IRI URGES CONGRESS TO FUND SEC’S REGULATION BEST INTEREST OVERSIGHT

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.

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Contact: Dan Zielinski