SEC Commissioner Robert Jackson to Depart

Jackson's term expired in 2019, but commissioners can stay on up to 18 months after their term expires or they are replaced. The term of Commissioner Hester Peirce, a Republican, expires in 2020. The commission has two seats for Democrats and two for Republicans, plus the chairman.

Dennis Kelleher, CEO of Better Markets, said in a Thursday statement that Jackson "has been a steadfast and effective ally in the fight for investor protection, fair markets and sustainable capital formation. His clear and strong voice pushing the SEC to live up to its mission of putting investors first will be missed and we urge the president and Senate to move swiftly to nominate and confirm his replacement."

Jackson, who voted against the agency's Regulation Best Interest and the advice-standards package, gave an unequivocal "no" in early December on whether he thought the agency would "take steps to clarify the things that were not clear" in Reg BI.

"There are going to be enforcement decisions that will have to be made," Jackson said at the Consumer Federation of America's financial services conference in Washington. "There's going to have to be guidance that will be given to broker-dealers engaged in certain types of activity."

In regards to whether FAQs on Reg BI compliance would suffice, Jackson stated: "How many of them will there be? Will there be enough? How much guidance will be provided? How aggressive will enforcement be? The bottom line is: How good a job Reg BI is going to be in protecting ordinary people is going to be decided by on-the-ground regulatory decisions in the future. And who's making those decisions is going to be very important."

— Related on ThinkAdvisor:

• SEC Reg BI's Economic Analysis Too Weak, Will Face Legal Challenges: SEC's Jackson
• Industry Needs Clarity on Reg BI: SEC Commissioners
• SEC Releases FAQ on Reg BI Compliance