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Getting ready for the new SEC rule.

Publication: Westchester County Business Journal
Publication Date: 26-SEP-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Getting ready for the new SEC rule.(Focus: BANKING and FINANCE)

Article Excerpt
Under a new regulatory guideline that must be complied with by Oct. 24, financial services professionals are required to designate to their clients as to whether they are a wealth manager, a financial planner/adviser or just a representative selling product.

"In the simplest terms, the SEC's (Securities and Exchange Commission) new regulation is about the differences between brokers and investment advisers and what laws and regulations govern each," said David G. Tittsworth, executive director of the Investment Adviser Association. "More specifically, the regulation deals with the exception for brokers under the Investment Advisers Act. For consumers/investors, these issues are important because they want to know the type of entity that is managing their money and the legal/regulatory obligations that govern that entity's activities."

It's a bit complicated, but the heart of the matter is a fairly basic question: When does a broker cross the line from being a broker to being an investment adviser?

"In general, brokers are defined as persons...

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