Deadline nears On broker exemption
The Securities and Exchange Commission has until May 14 to appeal a March 30 court ruling that struck down a controversial regulation exempting certain brokers from registering as advisers.
The Securities and Exchange Commission has until May 14 to appeal a March 30 court ruling that struck down a controversial regulation exempting certain brokers from registering as advisers. The court’s decision, which essentially said the SEC exceeded its authority by enacting the rule, will take effect May 21 if the SEC fails to file an appeal. To read the opinion, 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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