Building Wealth: SEC Not Appealing Court Decision

Accounting Technology, July, 2007

The SEC says that it will ask a court to allow four months for investors and their brokers to respond in light of a court decision affecting an estimated one million fee-based brokerage accounts. In asking for a 120-day stay of the ruling of the Court of Appeals that overturned SEC regulations permitting brokers to offer some fee-based services without adhering to requirements that other investment advisors follow, the Commission says that it will not seek further review of the March 30, 2007 decision that affects customer accounts holding an estimated $300 billion.

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