# Commission Guidance on the Scope of Section 28(e) of the Exchange Act
> **US Securities and Exchange Commission** · Interpretation. · Published 2002-01-02 · Effective 2002-01-02 · 67 FR 6
## Document
- **Document number:** 01-32199
- **Category:** other
- **Agency:** US Securities and Exchange Commission
- **Federal Register citation:** 67 FR 6
- **CFR reference:** 17 CFR 241
- **Publication date:** 2002-01-02
- **Effective date:** 2002-01-02
- **Docket:** Release No. 34-45194
## Abstract

We are publishing interpretive guidance on the application of Section 28(e) of the Securities Exchange Act of 1934 ("Exchange Act"). This section provides a safe harbor to money managers who use the commission dollars of their advised accounts to obtain research and brokerage services. The guidance we are publishing today clarifies that the term "commission" for purposes of the Section 28(e) safe harbor encompasses, among other things, certain transaction costs, even if not denominated a "commission."

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2002/01/02/01-32199/commission-guidance-on-the-scope-of-section-28e-of-the-exchange-act)
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