SEC Releases Soft Dollar Guidance


The US Securities and Exchange Commission has preserved the "safe harbor" for money managers that allows proprietary and third-party research services to be paid for with clients’ commissions, in its latest interpretive guidance of Section 28(e) of the Exchange Act.

The guidance, released last week, brings to an end months of uncertainty in the marketplace about whether soft dollars would continue to be used as the primary currency for purchasing investment research and brokerage services.


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