SEC Fires Back in Reg BI Court Battle

March 11, 2020 by Melanie Waddell

Regulation Best Interest should be upheld because it “reasonably balances” the Securities and Exchange Commission’s regulatory objective, and reflects the agency’s concern that “requiring broker-dealers to conform to a regulatory regime that is tailored to the services and fee arrangements offered by investment advisors would reduce the availability of brokerage services,” attorneys for the agency told an appeals court Tuesday.

In their 109-page reply brief in the case brought against Reg BI by XY Planning Network and seven state attorneys’ general, the SEC attorneys argued that Congress gave the SEC “broad authority to balance investor protection with access to services.”

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Originally Posted at ThinkAdvisor on March 3, 2020 by Melanie Waddell.