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1 Rates as of 8/19/2019. Rates are subject to change.
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hadn’t reviewed XY’s case.
However, Kitces told IA in mid-November that he believes XY Planning
has a strong case.
“We’re still in the stage of determining in what jurisdiction the case will
be brought (District Court or Appeals
Court),” Kitces said.
The judge in the Southern District of
New York initially responded “that he
thought our case did not belong in his
(District) court and that it should go to
the Appeals Court. We’re waiting for the
court to publish a briefing schedule so
we have the opportunity to respond to
the judge, and then decide if we’re actually going to object and make a case to
have this heard in District court or simply take it to Appeals Court and argue it
there,” Kitces said.
The lawsuit filed against Reg BI by
eight attorneys general was dismissed
on Oct. 11 by the Southern District of
New York, as the court wants the mat-
ter to be taken up by the U.S. Court of
Appeals for the 2nd Circuit.
FINRA MOVING AHEAD ON REG BI
Sandra Grannum, a partner in Drinker
Biddle’s Litigation Group, said that the
Financial Industry Regulatory Authority,
which will be the enforcer of Reg BI,
“has made a point telling its members:
Get ready. Our expectation is that we will
be enforcing Reg BI come July 2020.”
Indeed, FINRA’s CEO, Robert Cook,
said in mid-November that the broker-
dealer regulator was gearing up to con-
duct Reg BI compliance checks on BDs
in the form of “preparedness” exams.
At FINRA’s Senior Investor Protection
Conference in Washington on Nov. 12,
Cook said that “as we get closer to the [Reg
BI] deadline, we will be building into the
scope of some of the reviews that we’re
He continued: “We just want to make
sure we understand what some of the
challenges that firms are facing at this
stage and where they might be needing
After assessing BDs’ Reg BI compli-
ance status, FINRA will be prepping
for Reg BI exams by “working close-
ly” with the Securities and Exchange
Commission, Cook said.
“We want to make sure that the exams
are embodying the same general approach,
and to that extent, talking about making
sure examiners are comparably trained,”
Cook said. “So there’s a lot of coordination
on the exam front with the SEC.”
Cook added that FINRA plans to
“move forward in the near future” in
filing a rule proposal with the SEC on
FINRA’s suitability rule and “how it
interacts” with Reg BI.
Washington Bureau Chief Melanie Waddell can
be reached at firstname.lastname@example.org.