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The Regulators Come Knocking

Traders Magazine, July 2004

Gregory Bresiger

The Securities and Exchange Commission has embarked on a "mini-sweep" of several broker dealers and is looking at each firms' soft-dollar practices. The NASD is collaborating on this campaign. SEC official Larry Bergmann says the agency is scrutinizing how firms track soft-dollar purchases, so that the products and services changing hands are legally sanctioned. Bergmann says the agency's main concern is compliance with the soft-dollar safe harbor, Section 28(e) of the Securities Exchange Act.

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