RegAlert2003-10-31
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SEC Division of Investment Management staff letter: Bear, Stearns & Co. Inc.
The staff will not recommend enforcement action under Section 206(4) of the Investment Advisers Act and Rule 206(4)-3 if a registered investment adviser pays Bear, Stearns & Co. Inc. (BS&Co.) or its associated persons a cash fee for soliciting advisory clients, despite a Final Judgment from the United States District Court for the Southern District of New York that would otherwise preclude such payments. This relief applies only to the Final Judgment and any related State Judgment, requiring BS&Co. to comply with the judgment terms and disclose it in writing to solicited persons for ten years. The disclosure must occur at least 48 hours before contract entry or at the time of entry if the person has a five-day penalty-free termination right.
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Effective November 4, 2022, This Letter is Withdrawn. Please consult the following web page for more information: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements .
Bear, Stearns & Company Inc.
October 31, 2003
RESPONSE OF THE OFFICE OF CHIEF COUNSEL
IM Ref. No. 2003428851 Bear, Stearns & Co. Inc.
DIVISION OF INVESTMENT MANAGEMENT
File No. 801-03702
We would not recommend enforcement action to the Commission under Section 206(4) of the Investment Advisers Act of 1940 ("Advisers Act") and Rule 206(4)-3 thereunder if any investment adviser that is required to be registered pursuant to Section 203 of the Advisers Act pays to Bear, Stearns & Co. Inc. ("BS&Co."), a registered broker-dealer and investment adviser, or any of BS&Co.'s associated persons, as defined in Section 202(a)(17) of the Advisers Act, a cash fee, directly or indirectly, for the solicitation of advisory clients in accordance with Rule 206(4)-3, 1 notwithstanding a judgment of injunction from the United States District Court for the Southern District of New York (the "Final Judgment") that otherwise would preclude such an investment adviser from paying BS&Co. a solicitation fee. 2
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