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SEC releases proposed interpretation of Soft-Dollar Safe-harbor

SEC releases proposed interpretation of Soft-Dollar Safe-harbor

The SEC released proposed interpretive guidance on acceptable “soft dollar” payments by money managers to broker-dealers (Section 28(e) of the Exchange Act). The decision to revise previous interpretations was designed to curtail some of the overly aggressive soft-dollar practices. The interpretive release makes clear that soft dollars may only pay for “research” and “brokerage” services. Release 34-52635

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