November 25, 2005
Section 28e and the safe harbor it provides is essential for the current underpinnings of the market. To significantly alter the law would have detrimental effects on the entire way securities are traded on Wall Street.
A narrowing of the definition is the best way to address any fine tuning of the current law.
A clearer definition of what is permissible and not permissible will have a positive effect on the money managers and provide for fewer violations.
Giving the managers the ability to explain their use of the service and how it provides assistance to the investment decision-making responsibilities will permit greater lawful use of the safe harbor.
It is appropriate to exclude office infrastructure items and operation/marketing uses. It is equally appropriate to include items that the manger uses in their investment decision making.