SIA SIA Kyle L Brandon http://www.sia.com/research/pdf/rsrchrprtvol6-11.pdf
1 fiduciary responsibility SEC SIA SEC
client commission practices 2005 1 9 21 SEC 2005 11 5 2 research and brokerage service SEC NASD Financial Service Authority,FSA 3 SEC 2005 SEC 2005 1975 SEC ( ) 1 1934 28() No34-52635 S7-09-05www.sec.gov/rules/interp/34-52635.pdf (`2005 Release)SEC 2005 28(e) 2 SEC www.sec.gov/rules/interp/s70905.shtml. 3 NASD Report of the Mutual Fund Task Force; Soft Dollars and Portfolio Transaction Costs 2004 11 11 www.nasd.com/web/groups/rules_regs/documents/rules_regs/nasdw_012356.pdf ( NASD Task Force Report )FSAPolicy Statement 05/9, Bundled brokerage and soft commission arrangementsfeedback on CP055 and final rules (July 2005), www.fsa.gov.uk/pubs/policy/ps05_09.pdf ( FSA Final Rules ), FSA Consultative Paper 05/5, Bundled Brokerage and Soft Commission Arrangement; Proposed Rules (March 2
41934 28() 5 28() (fiduciary duty) 6 1975 SEC 28()interpretive guidance releases 1976 SEC 7 SEC 8 1980 SEC 9 19841985 SEC1986 (1986 ) 1976 8()(3) 10 1986 2005), www.fsa.gov.uk/pubs/cp/cp05_05.pdf ( FSA Rule Proposal ). 4 SEC 2005 2005 9 5 28(e) 6 46 7 2005 1011 8 1976 SEC 2005 11 9 1980 SEC Investment Information, Inc. (III Report,19 SEC Docket) 10 2005 14 1986 3
(mixed-use) 1986 2001 SEC (NASD) NASD principal transaction 11 SEC NASD, SEC (Office of Compliance Inspections and Examinations,OCIE)1998 12 1998 NASD 2004 (NASD ) NASD 28() FSA2005 FSA Final Rules FSA 14 13 11 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 ) www.sec.gov/news/studies/softdolr.htm. 13 NASD 14 NASD 6-7 4
(non-permitted) 15 SEC 2 SEC FSA 2005 9 (Securities Industry AssociationSIA) 85 75 16 15 FSA 1 9 16 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
2003 2004 18 2005 9 2003 12 2005 10 12 6
SEC 28() 2005 () (mixed-usage) 172005 (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) 19 2005 28(e) (the subject matter) 28(e) 17 2005 2021 18 19 2005 28 7
8 28(e) 2005 28(e)(3)() SEC (selfregulatory organizations, SROs) SEC temporal standard SEC 2005 28(e)(3)(C) dedicated lines
9 post-trade 2005 28(e) SEC 2005 1986 2005 28(e) 2005 SEC 20 introducing 20 2005 44
broker-dealer the clearing broker-dealer SEC SRO 2005 28(e) 2005 0 21 SIA 2005 SIA SIA Comment letter SEC 22SIA 28(e) SEC 21 2005 47-49 22 SEC SIA 1934 28(e) 2005 12 1 www.sia.com/2005_comment_letters/9197.pdf (SIA )1 10
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 25 2005 23 SIA 4 24 SIA SIA
12 FSA SIA SIA SEC SIA SEC 26 (VWAP) SIA SEC 27 28SIA 29 SIA SIA FSA SEC SIA 25 5 26 6 27 1976 2005 42 14 28 SIA 7 29 7 4 2005
SIA 2005 28(e) SIA 1 2005 SEC NASD 30 2005 SEC 31 SEC 2005 30 NASD 5 31 2005 24 72 13
14 1934 28(e) 28(e) 32 28(e) 1 (3) A B C 32 Legal update; SEC Offers Additional Guidance on Soft Dollars, Reed Smith LLP, 2005 10 2