Ignites reports on a recent speech by SEC Chairman Jay Clayton that addressed what he called seven false claims about the new Regulation Best Interest package. Remarks from asset management counsel David Tittsworth are included in the July 10 article, titled “SEC Chair Takes on 7 ‘False’ Claims on Reg BI.” Mr. Tittsworth discusses how “lawsuits under the Administrative Procedure Act against an agency over its rulemaking generally must be brought within 60 days after notice of a final rule is published. In such cases, the plaintiffs can make claims on several grounds, including that an agency exceeded its authority and that a rule is arbitrary and capricious.”
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