FIA and FIA Principal Traders Group have filed an amicus brief along with several other financial services trade associations in a case involving the US Federal Trade Commission’s recently issued rule that bans nearly all noncompete agreements in the US. In their brief, the associations highlighted the practical challenges of the rule for the financial industry and warned that it would harm competition and endanger confidential information. The group of associations includes the Securities Industry and Financial Markets Association and the Managed Funds Association. The lawsuit challenging the FTC rule is being heard in the US District Court for Northern Texas and is being led by the US Chamber of Commerce, the Business Roundtable, and several other business groups. A decision in the case is expected by July.
