As Deadline Nears, SEC Continues to Receive Comments About Regulation Best Interest

The deadline to comment on Regulation Best Interest, Fiduciary Standard and Form CRS closes on Tuesday, Aug. 7.

So far, thousands of comments have poured in from investors, financial professionals and special interest groups.

SEC Chairman Jay Clayton said that input from the comments will shape the Commissions final verdict, asking for investors to share their experiences during the 90-day comment period.

“We want your views,” said Clayton.

In July, the majority of comments featured on the SEC’s comment page were AARP members. Spurred by the group’s campaign to get consumer input, the AARP comments can be identified by their closing remarks:

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I’m counting on you to make a stronger rule that closes the loophole. Americans who’ve worked hard to save for retirement deserve peace of mind about their financial security.

AARP’s goal was to hit 10,000 comments. As of Aug. 2, the group has 10,099 supporters leaving comments. Its new goal is to hit 25,000 by the end of the comment period.

The most recent comment, dated July 29, from an investor supports Regulation Best Interest. “The Wells Fargo scandal involving its wealth management division involves the same injurious sales practices exhibited by the nation’s largest brokerage houses for as long as their histories of existence. Again, I respectfully urge the SEC to promulgate one or more rules to finally safeguard American investors from conflicted sales practices,” it reads.

Another comment from July 28 reads,” I like my current relationship with my broker just fine and do not want it changed.”

Sifting through the 3,733 comments featured on  just one of three comment pages for the proposed rulemaking package, it’s clear that the proposed rules have the potential to impact investors and professionals.

Following the comment period, the SEC has said previously that it would take time to analyze the comments and feedback before altering the proposed rulemaking package.