SEC Will Not Appeal Fee-Based Accounts Ruling

Law360, New York (May 15, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission will not appeal a circuit court decision that struck down a rule that exempted some securities brokers from registering as investment advisors.

The SEC said Monday that the agency would not seek further review of the March decision by the U.S. Court of Appeals for the D.C. Circuit, which ruled the SEC had exceeded its authority when it instituted the rule exempting brokers with fee-based accounts from registering as investment advisers as long as the advice they provide to the...
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