Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, January 3, 2008

Rand Report on Investment Advisers and Broker-Dealers Available at SEC Website

The SEC posted on its Web site the text of the RAND Corporation's final report on practices in the investment adviser and broker-dealer industries.  RAND produced the report under contract with the SEC.  Following a March 2007 D.C. Court of Appeals decision that overturned a 2005 SEC rule permitting non-adviser broker-dealers to charge fees to investors based on account size, the SEC and RAND agreed that RAND would deliver its final report in pre-publication format on Dec. 31, 2007, three months earlier than the contract had originally required. The text of the posted report is final and has been peer-reviewed. Neither the data nor the analysis on which it is based will change. The fully formatted, publication version of RAND's final report is due by March 25, 2008.  (In a subsequent post, I will address the substance of the Rand Report.)  Press Release 2008-1.

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