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Template:Investment research and the Investment Advisers Act 1940: Difference between revisions
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Template:Investment research and the Investment Advisers Act 1940 (view source)
Revision as of 09:20, 14 September 2017
, 14 September 2017→Investment research and Investment Advisers Act: a safe harbor for broker/dealers
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A superbly literalist, non-sensical view of the world, but there you have it. It wouldn’t be the first time, America. | A superbly literalist, non-sensical view of the world, but there you have it. It wouldn’t be the first time, America. | ||
====What does this mean then?==== | |||
This means a US [[broker-dealer]] can provide research to its clients without having to register with the {{tag|SEC}} as an [[investment adviser]] so long as it avoids accepting any "[[special compensation]]" in connection with the research. A bundled trading commission is the traditional means of compensating a broker-dealer for execution and research. | This means a US [[broker-dealer]] can provide research to its clients without having to register with the {{tag|SEC}} as an [[investment adviser]] so long as it avoids accepting any "[[special compensation]]" in connection with the research. A bundled trading commission is the traditional means of compensating a broker-dealer for execution and research. | ||
====Resources==== | ====Resources==== | ||
*[https://www.sec.gov/rules/interp/34-23170.pdf SEC interpretative guidance] | *[https://www.sec.gov/rules/interp/34-23170.pdf SEC interpretative guidance] | ||
{{isia}} | {{isia}} | ||