Donaldson Calls for Safe Harbor Changes
Traders Magazine, June, 2004 by Gregory Bresiger
The soft dollar issue is very complex, says SEC Chairman William Donaldson. What's required is better disclosure and also a tightening of the 1975 Section 28(e) regulation that created soft dollars.
"There needs to be a refinement of 28(e) of what is research," Donaldson said at STA's annual Washington conference. He said that, since 1975, some firms have been straying from the original meaning of the rule.
"Some people are buying things that are not research related," Donaldson said.
At the same STA session, he also addressed the massive four-part Reg NMS proposal. Donaldson said that the commission expects to move on the plan "sooner rather than later." He also said that it is possible that the SEC may adopt the plan in a piecemeal fashion.
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