Court Expedites Reg BI Oral Arguments

The U.S. Court of Appeals for the 2nd Circuit has agreed to expedite oral arguments in the case against the Securities and Exchange Commission’s Regulation Best Interest brought by the seven state attorneys general and XY Planning Network.

The date has been set to June 2.

“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 ThinkAdvisor in a Friday email message.

“Ultimately the timing of the court is still out of our control,” Kitces added. “We’re hopeful that the court acquiescing to our request to expedite the hearing will keep the process moving forward. As while we believe the SEC exceeded its authority to enact a non-fiduciary rule and that the court should rule in our favor and vacate Reg BI, in the end an extended period of uncertainty doesn’t benefit anyone.”

The case brought by the attorneys general of New York, California, Connecticut, Delaware, Maine, New Mexico, Oregon and the District of Columbia has been consolidated with XY Planning Network’s lawsuit against the rule.

— Related on ThinkAdvisor:

• SEC Reg BI Seeks to ‘Carve Up’ Market for Investment Advice, XYPN Says
• SEC Fires Back in Reg BI Court Battle