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ARTICLE · 27 NOVEMBER 2013

Fixed-Income Commissions Allowed For Brokerage And Research Services

Fox Rothschild LLP
Fox Rothschild LLP
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The Securities and Exchange Commission Division of Trading and Markets granted relief for institutional asset managers participating in a brokerage firm’s client commission arrangements.

United StatesCorporate/Commercial Law
Ernest Badway
Ernest Badway
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The Securities and Exchange Commission Division of Trading and Markets granted relief for institutional asset managers participating in a brokerage firm's client commission arrangements.  See Carolina Capital Mkts. Inc., SEC No Action Letter, avail. 7/30/13; http://www.sec.gov/divisions/marketreg/mr-noaction/2013/carolinacapital-073113-15a.pdf.

Specifically, the Staff said it would not object if instructional asset managers receive eligible third-party brokerage and research services based on commission generated in transactions in fixed income securities affected by the firm on an agency basis, based on the safe harbor in Securities Exchange Act of 1934 Section 28(e).

Consequently, the Staff said it will not recommend enforcement action against such institutional asset managers; provided that all applicable conditions of the Exchange Act Section 28(e) safe harbor are met.

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