Kan. Admin. Regs. § 17-23-2 - Adoption of policies and procedures with respect to brokerage placement practices
(a) Each bank or
trust company exercising investment discretion, as defined in subsection (r) of
K.A.R. 17-23-1, with respect to an account shall adopt and follow written
policies and procedures intended to ensure that its brokerage placement
practices comply with all applicable laws and regulations.
(b) Written policies and procedures shall
address, where appropriate:
(1) the selection
of persons to effect securities transactions and the evaluation of the
reasonableness of any brokerage commissions paid to such persons, including the
factors considered in these determinations;
(2) any acquisition of services or products,
including research services, in return for brokerage commissions;
(3) the allocation of research or other
services among accounts, including those which did not generate commissions to
pay for the research or other services;
(4) the need, in appropriate instances, to
make disclosures concerning the policies and procedures to prospective and
existing customers; and
(5) the
prohibition of excessive trading in portfolios.
Notes
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