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Department of Labor Opinion Letter Affords Welcome Relief to the Financial Services Industry

December 15, 2006

By KirC. Wilcox, Stephen P. Sonnenberg, Allan S. Bloom and Genevieve C. Nadeau

On November 27, 2006, the U.S. Department of Labor issued its first formal opinion on the application of the administrative exemption to the overtime requirements of the Fair Labor Standards Act to financial advisors, stockbrokers and other “registered representatives” in the financial services industry who perform similar duties.