Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”), allows money managers to pay brokers more than the lowest commissions available to obtain research and brokerage services without the money manager violating any law imposing a duty upon the money manager to obtain the lowest commission if certain conditions are met. The Securities and Exchange Commission (“SEC” and “Commission”) has issued its most recent interpretive release giving guidance on client commission practices under Section 28(e) (“2006 Release”). The Commission stated that this interpretive guidance revokes Parts II (Definition of Brokerage and Research Services) and III (Third Party Research) of an interpretation it issued in 1986.