In a letter to Securities and Exchange Commission (SEC) Chairman Jay Clayton, a diverse coalition of public interest groups is calling on the SEC to delay the comment deadline for its sweeping “Best Interest” regulatory proposal, as well as the proposed Customer Relationship Summary, until 90 days after testing results for the proposed Form CRS disclosures are made public. Getting the results of the disclosure testing before the end of the comment deadline is particularly important given that past testing has shown how difficult it is to convey even the most basic concepts in a way that investors understand. Delaying the comment deadline would allow the SEC to receive fully informed comment on an issue of paramount importance to millions of working Americans and retirees.
