SEC Votes to Open Best Interest Rule Making Process

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI Senior Vice President and General Counsel Lee Covington after the Security and Exchange Commission (SEC) voted to begin the rule making process for a best interest standard.

"IRI has long supported the adoption of a best interest standard that preserves access to affordable financial advice and a wide variety of lifetime income products.  IRI commends SEC Chairman Jay Clayton and his fellow Commissioners, as well as the hard-working and dedicated SEC staff, for taking this critical first step towards establishing a best interest standard for financial professionals.  We are particularly appreciative of the Commission's commitment to collaborating with their counterparts at the DOL, FINRA, and the state insurance and securities departments around the country to develop a cohesive and consistent regulatory framework.  IRI looks forward to reviewing the details of the proposals with our members and engaging constructively with the Commission in the coming weeks and months.”

 
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Contact: John B Jennings