The Securities and Exchange Commission (the "SEC") recently published interpretive guidance (the "Interpretation") regarding application of the soft-dollar safe harbor found in Section 28(e) of the Securities Exchange Act of 1934 (the "Safe Harbor"). The Interpretation modifies the SEC’s long-held view that the use of the term "commission" in the Safe Harbor limits its application to agency transactions. Instead, the SEC will now include fees paid to broker-dealers in connection with certain riskless principal transactions as commissions for purposes of the Safe Harbor.