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News October 25, 2004 Issue

NASD Soft Dollar Task Force Report

The NASD Soft Dollar Task Force is getting ready to issue its report "in the next couple of weeks," according to Robert Glauber, NASD chairman and CEO. Speaking at last week’s SIA conference, Glauber said that the group would "strongly recommend" that the SEC not create any disincentive to use third-party research, and that the SEC "clarify and narrow" the scope of the safe harbor itself. He said that the use of an "intellectual content" standard struck him as a "reasonable step going forward."

Glauber told IM Insight that unbundling "is part of the issues that the Task Force is focused," but declined to predict where the group would come out: "At this point I don’t want to front-run the Task Force."