Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation > SEC

FPA Applauds SEC Decision Not to Appeal

Your article was successfully shared with the contacts you provided.

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.