Kitces Is Confident That Lawsuits Will Squash Reg BI
January 6, 2020 by Melanie Waddell
Popular advisor and Nerd’s Eye View blogger Michael Kitces says he remains “as confident as ever” that the U.S. Court of Appeals for the 2nd Circuit will affirm XY Planning Network’s lawsuit against the Securities and Exchange Commission’s Regulation Best Interest and delay the rule’s June 30 compliance date.
Both XYPN, which Kitces co-founded, and the attorneys general from seven states filed briefs on Dec. 27 in the 2nd Circuit. The cases are consolidated because they address overlapping issues.
Kitces told ThinkAdvisor in an email on Friday that he was confident the court would “affirm our arguments, both on the basis of Dodd-Frank (akin to the states’ lawsuit) but also the unique arguments we’ve raised with respect to the Investment Advisers Act of 1940 (that were uniquely raised in the XYPN lawsuit).”