The Association for Investment Management and Research board of governors approved a revised version of its soft-dollar standards. The major changes between the draft and revision concern the types of disclosures required and scope of soft-dollar services covered by the guidelines.
R. Charles Tschampion, chairman of AIMR's soft-dollar committee and managing director of General Motors Investment Management Corp., said the final version tries to clarify a great deal of confusion about what disclosures were required.
Also the definition of what constitutes soft-dollar research shifted its focus to how the research is used from a content-focused definition. The final version of the guidelines won't be available for about a month.