GROUP THINK

The Investment Company Institute’s president, Paul Schott Stevens, applauded the SEC for the Commission’s July 12 decision to issue guidance clarifying the use of soft dollars. “The Commission’s action will help ensure that the regulations governing soft dollars continue to operate in the interests of investors, with tighter standards for the types of research and products that qualify for the soft dollar safe harbor,” ICI’s Stevens said in a prepared statement.

The National Association of Personal Financial Advisors (NAPFA) has presented its 2006 Special Achievement Award to TD Ameritrade Institutional President Tom Bradley, citing his leadership in “strengthening regulations related to broker/dealers.” TD Waterhouse, and since its merger with Ameritrade, TD Ameritrade has been alone among custodians who serve RIAs in its opposition to the SEC’s stance on the so-called “Merrill Lynch rule.”