As used in this chapter: (a) âGovernmental investorâ means the Treasurer, the Teachersâ Retirement Board, and the Board of Administration of the Public Employeesâ Retirement System. âGovernmental investorâ also means each county treasurer, each city treasurer, each public governing or investing body or public investing officer, who exercises investment discretion over public funds in excess of ten million dollars ($10,000,000) or over public pension or retirement funds in excess of ten million dollars ($10,000,000). (b) âSoft dollar and directed brokerage arrangementsâ means the brokerage and research services described by Section 28 (e) of the Securities Exchange Act of 1934 (15 U.S.C. Sec. 78bb(e)). (c) âTransaction costâ means the overall cost of the transaction, including, but not limited to, commissions, services, and the price of the securities. (d) âResponsibleâ means with the due diligence required of a fiduciary to examine a presented transaction for: necessity of soft dollar services provided and for commission cost; quality of the trade; quality of the broker-dealerâs research; the broker-dealerâs execution capabilities; and the broker-dealerâs quality of service.
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