RegAlert1997-07-21
Added · Updated
SEC Division of Investment Management staff letter: MLC Limited
The SEC Division of Investment Management outlines federal recordkeeping requirements for investment advisers under Rule 204-2 of the Investment Advisers Act of 1940. Advisers must maintain originals of written communications of recommendations, copies of communications circulated to ten or more persons, and memoranda of orders showing the identity of the recommending person. Failure to comply may result in enforcement actions, sanctions such as censure or registration revocation, and monetary penalties, while maintaining records may protect advisers from claims of breaching their fiduciary duty.
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If t Ii tT
UNITED STATES wd
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SECURITIES AND EXCHANGE COMMISSIcl :204- 2 WASHINGTON. D.C. 20549 PUO DIVISION OF AV,lAltL l/ZI/9l INVESTMENT MANAGEMENT July 21, 1997
Via Facsimile and Air Mail
Mr. John Fox
General Counsel
MLC Limi ted
105 - 153 Miller Street
North Sydney NSW 2060
Aus tral ia
Dear Mr. Fox:
In your l,etter dated June 18, 1997, you request informtion regarding (i) the requirements in our jurisdiction for keeping
records of advice provided by an investment adviser to its
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