Looking ahead, we believe that the SEC`s decision creates the conditions for increased use of client commissions, and in particular CSAs, to pay for research. This will support several objectives that are important for the health of the investment ecosystem: increased flexibility and transparency in the processes of acquiring and evaluating research; a level playing field between large and small investment managers; Improve executive performance on behalf of customers through access to robust research; and a capitalization process that favors small and medium-sized enterprises, which are the lifeblood of the U.S. economy. The European Commission`s draft MiFID II delegated acts, which was leaked in December, caused a stir regarding the use of commission-sharing agreements for the payment of research in the future. Asset managers typically attempt to structure these client commission agreements (CCAs) or “Soft Dollars” (known as commission-sharing agreements (CSAs) outside the United States) in order to comply with the safe harbor provided for in Section 28(e) of the Securities Exchange Act of 1934. Section 28(e) Safe Harbor allows asset managers who meet safe harbor requirements to use commissions generated by their managed accounts to pay for research that has been or will be used on behalf of those accounts in the investment decision process. Bloomberg Tradebook recently conducted a survey of more than a hundred European buy-side customers to measure market mood on some of these topics. Of the respondents whose companies pay for research, 45% are currently paying with bundled commissions, which will likely not be possible after the implementation of MiFID II. .