Fee-based Brokerage Accounts
(Rule 202(a)(11)-1) Legislative Timeline
Last Updated: January 10, 2008
Current Status: Members of the House Financial Services Committee have sent letters to the Securities and Exchange Commission urging prompt action in response to the D.C. Circuit Court decision.
House Action
July 13, 2007 – Rep. Dennis Moore (D-KS), Rep. David Scott (D-GA), Rep. William Lacy Clay (D-MO), Rep. Melissa Bean (D-IL), Rep. Lincoln Davis (D-TN), Rep. Joe Donnelly (D-IN), Rep. Chris Murphy (D-CT), Rep. Ron Klein (D-FL) and Rep. Tim Mahoney (D-FL) sent a letter to SEC Chairman Christopher Cox expressing concern the recent D.C. Circuit Court decision (FPA v. SEC) will limit investors’ choice in pricing, execution and products and services. The six urged the SEC to examine all options to provide relief in advance of the October 1 stay—including granting principal trade relief.
July 10, 2007 – House Financial Services Committee Ranking Member Spencer Bachus (R-AL) sent a letter to Securities and Exchange Commission Chairman Christopher Cox calling for prompt action to provide brokerage customers and providers regulatory certainty in response to the D.C. Circuit Court decision (FPA v. SEC).
