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SEC To Vote On New Soft Dollar Guidelines

Law360 (July 7, 2006, 12:00 AM EDT) -- As technology and industry practices evolve, the SEC will vote Wednesday on an interpretive release that would change the guidelines regarding soft-dollar transactions.

If approved, it would clarify how money managers can use client assets to pay for research and brokerage services. Under the interpretive release, which became subject to public comment last October, physical items like computer hardware and telephone lines, along with accounting fees, legal expenses and marketing, would not be covered under Section 28(e) of the Securities Exchange Act of 1934.

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