SEC keeps its 'safe harbour'
WASHINGTON, DC –The US Securities and Exchange Commission has preserved the ‘safe harbour’ 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 in late October, 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.
The guidance reiterates that research and brokerage services must be used to obtain the best execution of clients’ transactions and are not for the benefit of the
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