IRI: SEC REGULATION IS A SUBSTANTIAL STRENGTHENING OF CONSUMER AND INVESTOR PROTECTION

Posted on June 7, 2019

Enhanced Regulatory Regime to Impose Considerable Burdens On Financial Professionals And Firms

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today issued a statement by Wayne Chopus, IRI president and CEO, following the Securities and Exchange Commission’s issuance of Regulation Best Interest (Reg BI), a rule to enhance consumer and investor protections.

“IRI will take the necessary time to read, study and evaluate Reg BI, one of the most significant and expansive financial services regulatory actions in years.

IRI’s initial impression of Reg BI is that it represents a substantial strengthening of consumer and investor protection compared to existing law. During the SEC’s June 5 hearing, Chairman Jay Clayton’s comments and those of staff noted that the industry will be operating under a new, more stringent and robust regulatory regime that imposes considerable burdens on financial professionals and firms.

IRI will now focus our efforts on a comprehensive analysis of Reg BI and then provide support and assistance to our members as they usher in a new era of enhanced investor protection and begin to navigate the implementation and considerable compliance burdens associated with the SEC’s adoption of Reg BI.”

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Contact: Dan Zielinski