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Financial Planning Association v. Securities and Exchange Commission

482 F.3d 481 (D.C. Cir. 2007)

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Financial Planning Association v. Securities and Exchange Commission

United States Court of Appeals for the District of Columbia Circuit

482 F.3d 481 (D.C. Cir. 2007)

Facts

The Securities and Exchange Commission (defendant) attempted to adopt a new rule, expanding the exemptions provided by the Investment Advisers Act (IAA). The IAA requires registration of investment companies and advisers. Several exemptions exist however, including an exemption for brokers or dealers who do not receive special compensation for investment advice, or whose advice is incidental to their performance as a broker. The SEC attempted to expand this category to include brokers who receive special compensation for their advice, but provide disclosure regarding the fact that they are not registered. The Financial Planning Association (FPA) (plaintiff) challenged this proposed rule.

Rule of Law

Issue

Holding and Reasoning (Rogers, J.)

Dissent (Garland, J.)

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