RegAlert2003-10-31
Added · Updated
SEC Division of Investment Management staff letter: Morgan Stanley & Company
The Division of Investment Management 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 Morgan Stanley & Co. Incorporated, 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. This relief applies provided Morgan Stanley complies with the Final Judgment, including paying $50 million for past conduct and $75 million for future independent research procurement, and discloses the judgment in writing to solicited persons within 48 hours before contract entry or at entry if a 5-business-day termination right exists. This position is limited to the Final Judgment and related State Judgments, excluding other potential disqualifications under Rule 206(4)-3. The letter was effective November 4, 2022, and is subsequently withdrawn.
SEC published 7 documents in the last 30 days — get each new one by email the day it lands.
Home | Previous Page
Effective November 4, 2022, This Letter is Withdrawn. Please consult the following web page for more information: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements .
Morgan Stanley & Company
October 31, 2003
RESPONSE OF THE OFFICE OF CHIEF COUNSEL
IM Ref. No. 2003428859 Morgan Stanley & Co. Inc.
DIVISION OF INVESTMENT MANAGEMENT
File No. 8-15869
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 Morgan Stanley & Co. Incorporated ("Morgan Stanley"), a registered broker-dealer and investment adviser, or any of Morgan Stanley'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 Morgan Stanley a solicitation fee. 2
Read the rest free, and get an email when SEC publishes again
Lineage: In force
Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from SEC
SEC published 7 documents in the last 30 days. We email you each new one the day it's published.