The Alliance in Support of Independent Research has asked Securities and Exchange Commission Chairman Christopher Cox to reconsider repealing Section 28(e) of the Securities and Exchange Act of 1934 that permits soft dollars to pay for investment research.

Lee Pickard, counsel to the alliance and a partner with Pickard and Djinis, said, “The repeal of Section 28(e) would drastically reduce the flow of investment research to asset managers, to the detriment of both small and large investors. It would also cripple the independent research industry and impair the ability of small money managers and their investment funds to compete with their larger peers.”

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