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SEC's Commission Guidance

Traders Magazine, November 2005

Gregory Bresiger

Commission dollars can be spent on research, but they must be restricted to advice, analyses and reports within the meaning of the Section 28(e)(3) of the Securities Exchange Act. Market, financial and similar data are eligible for a safe harbor. That's what Securities and Exchange officials said in a much anticipated interpretative guidance release on commission practices, or what used to be called "soft dollars."

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