Each securities transaction or brokerage agreement carried out for a governmental investor pursuant to a soft dollar and directed brokerage arrangement, as defined in subdivision (b) of Section 6930, shall be executed at the lowest responsible transaction cost available.

(Added by Stats. 1990, Ch. 709, Sec. 1.)

Terms Used In California Government Code 6931

  • Governmental investor: means the Treasurer, the Teachers' Retirement Board, and the Board of Administration of the Public Employees' Retirement System. See California Government Code 6930
  • Responsible: 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. See California Government Code 6930
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
  • Transaction cost: means the overall cost of the transaction, including, but not limited to, commissions, services, and the price of the securities. See California Government Code 6930
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