Blogger and XY Planning Network co-founder Michael Kitce
XY Planning Network is mulling further legal challenges to an appeals court ruling late Friday upholding the Securities and Exchange Commission's Regulation Best Interest.
"Within the next week or two" XY Planning Network will decide how to move forward, said Michael Kitces, co-founder of XY Planning Network, during an early Monday morning media call.
XYPN, which challenged the agency on Reg BI, is considering two options: First "is to ask the appeals court to hear the case en banc — which means with all of the appeals court judges and not just the three-person panel who hear our case originally," Kitces explained.
XYPN "is still weighing whether that's worthwhile to pursue and whether the court is likely to take it up," Kitces said.
The second option would be to appeal the case to the Supreme Court.
"While the Supreme Court doesn't necessarily rule on situations like this where there's not directly any split decision about fiduciary advice, it is still possible that we can challenge them [the SEC] up to the Supreme Court —just on the fundamental basis that [the court] gave the agency more deference than they should have [and] that they didn't follow precedents, which exist in other circuits, around how deference to the agencies is determined," Kitces explained.
"We're still weighing our options on if we want to pursue that in full," he added.
