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
SEC PROPOSAL WOULD CREATE NEW BARRIER TO ANNUITY ACCESS FOR RIA CLIENTS
WASHINGTON, D.C. – A proposed U.S. Securities and Exchange regulation would create a new barrier to annuity access for clients…
IRI STATEMENT ON SENATOR BEN CARDIN’S RETIREMENT ANNOUNCEMENT
WASHINGTON, D.C. – The Insured Retirement Institute issued a statement from President and CEO Wayne Chopus on the retirement announcement…
CHOPUS, RICHMAN AMONG 500 MOST INFLUENTIAL PEOPLE SHAPING POLICY
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) has two people on Washingtonian Magazine’s third annual list of Most Influential…