{"id":72,"date":"2007-04-04T11:55:07","date_gmt":"2007-04-04T11:55:07","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/04\/court_rules_that_sec_exceeded"},"modified":"2022-08-26T09:06:12","modified_gmt":"2022-08-26T14:06:12","slug":"court-rules-that-sec-exceeded","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/court-rules-that-sec-exceeded\/","title":{"rendered":"Court Rules That SEC Exceeded Authority With Decision Regarding IAA Exemption"},"content":{"rendered":"

\t\t\t\tThe U.S. Court of Appeals for the District of Columbia Circuit ruled last week that the U.S. Securities and Exchange Commission went beyond its authority to promulgate a rule exempting broker-dealers that offer investment advice to clients with fee-based accounts from regulation under the 1940 Investment Advisers Act. <\/p>\n

The SEC had adopted the Investment Adviser\/Broker-Dealer Rule, IAA Rule 202(a)(11)-1 in 2005, but the ruling was subsequently challenged by the Financial Planning Association. The court ruled in the FPA’s favor, citing exemptions, such as the broad definition of the term “investment adviser.” The court also said that the rule failed to meet certain requirements for an exemption to be consistent with the IAA. In addition, Judge Judith Rogers noted that the U.S. Congress had already addressed this “precise issue at hand.”<\/p>\n

This is the third time in less than 12 months that the court has ruled against the SEC. Merril Hirsch, the FPA’s chief attorney said the ruling was a significant victory for consumers. He also said that any uncertainty resulting from vacating the rule was nothing compared to the uncertainty created by the broker-dealer rule.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Court of Appeals for the District of Columbia Circuit ruled last week that the U.S. Securities and Exchange Commission went beyond its authority to promulgate a rule exempting broker-dealers that offer investment advice to clients with fee-based accounts from regulation under the 1940 Investment Advisers Act. The SEC had adopted the Investment Adviser\/Broker-Dealer […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801],"tags":[],"class_list":["post-72","post","type-post","status-publish","format-standard","hentry","category-sec"],"yoast_head":"\nCourt Rules That SEC Exceeded Authority With Decision Regarding IAA Exemption — Investor Lawyers Blog — April 4, 2007<\/title>\n<meta name=\"description\" content=\"The U.S. Court of Appeals for the District of Columbia Circuit ruled last week that the U.S. Securities and Exchange Commission went beyond its authority — April 4, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/court-rules-that-sec-exceeded\/\" 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