Securities and Exchange Commission January 2005 – Federal Register Recent Federal Regulation Documents
Results 51 - 100 of 136
Fair Administration and Governance of Self-Regulatory Organizations; Disclosure and Regulatory Reporting by Self-Regulatory Organizations; Recordkeeping Requirements for Self-Regulatory Organizations; Ownership and Voting Limitations for Members of Self-Regulatory Organizations; Ownership Reporting Requirements for Members of Self-Regulatory Organizations; Listing and Trading of Affiliated Securities by a Self-Regulatory Organization
The Securities and Exchange Commission (``Commission'') is extending the comment period for a release proposing to adopt new rules and amend existing rules under the Securities Exchange Act of 1934 relating to the fair administration, transparency, governance, and ownership of self-regulatory organizations (``SROs''), which was published for comment in the Federal Register on December 8, 2004 (``SRO Proposed Rulemaking''). The original comment period would have expired on January 24, 2005. The new extended comment period will expire on March 8, 2005.
Certain Broker-Dealers Deemed Not To Be Investment Advisers
The Securities and Exchange Commission is reproposing a rule addressing the application of the Investment Advisers Act of 1940 to broker-dealers offering certain types of brokerage programs. Under the reproposed rule, a broker-dealer providing nondiscretionary advice that is solely incidental to its brokerage services is excepted from the Investment Advisers Act regardless of whether it charges an asset-based or fixed fee (rather than commissions, mark-ups, or mark-downs) for its services. The rule would also state that exercising investment discretion is not solely incidental to brokerage business, and thus, a broker-dealer providing discretionary advice would be deemed to be an investment adviser under the Investment Advisers Act. In addition, under the rule, broker-dealers would not be subject to the Investment Advisers Act solely because they offer full-service brokerage and discount brokerage services, including electronic brokerage, for reduced commission rates. Finally, the Commission is proposing to issue a statement of interpretive position that would clarify when certain broker-dealer advisory services, including financial planning, are solely incidental to brokerage business.
Certain Broker-Dealers Deemed Not To Be Investment Advisers
The Securities and Exchange Commission is adopting a temporary rule addressing the application of the Investment Advisers Act of 1940 to broker-dealers offering certain types of brokerage programs. Under the rule, a broker-dealer providing nondiscretionary advice that is solely incidental to its brokerage services is excepted from the Investment Advisers Act regardless of whether it charges an asset-based or fixed fee (rather than commissions, mark-ups, or mark-downs) for its services. The temporary rule also provides that broker-dealers are not subject to the Investment Advisers Act solely because they offer full- service brokerage and discount brokerage services, including execution- only brokerage, for reduced commission rates. The temporary rule will expire on April 15, 2005.
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