On December 17, 2008, the Securities and Exchange Commission (SEC) approved new Rule 151A, which more broadly includes equity-indexed annuities within the federal securities laws' definition of a "security" focusing on the investment risk associated with such products. Parts of this decision were controversial, with key Democrats calling for greater regulation, which could be affected by an SEC with Obama appointees. More than 4,800 comments were filed with the SEC. Most, including industry and state insurance regulators, opposed the change. The new definition applies only to equity-indexed annuities issued on or after January 12, 2011.