May 08, 2020

Jim Lundy Comments on Appeals Case that Could Impact Reg BI

InvestmentNews reports that a decision by a federal appeals court on a lawsuit seeking to stop Regulation Best Interest (Reg BI) could come down just as the measure is due to be implemented on June 30. The publication turned to partner Jim Lundy for insight into the case and whether it could impact Reg BI’s effective date.

The publication reports that investor protection is one reason the Securities and Exchange Commission gave for holding firm on the June 30 implementation date despite brokerage operation disruptions caused by the COVID-19 pandemic.

Plaintiffs in the lawsuit being heard in the U.S. Court of Appeals for the 2nd Circuit requested an expedited oral argument due to the pending Reg BI deadline. The court granted the motion and set a hearing date for June 2.

According to Lundy, this decision may give the court enough time to rule just as the Reg BI deadline hits.

“There’s a reasonable possibility we could see a decision before June 30,” said Lundy.

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