SEC Division of Corporation Finance no-action letter: J.P. Morgan Securities Inc.

The SEC staff agrees not to recommend enforcement action against J.P. Morgan Securities Inc. and its affiliates regarding disqualifications from exemptions under Regulation A and Rule 505 of Regulation D. This relief is granted in connection with the entry of a Final Judgment enjoining the firm from violating specific securities rules, which would otherwise trigger automatic disqualification provisions. The waiver allows the firm to participate in offerings exempt under these regulations despite the injunction.

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I
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON. D.C. 20549
DIVISIONOF
C~RPORATIONCINANCK
October 8,2003
Dear Mr.Ichel:
This is in response to your letter dated October 8, 2003, written on behalf of J.P. Morgan Secuyitigs lac. (the "Firm") and ,c~nstituting an applic$ioq,for rel&&q(le~fMeII, 262 of Regulation A and Rule 505(b)(2)(iii)(C) of Regulation D under the Securities Act ' of 1933. You requested relief from disqualifications from exemptions available under Regulation A and Rule 505 of Regulation D that arise by virtue of the entry today of the injunction included in the Final Judgment in Securities and Exchange Commission v. J P. Morgan Securities Inc. (D. D.C.) (the "Final Judgment"). Sincerely, gePB.d+ Gerald J. Laporte

Chief, 0ffce of Small Business Policy

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