However, there is still time for the proposals to be altered as the SEC is asking investors for feedback, just as it did prior to 2009 when it moved to give investors in mutual funds more exhaustive prospectuses as well as access to online information regarding contracts. The feedback process will end in February 2019.
“This proposal is another important step in the Commission’s efforts to provide Main Street investors with better information to make informed investment decisions” commented SEC chairman Jay Clayton in a press release.
“I have participated in many roundtables with retail investors over the last several months, and investors have emphasized their preference for clear and concise disclosure.
“Providing key summary information about variable annuities and variable life insurance contracts to investors is particularly important in light of the long-term nature of these contracts and their potential complexity,” Clayton added.
The move towards improved information and transparency in relation to variable annuity and life insurance contracts is undoubtedly good news for retirement savers, as these are popular products that form an essential part of countless retirement investment portfolios.
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Our US office has particular expertise in planning and managing the wealth of foreign nationals and dual citizens in the US. Our expertise is especially useful in helping devise retirement plans that work towards the best possible tax efficiency for all of the following vehicles:
- IRAs
- 401ks
- 403b
- Defined benefit plans
Ensuring you have the right retirement plan in place requires the right strategy, patience, time, knowledge and expertise.
Blacktower (US) LLC can help you optimise the efficiency of your retirement and pension plans, while also ensuring compliance with the rules of the Internal Revenue Service (IRS). Contact us today for more information.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.