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SEC RIN: 3235-AH78 Publication ID: Spring 2005 
Title: Certain Broker-Dealers Deemed Not To Be Investment Advisers 
Abstract: The Commission adopted a final rule, which excludes from the definition of investment adviser those broker-dealers offering certain nondiscretionary, full-service brokerage programs so long as the investment advice provided is solely incidental to the brokerage services and other conditions are satisfied. The final rule also addresses services that will be considered solely incidental to brokerage. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 17 CFR 275.202(a)(11)-1   
Legal Authority: 15 USC 80b-2(a)(11)(F)    15 USC 80b-11(a)   
Legal Deadline:  None
Action Date FR Cite
NPRM  11/10/1999  64 FR 61226   
NPRM Comment Period End  01/14/2000    
NPRM Comment Period Reopened  08/20/2004  69 FR 51620   
NPRM Comment Period End  09/22/2004    
Second NPRM  01/14/2005  70 FR 2716   
Second NPRM Comment Period End  02/07/2005    
Interim Final Rule  01/14/2005  70 FR 2712   
Interim Final Rule Effective  01/06/2005    
Final Action  04/19/2005  70 FR 20454   
Final Action Effective  05/23/2005    
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
Agency Contact:
Jennifer L. Sawin
Division of Investment Management
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6787