Michael H. Wu, et ux. v. Prudential Financial, Inc., et al.
Securities JusticiabilityDoctri
Whether the Variable Separate Account(s) of Pruco Life Insurance Company is registered with the Commission under the 1940 Act as a unit investment trust?
QUESTIONS PRESENTED 17 CFR 230.156(a) said that “[ulnder the federal securities laws, including section 17(a) of the Securities Act of 1933 (15 U.S.C. 77q(a)) and section 10(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78j(b)) and Rule 10b-5 thereunder ( 17 CFR part 240), it is unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, to use sales literature which is materially misleading in connection . with the offer or sale of securities issued by an . investment company. Under these provisions, sales literature is materially misleading if it: (1) Contains an untrue statement of a material fact or (2) omits to state a material fact necessary in order to make a statement made, in the light of the circumstances of its use, not misleading.” The questions presented for review are: (i) Whether the Variable Separate Account(s) of Pruco Life Insurance Company is registered with the Commission under the 1940 Act as a unit investment trust? And (ii) Whether shares of the underlying mutual fund portfolios are the securities being registered?