The Problem With Section 31 Collections
Traders Magazine, March 2004
After years of lobbying by the securities industry, there's still more debate over the controversial Section 31 transaction fee, which trading executives said were unnecessarily high before the recent reforms. Now the Securities Industry Association says in a letter to regulators that the SRO's and SEC's collection methods are faulty. Ernest Pittarelli, the chairman of the SIA Operations Committee, warned of the "long standing problems of reconciling amounts collected by broker dealers from their customers with the amounts due from self-regulatory organizations to the Commission."
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