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Group Urges SEC To Appeal Fee-Based Broker Ruling

Law360 (April 11, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission should appeal the ruling that struck down a rule exempting certain brokers from registering with the agency, a securities industry group has urged.

The Securities Industry and Financial Markets Association on Tuesday issued a statement urging the SEC to appeal the March 30 decision by the U.S. Court of Appeals for the D.C. Circuit that struck down a registration exemption for fee-based brokerage accounts

The organization has argued that by vacating the rule, the court overturned several provisions that were...
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