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Wall Street Welcomes FLSA Exemption

Law360 (January 16, 2007, 12:00 AM EST) -- On November 27, 2006, the U.S. Department of Labor (“DOL”) issued its first formal opinion on the application of the administrative exemption to the overtime requirements of the Fair Labor Standards Act (the “FLSA”) to financial advisors, stockbrokers and other “registered representatives” in the financial services industry who perform similar duties.

The DOL issued the opinion in response to a specific request for guidance by the Securities Industry Association (“SIA,” now called the Securities Industry and Financial Markets Association), an organization dedicated to representing the interests...
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