CSAs Enable Firms to Price Proprietary Research

Robert Plaze, associate director of the Securities and Exchange Commission's Division of Investment Management, told attendees at a Securities Industry and Financial Markets Association conference on Oct. 1 that CSAs-a practice developed in the UK-represent the "first step to unbundling" soft-dollar arrangements.

Though the Securities Exchange Act contains a safe-harbor clause allowing soft-dollar arrangements, Plaze suggested that this will someday be repealed because buy-side firms are movi

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