RegAlert1994-10-18
Added · Updated
SEC Division of Investment Management staff letter: Philadelphia Stock Exchange, Inc.
The Division of Investment Management will not recommend enforcement action to the Commission against commodity trading advisers registered with the Commodity Futures Trading Commission for failing to register as investment advisers under the Investment Advisers Act of 1940 solely due to providing advice or exercising trading discretion regarding foreign currency options traded on the Philadelphia Stock Exchange. The Division also will not recommend enforcement action against commodity pools operated by commodity pool operators registered with the Commodity Futures Trading Commission, or their principals, for failing to register as investment companies under the Investment Company Act of 1940 solely due to investing in, holding, trading, or reinvesting in those Philadelphia Stock Exchange options. This relief applies only to entities already registered with the Commodity Futures Trading Commission and does not alter the legal status of these options as securities under federal securities laws.
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18 O~T 19
Our Ref. No. 94-560-CC
Philadelphia Stock
RESPONSE OF THE OFFICE OF CHIEF COUNSEL Exchange, Inc. DIVISION OF INVESTMNT MAAGEMENT File No. 132-3
Your letter of September 2, 1994 requests assurance that we
would not recommend enforcement action to the Commission if, as
more fully described in your letter, (1) certain commodity trading
advisers ("CTAs") provide investment advice with respect to foreign
currency options traded on the Philadelphia Stock Exchange (" PHLX
Options") without registering as investment advisers under the
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