Financial Services Industry
Industry: Email Alert RSS FeedICI to SEC: Make soft dollar rules equal for all; Ban use of commissions outside of 'safe harbor,' says fund group.(News)
Investment News, September, 2006
Byline: Sara Hansard All advisers should have to abide by the same rules when it comes to using so-called soft dollars, the major mutual fund industry trade group told the Securities and Exchange Commission in a comment letter. The SEC should prohibit the use of client commissions outside the "safe harbor'' for liability protection "by all investment advisers, regardless of the type of client account involved,'' the Investment Company Institute in Washington said in comments filed with the commission this month.
The letter was signed by ICI general counsel Elizabeth Krentzman. The SEC issued interpretive guidance in July on how client commissions can be used without running afoul of securities regulations. Under the soft dollar system,...
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