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Donaldson Calls for Safe Harbor Changes

Traders Magazine, May 2004

Gregory Bresiger

The soft dollar issue is very complex, says SEC Chairman William Donaldson. What's required is better disclosure and also a tightening of the 1975 Section 28(e) regulation that created soft dollars. "There needs to be a refinement of 28(e) of what is research," Donaldson said at STA's annual Washington conference. He said that, since 1975, some firms have been straying from the original meaning of the rule.

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