Extension sought for B-D rule compliance
The Securities and Exchange Commission has asked a federal court to give brokerages until Oct. 1 to move clients out of fee-based brokerage accounts.
The Securities and Exchange Commission has asked a federal court to give brokerages until Oct. 1 to move clients out of fee-based brokerage accounts. Because the agency decided not 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, go to www.sec.gov/news/press/2007/2007-95.htm
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