SEC Keeps Brokers In Line With New Soft Dollar Rules

Law360, New York (November 30, 2006, 12:00 AM EST) -- Although hedge fund advisors are no longer required to register with the U.S. Securities and Exchange Commission, they have not completely escaped the watchful eye of the SEC. The agency’s new rules on soft dollar arrangements not only govern the way brokers use their commissions, but also allow the agency to maintain oversight of the industry.

After the appeals court decision in Goldstein v. SEC overturned the controversial hedge fund manager rule, the Commission needed another way to keep tabs on the $1 trillion industry....
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