التفاصيل البيبلوغرافية
| العنوان: |
Soft Dollars, Hard Choices: Reconciling U.S. and EU Policies on Sell-Side Research. |
| المؤلفون: |
Mahoney, Paul G. |
| المصدر: |
Business Lawyer. Summer2020, Vol. 75 Issue 3, p2173-2199. 27p. |
| مصطلحات موضوعية: |
*INSTITUTIONAL investments, *SECURITIES, *BROKERS, *DEALERS (Retail trade), *INVESTMENT advisors |
| مصطلحات جغرافية: |
UNITED States |
| مستخلص: |
Investors use research provided by broker-dealers, also known as sell-side research, to help formulate trading ideas and strategies. Investors normally pay for sell-side research through brokerage commissions. Recent European Union regulations require some institutional investment managers to unbundle, or pay separately for, research and trade execution. Unbundling might subject a U.S. broker-dealer to regulation under the Investment Advisers Act of 1940, significantly affecting the broker's business practices. The Securities and Exchange Commission has provided temporary no-action relief to avoid potential conflicts between U.S. and EU law, while it considers whether to engage in rulemaking on the issue. The outcome could have a substantial effect on the quality of the securities markets. This article argues that investors should have the option to bundle or unbundle payment for sell-side research without affecting the broker's regulatory status and suggests ways to achieve that outcome. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
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