SEC Temporary Rule on Principal Trades with Advisory Clients

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On December 20, 2012, the SEC amended Temporary Rule 206(3)-3T under the Investment Advisers Act of 1940 that establishes an alternative means for investment advisers who are registered as broker-dealers to meet the requirements of Section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain advisory clients. The amendment extends the sunset date for the rule from December 31, 2012 to December 31, 2014. SEC Rule.