Co-founder Michael Kitces said the XY Planning Network was hiring Duane Thompson to help advocate for fiduciary standards on the state level after an appellate court ruled against its suit concerning Regulation Best Interest.
The SEC's guidance comes weeks after news reports indicating that many firms were failing to properly disclose prior issues and stresses that firms cannot omit the disciplinary section, regardless of the answer they give.
The proposed rule would enable individuals to solicit accredited investors on behalf of issuers. Supporters say it can help small businesses raise capital. Critics worry it will lead unprepared investors into less transparent markets.