Advisers Follow States In Challenging SEC's Broker Rule
Law360 (September 11, 2019, 5:43 PM EDT) -- An organization of investment advisers and one of its members asked a New York federal court to invalidate the U.S. Securities and Exchange Commission's new regulation governing the standards of conduct for brokers, just a day after eight attorneys general did the same.
XY Planning Network LLC and its member Ford Financial Solutions LLC's Tuesday complaint says the SEC's Regulation Best Interest gives brokers a competitive advantage over investment advisers and exceeds the agency's rulemaking authority. The lawsuit was filed shortly after attorneys general in seven states and Washington, D.C., made similar arguments in their own challenge to the rule....
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