SEC Adopts Temporary Investment Adviser Rule

Law360, New York (September 21, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has taken another stab at regulating investment advisors registered as broker-dealers, passing a temporary rule requiring the brokers to meet certain requirements of the Adviser's Act.

The temporary rule, passed on Sept. 19 on an interim-final basis, allows investment advisers to comply with the Adviser's Act by providing written disclosure about conflicts that may arise from trades, obtaining consent from clients prior to trading, disclosing the capacity in which the adviser has acted and delivering an itemized report detailing principal...
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