At the Bell; FPA files brief in Merrill rule suit.(Late News)

Investment News, March, 2006

The battle over the so-called Merrill Lynch rule continued late Thursday when the Financial Planning Association filed its opening brief in its lawsuit against the Securities and Exchange Commission. In its brief, which was filed in the U.S. Court of Appeals for the District of Columbia Circuit, the FPA claimed that the SEC violated the Investment Advisers Act of 1940 in exempting many of the advice-giving activities performed by full-service broker-dealers.

"Right now, the SEC seems to be more concerned about protecting brokers than helping consumers,'' FPA president Daniel B. Moisand said in a statement issued last Friday. Regulators eye fraud against elderly As part of a new initiative to try to protect elderly investors, Florida...

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