SECが顧客手数料の取り決めと実施に関する指針を提案

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1 SIA SIA Kyle L Brandon

2 1 fiduciary responsibility SEC SIA SEC

3 client commission practices SEC research and brokerage service SEC NASD Financial Service Authority,FSA 3 SEC 2005 SEC SEC ( ) () No S www.sec.gov/rules/interp/ pdf (`2005 Release)SEC (e) 2 SEC 3 NASD Report of the Mutual Fund Task Force; Soft Dollars and Portfolio Transaction Costs ( NASD Task Force Report )FSAPolicy Statement 05/9, Bundled brokerage and soft commission arrangementsfeedback on CP055 and final rules (July 2005), ( FSA Final Rules ), FSA Consultative Paper 05/5, Bundled Brokerage and Soft Commission Arrangement; Proposed Rules (March 2

4 () 5 28() (fiduciary duty) SEC 28()interpretive guidance releases 1976 SEC 7 SEC SEC SEC1986 (1986 ) ()(3) ), ( FSA Rule Proposal ). 4 SEC (e) SEC SEC Investment Information, Inc. (III Report,19 SEC Docket)

5 (mixed-use) SEC (NASD) NASD principal transaction 11 SEC NASD, SEC (Office of Compliance Inspections and Examinations,OCIE) NASD 2004 (NASD ) NASD 28() FSA2005 FSA Final Rules FSA SEC 2001 SEC 12 SECInspection Report on the Soft Dollar Practices of Broker -dealers, Investment Advisers and Mutual Funds,September 22,1998( 1998 OCIE Report ) 13 NASD 14 NASD 6-7 4

6 (non-permitted) 15 SEC 2 SEC FSA (Securities Industry AssociationSIA) FSA James A. Bennett, Jr., Managing Director, Greenwich Associates, Soft Dollars;2005 Market Trends, presentation to the Securities Industry Association Soft Dollar and Institutional Brokerage Conference, September 19, 2005www.sia.com/softdollars05/pdf/JayBennett.pdf. 5

7

8 SEC 28() 2005 () (mixed-usage) (commission-sharing arrangements) 2005 SEC 28() 28()()()(B) (C) 18 28() 28()()() 28(e)(3)(B), SEC 28(e)(3)(A) (B) (the expression of reasoning or knowledge) (e) (the subject matter) 28(e)

9 8 28(e) (e)(3)() SEC (selfregulatory organizations, SROs) SEC temporal standard SEC (e)(3)(C) dedicated lines

10 9 post-trade (e) SEC (e) 2005 SEC 20 introducing

11 broker-dealer the clearing broker-dealer SEC SRO (e) SIA 2005 SIA SIA Comment letter SEC 22SIA 28(e) SEC SEC SIA (e) (SIA )1 10

12 11 SIA SIA 2005 Order Management systems, OMS SIA OMS trade analytics2005 post-trade analytics 23SIA VWAP SIA SEC 24 SIA 28(e)(3)(C) SIA SIA 4 24 SIA SIA

13 12 FSA SIA SIA SEC SIA SEC 26 (VWAP) SIA SEC 27 28SIA 29 SIA SIA FSA SEC SIA SIA

14 SIA (e) SIA SEC NASD SEC 31 SEC NASD

15 (e) 28(e) 32 28(e) 1 (3) A B C 32 Legal update; SEC Offers Additional Guidance on Soft Dollars, Reed Smith LLP,

野村資本市場研究所|ASEAN投資信託市場の現状と課題(PDF)

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