Historical timelines – SEC & FINRA regulations concerning research
- MAY DAY, 1975: Congress unfixed commission rates on national securities exchanges.
- MAY, 1975: Senate banking committee minutes concerning commissions to pay for research, not management fees.
- JUNE 4, 1975
Congress provides Money Managers with a safe harbor to use clients funds to obtain research services without breaching their fiduciary duties. Section 28(e)
- SEC 2001 Release
- NOVEMBER 11, 2004
Task Force unanimously supports soft dollar practices Mutual Fund Task Force
- MARCH 31,
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SEC requires all RIAs to disclose and discuss ALL soft dollar benefits. New form ADV
- SEPTEMBER 22, 1998
SEC states that research is the “foundation of the money management industry” SEC Inspection Report on Soft Dollar Practices
- JULY 2, 2002
- APRIL 28, 2003
Research moves from Wall Street to independent Third-Party The Global Settlement
- JULY 24, 2006
SEC determines the Safe Harbor encompasses proprietary and third-party research on equal terms. SEC 2006 Release
- FEBRUARY 11, 2011
Fixed Price Offerings FINRA Rule 5141
- JULY 30, 2013
SEC Staff Issues No Action Letter Regarding Fixed Income Research On Agency Transactions