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Some Clarity For Broker-Dealers In Temporary Rule

Law360 (October 12, 2007, 12:00 AM EDT) -- On September 19, 2007, the Securities and Exchange Commission (the "Commission" or "SEC") adopted a temporary rule ("Temporary Rule") that provides limited relief to firms registered as investment advisers under the Investment Advisers Act of 1940 ("Advisers Act") and as broker-dealers under the Securities Exchange Act of 1934 ("Exchange Act") from the principal trading limitations of Section 206(3) of the Advisers Act.[1]

In addition, the Commission approved interpretive guidance ("Interpretive Guidance") that seeks to clarify the application of the Advisers Act to certain activities of broker-dealers...
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