1/21/2008

The Securities and Exchange Commission is working on a proposal for mutual fund directors for guidance on using brokerage commissions to fund services, such as research. "What the staff is preparing is a recommendation to the commission that they propose guidance to fund boards of directors providing them with insight regarding how to execute their oversight responsibility with respect to the placement of fund trades, including trades that involve soft-dollar-type arrangements," said Jennifer McHugh of the SEC.

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