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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. | ||
===So, what does this mean then?==== | ====So, what does this mean then?==== | ||
This means a US [[broker-dealer]] can provide [[Investment research|research]] to its clients without having to register with the {{tag|SEC}} as an [[investment adviser]] ''so long as it doesn’t earn any “[[special compensation]]” relating to the research. A bundled trading [[commission]] is the traditional means of compensating a broker-dealer for execution and research in a way that avoids special compensation. | This means a US [[broker-dealer]] can provide [[Investment research|research]] to its clients without having to register with the {{tag|SEC}} as an [[investment adviser]] ''so long as it doesn’t earn any “[[special compensation]]” relating to the research. A bundled trading [[commission]] is the traditional means of compensating a broker-dealer for execution and research in a way that avoids special compensation. | ||
===Sorry you asked?=== | ===Sorry you asked?=== | ||
Let me guess: You’re thinking, “{{isia}}”. I know ''I’m'' sorry you asked. | Let me guess: You’re thinking, “{{isia}}”. I know ''I’m'' sorry you asked. | ||
{{Sa}} | |||
*[https://www.sec.gov/rules/interp/34-23170.pdf SEC interpretative guidance] | *[https://www.sec.gov/rules/interp/34-23170.pdf SEC interpretative guidance] |