SEC Appeals Ruling on Banks

The federal Securities and Exchange Commission said today that it has appealed a recent court ruling that made it easier for banks to compete with traditional brokerage firms in the securities business.

The SEC said it asked the full appeals court here to reconsider a recent ruling by a three-judge panel of the same court. That ruling threw out SEC rules adopted in 1985 that restricted the securities activities of banks. The ruling was seen as a major victory for bankers in a continuing war between the banking and securities industries.