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SEC Revisits Broker-Dealer/Investment Adviser Rules in Response to Circuit Court Decision
October 17, 2007 Full PDF
On September 24, 2007, the SEC issued two releases that provide new guidance to broker-dealers and investment advisers about their respective duties under the U.S. securities laws. The releases were issued in response to an adverse decision earlier this year by the Court of Appeals for the D.C. Circuit in Financial Planning Association v. SEC, which vacated a 2005 Commission rule exempting certain broker-dealers from regulation under the Investment Advisers Act of 1940.