Court overturns broker-exemption rule
A federal appeals court on Friday struck down the SEC's so-called broker-dealer exemption rule, which exempted certain brokers from registering as advisers.
A federal appeals court on Friday struck down the SEC’s so-called Merrill
Lynch rule, which exempted certain brokers from registering as advisers. The
court’s opinion essentially says the SEC exceeded its authority by exempting
brokerage firms that charge asset-based fees from regulation. To read the
ruling, handed down by the U.S. Circuit Court of Appeals for the District of
Columbia, go to http://pacer.cadc.uscourts.gov/docs/common/opinions/200703/04-1242a.pdf
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