Chances are the SEC
will take action on the soft dollar issue sometime in 2005, according to a Monday
in the Wall Street Journal
. Soft dollar arrangements are a "front-burner issue," Paul Roye
, director of the SEC's Division of Investment Management, commented at a conference on Friday.
Look for a narrower definition of what can be considered research. Roye said regulators were looking at a NASD soft dollar report
"closely"; that report recommends that research include only "intellectual property."
Roye, who is rumored to be leaving the SEC, told the WSJ
that news was "premature."
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