The issue of soft dollar reform is one that Fidelity and the SEC actually agree on. But regardless of what the SEC decides on the issue, Fidelity will likely move ahead with disclosure of soft dollars.

Fidelity "may not wait" for the SEC to act, said Eric Roiter, general counsel and vice president at Fidelity. He added that the firm was currently determining the best method of disclosure.

Roiter addressed the comments to an audience attending a Securities Industry Association conference in New York on Thursday. Roiter declined to comment after his speech.

If the SEC repealed section 28(e) of the Securities Exchange Act, Fidelity would fully support the measure if it resulted in "efficient unbundling," said Roiter. That outcome, however, is not guaranteed.

What would be preferable to Fido? Roiter described a scenario where disclosure, not overturning 28(e), leads to unbundling.

It could take one to two years of manager and brokers making estimates of research costs to reach efficient unbundling, said Roiter. 

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