Section 16.05 - Use of Brokers(1) Retirement system board members and employees shall not: (a) direct brokerage commissions for services, or(b) instruct its qualified investment manager or managers to direct brokerage commissions.(2) Selection of brokers shall be based on competitive criteria including best price and execution.(3) Commission rates shall be negotiated.(4) Board members shall review on an on-going basis all brokerage costs.(5) Board members shall review on an on-going basis the selection of brokers and use of "soft dollars" (arrangements under which products or services other than execution of securities transactions are obtained from or through a broker in exchange for the direction of brokerage transactions to the broker) by its qualified investment manager or managers.(6) Board members shall require the qualified investment manager or managers or brokers to disclose in writing to the board all commissions charged on all transactions and investments made.(7) Board members shall require the qualified investment manager or managers or brokers to disclose in writing to the board mark-ups and mark-downs on all trades where the broker acted as dealer/principal.(8) Notwithstanding the provisions of 840 CMR 16.00 boards may participate in so-called "commission recapture" programs provided that such participation is consistent with the board's fiduciary duty and other provisions of 840 CMR.