Soft Dollar Targets Clause Samples

Soft Dollar Targets. If the Retirement System establishes any soft dollar targets, and provides notice to Investment Manager of those targets, Investment Manager shall use its best efforts to meet those soft dollar targets when such transactions can be done without jeopardizing its best execution. Investment Manager shall provide the Retirement System with a quarterly statement of each broker's/dealer’s soft dollars and the total commissions paid to each broker/dealer for the Retirement System account, in addition to such other statements and reports as detailed below. Investment Manager shall conduct soft dollar and directed brokerage arrangements in accordance with Chapter 11.5, Sections 6930 et seq. of Division 7, Title 1 of the California Government Code, as amended (“Government Code”). The term “soft dollar and directed brokerage arrangements” shall have the same meaning herein as in Section 6930 of the Government Code. (a) Each securities transaction or brokerage agreement carried out by Investment Manager pursuant to a soft dollar and directed brokerage arrangement shall be executed at the lowest responsible transaction cost available. (b) Investment Manager shall maintain complete and detailed records of all billed services provided pursuant to soft dollar and directed brokerage arrangements. (c) The proceeds provided to an Investment Manager by a broker/dealer pursuant to soft dollar and directed brokerage arrangements shall be for the specific purpose of supplementing and enhancing Investment Manager’s investment research and portfolio management capabilities and utilizing the Retirement System’s commissions for all other purposes permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended, with respect to investing the Managed Assets. (d) On a semi-annual basis, Investment Manager shall disclose to the Retirement System and Custodian all of the following: (1) A list of all billed services provided pursuant to soft dollar and directed brokerage arrangements with respect to investment transactions for the Retirement System; (2) The justification for providing each of such services; (3) The maximum percentage of the investment transactions of the Retirement System planned for use in soft dollar and directed brokerage arrangements; (4) A statement of all billed services provided during the previous year under soft dollar and directed brokerage arrangements with respect to investment transactions for the Retirement System; and (5) A determination of whe...