions for writs of cer-tiorari which we granted, 358 U. S. 812, because of the importance of the question- presented.

*67Respo…