Professional Issues


The AICPA Personal Financial Planning (PFP) Executive Committee has been tracking the SEC’s activities relating to its final rule, “Certain Broker-Dealers Deemed Not to Be Financial Advisers” ( www.sec.gov/rules/final/34-51523.pdf ), which exempts certain fee-based broker-dealers from the provisions of the Investment Advisors Act of 1940. The SEC is conducting a study to determine how best to reduce investor confusion regarding the rule and whether to make changes in the regulations governing broker-dealers and investment advisers. Meanwhile, the committee continues to monitor the SEC’s activities regarding the rule and the study, and it seeks members’ comments on how the rule will affect their brokerage, investment advisory or financial planning practices. Send comments to rryan@aicpa.org .

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