RegAlert2009-06-09
Added · Updated
SEC Division of Investment Management staff letter: Deutsche Bank Securities Inc.
Deutsche Bank Securities Inc. requests assurance that the SEC Staff will not recommend enforcement action if an investment adviser pays it cash fees for soliciting advisory clients, despite a Final Judgment disqualifying the firm under Rule 206(4)-3. The request stems from the firm's settlement regarding the sale of auction rate securities, which enjoined future violations and required remedial measures such as buybacks and reimbursements. To obtain this relief, Deutsche Bank Securities Inc. agrees to disclose the Final Judgment in writing to solicited persons at least 48 hours before contract execution or upon entry if a five-day termination right exists, for ten years following the judgment's entry.
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Morgan. Lewis & Bockius LLP
1111 Pennsy!vania Avenue, NW Morgan Lewis
Washington, DC 2D004 COUNSELORS AT LAW
Tei: 202.7393000 fax: 202.739.3001
V'lw.fv.morganlewis.com
W. John McGuire
202-739-5654
\Vjmcguire@rnorganlewis.com
June 9, 2009
FIRST CLASS MAIL AND EMAIL
Douglas J. Scheidt, Esq.
Associate Director and Chief Counsel
Division of Investment Management
Securities and Exchange Commission
I00 F Street, NE
Washington, DC 20549
Re: In the Matter of Auction Rate Securities Liquidity, Deutsche Bank Securities Inc. (File No. 801-9638); Securities and Exchange Commission v. Deutsche Bank Securities Inc. (S.D.N.Y. 2009) - Request for Relief under Rule 206(4)-3 under the Investment Advisers Act of 1940 Dear Mr. Scheidt:
We submit this letter on behalf of our client Deutsche Bank Securities Inc. (the "Settling Firm") in connection with a scttlement between the Settling Firm and the Securities and Exchange Commission (the "Commission") in the above referenced civil proceeding relating to the Settling Firm's sale of auction rate securities to its customers. The Settling Firm is registered with the Commission as a broker-dealer under Section IS of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as an investment adviser under Scction 203 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and currently engages in cash solicitation activities that are subject to Rule 206(4)-3 under the Advisers Act (the "Rule"). The Settling Firm is a wholly owned subsidiary of Deutsche Bank AG. Through its direct and indirect subsidiaries, Deutsche Bank AG offers banking, brokerage, advisory and other financial services to institutional and individual customers worldwide. The Settling Firm seeks the assurance of the staiT of the Division of Investment Management (the "Staff') that it would not recommend any enforcement action to the Commission under Seetion 206(4) of the Advisers Act, or the Rule, if an investment DB l!62978J05 4
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