SEC's Commission Guidance
Traders Magazine, November, 2005 by Gregory Bresiger
Commission dollars can be spent on research, but they must be restricted to advice, analyses and reports within the meaning of the Section 28(e)(3) of the Securities Exchange Act. Market, financial and similar data are eligible for a safe harbor. That's what Securities and Exchange officials said in a much anticipated interpretative guidance release on commission practices, or what used to be called "soft dollars."
Other brokerage services can also qualify for commission dollars. But the SEC said that only those services that "relate to the execution of the trade from the point at which the money manager communicates with the broker-dealer for the purpose of transmitting an order for execution."
The SEC, in the release, took note of the United Kingdom's Financial...
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