...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Investment Compliance >DC circuit vacates the fee-based brokerage rule
【24h】

DC circuit vacates the fee-based brokerage rule

机译：DC电路取消了收费经纪规则

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose – The paper aims to explain the background and to discuss the implications for broker-dealers of US Circuit Court of Appeals for the District of Columbia March 30, 2007 decision in Financial Planning Association v. Securities and Exchange Commission (FPA) vacating Rule 202(a)(11), which had exempted fee-based brokerage accounts from the Investment Advisers Act of 1940 (the Advisers Act) under certain conditions. Design/methodology/approach – The paper explains how the distinction between broker-dealers and investment advisers seemed relatively clear in the past, how fee-based brokerage accounts began to blur that distinction, how Rule 202(a)(11) allowed broker-dealers to offer fee-based brokerage accounts without complying with the Adviser's Act under certain conditions, how the FPA decision vacates Rule 202(a)(11), and potential consequences of the FPA decision for broker-dealers. Findings – The paper finds that if FPA stands, it will have broad implications for broker-dealers that offer fee-based brokerage accounts, as the Advisers Act contains a variety of requirements that do not apply to traditional brokerage accounts. Broker-dealers should assess their fee-based programs and develop strategies for complying with the provisions of the Advisers Act or restrict their programs to remove them from the reach of the Act. Originality/value – Written immediately after the FPA decision, this paper provides essential guidance to broker-dealers on how they will have to reposition their fee-based programs if that decision stands.
机译：目的–本文旨在解释背景，并讨论美国巡回上诉法院对哥伦比亚特区的经纪交易商的影响，该项裁决于2007年3月30日在Financial Planning Association v。Securities and Exchange Commission（FPA）中撤销第202条规则（a）（11），它在某些条件下免除了1940年《投资顾问法》（《顾问法》）的收费经纪帐户。设计/方法/方法-本文解释了过去经纪经纪人和投资顾问之间的区别似乎相对清晰，收费经纪账户如何开始模糊这种区别，规则202（a）（11）如何允许经纪人-交易商在某些条件下不遵守《顾问法》的情况下提供收费的经纪账户，FPA决定如何取消规则202（a）（11），以及FPA决定对经纪人交易者的潜在后果。调查结果–该论文发现，如果FPA成立，它将对提供收费经纪帐户的经纪交易商产生广泛影响，因为《顾问法案》包含各种不适用于传统经纪帐户的要求。经纪交易商应评估其收费计划，并制定符合《顾问法》规定的策略，或限制其程序以使其脱离该法的范围。原创性/价值–在FPA决定后立即撰写，本文为经纪交易商提供了必要的指导，说明如果该决定有效，他们将如何重新定位其收费计划。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号