United States DC Circuit

Promulgation of a final rule exempting broker-dealers from the requirements of the Investment Advisers Act when they receive "special compensation" for their investment advice is vacated where respondent has exceeded its authority.

Appellate Information

• Argued 10/05/2006
• Decided 03/30/2007
• Published 03/30/2007

Judges

• Before:  ROGERS, GARLAND and KAVANAUGH, Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• Merril Hirsh argued the cause for petitioner.   With him on the briefs was Jonathan A. Cohen., Rachel M. Weintraub and Mercer E. Bullard were on the brief for amici curiae Consumer Federal of America and Fund Democracy, Inc. in support of petitioner., Debra G. Speyer was on the brief for amicus curiae Public Investors Arbitration Bar Association in support of petitioner., Rex A. Staples was on the brief for amicus curiae North American Securities Administrators Association, Inc. in support of petitioner.


• For Appellees:
  
• Rada L. Potts, Senior Litigation Counsel, Securities & Exchange Commission, argued the cause for respondent.   With her on the brief were Brian G. Cartwright, General Counsel, Jacob H. Stillman, Solicitor, Michael A. Conley, Special Counsel, and Jeffrey T. Tao, Senior Counsel.