Court OKs delay on B-D rule compliance
A federal court of appeals last month granted the SEC’s request to gives brokerages until Oct. 1 to move clients out of fee-based brokerage accounts, according to published reports.
A federal court of appeals last month granted the SEC’s request to gives brokerages until Oct. 1 to move clients out of fee-based brokerage accounts, according to published reports. Because the agency declined to appeal a court ruling that overturned its controversial regulation exempting certain brokers from registering as advisers, brokerages that had relied on the rule must transition affected client money into other types of accounts. For a look at the SEC’s announcement detailing its request for a delay, go to http://www.sec.gov/news/press/2007/2007-95.htm
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