Appeal Merrill rule decision, says SIFMA
Wall Street's largest trade group wants the Securities and Exchange Commission to appeal the recent decision by the U.S. Court of Appeals for the District of Columbia that overturned the controversial broker-dealer exemption rule.
Wall Street’s largest trade group wants the Securities and Exchange Commission to appeal the recent decision by the U.S. Court of Appeals for the District of Columbia that overturned the controversial broker-dealer exemption rule.
Investors using broker-dealers should have choices, including fee-based brokerage accounts, said Ira Hammerman, senior managing director and general counsel for the Securities Industry and Financial Markets Association.
Mr. Hammerman spoke this morning in Baltimore at SIFMA’s annual independent-contractor broker-dealer conference.
He added that about one million investors have such fee-based accounts.
The SEC has until May 14 to appeal the March 30 ruling on what has come to be known as the Merrill Lynch rule.
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