Transitioning From Web Developer to Comic Book Author:

Directed Brokerage Agreement

a) The investment manager maintains complete and detailed records of all invoiced services that are provided in accordance with the provisions of the soft dollar and direct brokerage arrangements. The amount of potential revenue losses for businesses is considerable; Merrill Lynch estimates that in 2003, the practice generated $300 million for brokers. But will the ban save families money? A large family of funds estimates that they paid about $35 million last year for “strategic relationships.” But some say that fund companies simply have to pay hard dollars to brokers. This does not bother the regulators, since these payments would be made as part of this agreement by the fund companies` own coffers and not by the shareholders, which would eliminate the conflict of interest. (c) The investment manager will disclose in the letters of agreement with the state investors: sceweser says: “Do not use brokerage of another client to pay for products or services purchased under a client-controlled brokerage contract” I have no idea what this means!!!, someone can tell me what it means in everyday language , thank you for seeing if I can simplify it or make you even more confused. English (as Requested by Floyd) and where it is relevant. You should read the whole standard dollar app, including the examples, as mentioned in previous articles. For me, that`s it. – Brokerage means all the additional transactions and “free” benefits you will receive when you make transactions with that broker (free search, Free Bloomberg terminals, TVs,…) – The client-managed brokerage belongs to the client concerned, i.e. if the client asks to manage transactions with a particular broker, then the specific fees and freebies belong to that specific client. (The flip side is that the benefits of investment-oriented intermediation are no longer available to this client, so “don`t use another client`s brokerage to pay… ” – The investment manager must ensure that the client asks for a particular broker and thus transmits to himself the benefits that the client may demand: 1. Who is defined as the specific client? Only the client can get the advantage, not his representatives, the agents. See transactions 5 and 6 in the CFAI example.

2. Does it benefit from all these specific customers? It is not permissible to give benefits to a single subgroup of the client concerned if the client is made up of a group. See Transaction 7, where it benefits only a subgroup of the client (the client is in this case all investors in a hedge fund). 3. Does it only benefit this customer? It is not permissible to give the advantage to other customers in the addition of the specific customer. See Transaction 8 in which intermediation benefits the customer concerned AND two other customers. You need to understand this rule in the context of the soft dollar standard, where the standard explains how to assign brokerage benefits to ALL clients and the investment manager. Under direct client intermediation, the recipient receives exclusive benefits, so you must ensure that the client has the right (has the right) to order brokerage intermediation to obtain the benefits.

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