Principal trades still OK

Securities regulators voted last month to adopt a temporary rule allowing brokers with non-discretionary advisory accounts to continue making principal trades.
OCT 02, 2007
Securities regulators voted last month to adopt a temporary rule allowing brokers with non-discretionary advisory accounts to continue making principal trades. The rule, which expires Dec. 31, 2009, will allow a brokerage firm also registered as an investment adviser to fill customer orders from its own inventory if it meets certain other requirements. The Securities and Exchange Commission is accepting public comment on the interim rule until Nov. 30. The proposal emerged as brokerages geared up for an Oct. 1 deadline to move client assets out of fee-based accounts as required by a federal court order. For more information on the interim rule, visit the SEC’s site.

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