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.