FIA, FIA Principal Traders Group and several other financial services trade associations have filed an amicus brief in response to the US Federal Trade Commission's appeal of a decision blocking its final rule that would ban nearly all noncompete agreements in the US.
The appeal is in Properties of the Village, Inc v. FTC and is being heard in the US Court of Appeals for the Eleventh Circuit.
"If it goes into effect, the rule would ban most noncompete agreements in the financial services industry going forward and invalidate many existing agreements," the amicus brief says.
"That would harm competition in the industry; harm employees by reducing their opportunities, compensation, and training; and endanger many companies’ confidential information. Amici file this brief to provide the Court with their unique perspective on how the rule would affect the financial services industry and on the shortcomings of the rule from the industry’s perspective."
Read the amicus brief here.
