SIFMA

The decision landed just hours after the Department of Labor asked for the decision to be postponed while it complies with a Trump order to review the regulation.

The move is additional fallout from the president's memo to the Department of Labor to review the regulation and possibly rescind it.

Meanwhile, a prominent Republican congressman called on President Trump to delay the regulation's implementation.

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

Will Chief District Judge Barbara Lynn be the first to rule against the regulation? Opponents of a case in Texas federal court have high hopes.

The legal setback for the rule's foes still leaves three ongoing court challenges, as well as an uncertain future after Trump takes office.

The industry trade group is also calling on regulators to harmonize existing rules.

The new administration will have two paths it can take to stop the regulation from being implemented.

After more than three-and-a-half years at the helm, Mary Jo White made incremental moves to expand advisor exams, but did not move on structural reform or implement a uniform fiduciary standard, as many advocates had hoped.

A federal judge categorically rejects claims by an insurance group that the agency overreached. The ruling "sets the tone" for other suits nationwide, an investor advocate says.