Industry Pans SEC Proposed Disclosure Rule; Information Would Have To Be Provided At The "Point Of Sale"

The American Council of Life Insurers said last week that additional disclosures proposed by the Securities and Exchange Commission to be made at the "point of sale" could have a negative effect by overwhelming consumers with information.

In fact, the proposed disclosures potentially could serve to undermine already existing disclosure requirements that were implemented just last year, according to Carl Wilkerson, ACLI vice president and chief counsel for securities and litigation.

While acknowledging the proposal is well intentioned, "more disclosure is not better disclosure," Wilkerson said.

See full Article.