IRI STATEMENT REGARDING THE ANNOUNCEMENT OF U.S. SECURITIES AND EXCHANGE COMMISSION CHAIRMAN JAY CLAYTON’S DEPARTURE AT THE END OF 2020

Posted on November 16, 2020

WASHINGTON, D.C. – Wayne Chopus, President and CEO of the Insured Retirement Institute (IRI), issued a statement on the announcement that U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton is leaving the agency at the end of 2020.

“IRI and our members thank Chairman Clayton for his dedicated service to investors and his leadership at the SEC.

His tenure included significant achievements. Under his leadership, the SEC resolved a years-long effort to streamline the disclosure of essential information about variable annuities to provide investors with more easily digestible and navigable information about important retirement financial products.

Chairman Clayton also presided over the successful effort to enhance the standard of conduct for financial professionals to require them to act in their clients’ best interests. This important work, Regulation Best Interest (Reg BI), is in effect, and its new compliance requirements govern financial firms and professionals across the nation. States are also enhancing their consumer protections by adopting the National Association of Insurance Commissioners (NAIC) annuity sales model regulation, which aligns with Reg BI. These new consumer protections under a workable best interest standard at the state and federal levels will help preserve consumers’ choice of financial products and financial advice that best fit their needs as they plan for a financially sound and dignified retirement.

IRI appreciates Chairman Clayton’s hard work and commitment to enhanced consumer protection while preserving consumer choice. We wish him well upon his departure from the SEC and look forward to working with his successor to advance the Commission’s mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”

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Contact: Dan Zielinski