The Financial Planning Association said it is pleased that the SEC will not appeal the court ruling exempting brokers from being subject to regulation as investment advisors in fee-based brokerage accounts, and agrees that the Commission’s 120-day stay of the court’s March 30 decision “should provide a reasonable deadline for transitioning fee-based accounts to Advisers Act jurisdiction,” said Duane Thompson, the managing director of FPA’s Washington, D.C. office, in a statement. “However, the SEC should avoid an open-ended transition that violates the intent of the court order.” Thompson added that FPA plans to review the SEC’s motion before determining whether to support it.
The number of deals and size of assets through Sept. 30 already exceed the totals for all of last year.
These are the biggest awards in broker-versus-firm and firm-versus-firm cases.
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