SEC Adopts Temporary Rule on Principal Trades With Certain Advisory Clients
September 28, 2007
On September 19, 2007, the Securities and Exchange Commission adopted, on an "interim final basis," Temporary Rule 206(3)-3T under the Investment Advisers Act of 1940, as amended. The Temporary rule creates an alternative for investment advisers who are also registered as broker-dealers with the Commission to meet the requirements of Section 206(3) of the Advisers Act when they engage in principal trading with non-discretionary advisory clients.