The Reg BI Battle Comes to a Head
June 2, 2020 by Melanie Waddell
Will XY Planning Network and the seven state attorneys general succeed in stopping the Securities and Exchange Commission’s Regulation Best Interest in its tracks? We’ll know soon enough, as the U.S. Court of Appeals for the 2nd Circuit agreed to hear oral arguments in the case on June 2.
The appeals court said in early May that it would expedite hearing the case. “We’re hopeful an expedited hearing leads to an expedited ruling before June 30,” which is Reg BI’s compliance date, Michael Kitces, XYPN’s co-founder, told me in an early May email message.
Compliance with Reg BI and adoption of the SEC’s Customer Relationship Summary form, or Form CRS, are two of the most arduous requirements for advisors and broker-dealers this year. The state attorneys general of New York, California, Connecticut, Delaware, Maine, New Mexico, Oregon and the District of Columbia pressed the appeals court in mid-April to expedite oral arguments.
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