28(e)(1) No person using the mails, or any means or instrumentality
of interstate commerce, in the exercise of investment discretion
with respect to an account shall be deemed to have acted unlawfully
or to have breached a fiduciary duty under State or Federal
law unless expressly provided to the contrary by a law enacted
by the Congress or any State subsequent to the date of enactment
of the Securities Acts Amendments of 1975 solely by reason of his
having caused the account to pay a member of an exchange, broker,
or dealer an amount of commission for effecting a securities transaction
in excess of the amount of commission another member of
an exchange, broker, or dealer would have charged for effecting
that transaction, if such person determined in good faith that such
amount of commission was reasonable in relation to the value of
the brokerage and research services provided by such member,
broker, or dealer, viewed in terms of either that particular transaction
or his overall responsibilities with respect to the accounts as
to which he exercises investment discretion. This subsection is
exclusive and plenary insofar as conduct is covered by the foregoing,
unless otherwise expressly provided by contract: Provided,
however, That nothing in this subsection shall be construed to impair
or limit the power of the Commission under any other provision
of this title or otherwise.

(Copied and pasted from The Securities and Exchange Act of 1934
pg. 235 as published on the SEC Website at:
http://www.sec.gov/about/laws/sea34.pdf )