WASHINGTON, D.C. – The Insured Retirement Institute (IRI) is urging Congress to provide sufficient funding for the U.S. Securities and Exchange Commission (SEC) to effectively oversee the industry’s ongoing implementation of and compliance with Regulation Best Interest (Reg BI) and Form CRS (Client or Customer Relationship Summary).
IRI expressed its support for the SEC funding in a letter to Senator Chris Van Hollen (D-Md.) and Senator Cindy Hyde-Smith (R-Miss.), the chair and ranking member, respectively, of the Subcommittee on Financial Services & General Government of the Senate Appropriations Committee. The subcommittee is considering the SEC’s fiscal year 2023 budget.
IRI supports both regulations, which require broker-dealers and their registered representatives to always act in their clients’ best interest without putting their own interests ahead of their clients. The rules also ensure that investors have the information they need to make informed decisions when choosing a financial professional and whether to follow investment advice from their chosen advisor.
The House Appropriations Committee has approved similar legislation. A vote by the full House is expected in the coming weeks. The 2023 fiscal year starts on October 1.
# # #
Contact: Dan Zielinski
Stay Informed
Latest News
IRI ANNOUNCES CHANGES TO EXECUTIVE COMMITTEE AND NEW BOARD MEMBERS
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) announced three new representatives to its Board of Directors: Dominic Blue, Head…
HOUSE COMMITTEE TO VOTE ON RETIREMENT PLAN PARITY, INVESTOR DISCLOSURE, AND SENIOR PROTECTION MEASURES
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) is urging the House Financial Services Committee to approve three bipartisan bills…
IRI VISION: IRI BASELINE VALUES ARE BRINGING ANNUITIES INTO THE CONVERSATION
Annuities have long been overlooked in financial planning due to complex modeling requirements. Many financial professionals, especially those unfamiliar with…