Variable annuities are regulated by multiple entities in the United States. The primary regulatory body responsible for overseeing variable annuities is the Securities and Exchange Commission (SEC). The SEC is a federal agency that enforces securities laws and protects investors. They regulate the sale, marketing, and disclosure of variable annuities to ensure that investors are provided with accurate and transparent information. The Financial Industry Regulatory Authority (FINRA) also plays a role in regulating variable annuities. FINRA is a self-regulatory organization that oversees brokerage firms and their registered representatives. They establish rules and standards for the sale and supervision of variable annuities. Additionally, state insurance departments have jurisdiction over the insurance aspects of variable annuities, including the licensing of insurance agents and the review of policy forms. It is important to note that the specific regulations and requirements may vary from state to state. Overall, the regulation of variable annuities involves a combination of federal and state oversight to protect investors and ensure fair practices in the industry.