The Financial Planning Association’s appeal to a Securities and Exchange Commission rule allowing brokers to give investment advice without being regulated as an investment advisor was scheduled to be heard yesterday.

The hearing was scheduled before the Court of Appeals for the District of Columbia Circuit, Dow Jones reports.

Since 1999, the SEC has allowed fee-based brokers to give investment advice as long as that advice is “incidental” to executing trades. Financial planners say that these brokers are providing more than “incidental” advice.

The SEC regulates brokers under the 1934 act and investment advisors under the 1940 act.

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