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SEC's Stock Market Reform Club Locks Out Retail Brokers
Soft Dollar Brokerage: At the “Sunshine Meeting” on July 12, 2006 statements made by the Chairman, Commissioners,and staff of the SEC left the public with the common impression that a proposal for a “second wing” of Commission Guidance on disclosure and transparency of all institutional brokerage commission arrangements would be forthcoming before the end of 2006. [SEC Proposed Guidance S7-22-08 Comment C http://www.scribd.com/doc/5578021/SEC-Proposed-Guidance-S7-22-08-Comment-C]
The "second wing" of SEC guidance was never published. On May 27, 2007 SEC Chairman Christopher Cox sent letters to Senator Christopher Dodd and Congressman Barney Frank requesting that Section 28(e) be revised or repealed. [http://www.scribd.com/doc/13752510/Cox-Requests-Legislative-Action]
Comments
http://www.scribd.com/doc/5578021/SEC-Proposed-Guidance-S7-22-08-Comment-C]
The "second wing" of SEC guidance was never published. On May 27, 2007 SEC Chairman Christopher Cox sent letters to Senator Christopher Dodd and Congressman Barney Frank requesting that Section 28(e) be revised or repealed. [http://www.scribd.com/doc/13752510/Cox-Requests-Legislative-Action]