News | 01.08.20
States, Advocates Clash with SEC over Advice Rule as Court Fight Looms
A court fight is looming between states and investor advocates and the SEC over its Regulation Best Interest (Reg BI). A group of financial planners, along with New York, California, and five other states as well as the District of Columbia, filed suit in September seeking to block the rule, saying it is too industry-friendly and harms consumers. State petitioners filed a brief in late December, as did financial planners, in a separate court document. The SEC, however, has yet to file its brief in the case. The June 30 compliance deadline for Reg BI may therefore depend on the outcome of the court challenge against the SEC in the U.S. Court of Appeals for the Second Circuit.
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