RegAlert2001-02-07
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SEC Division of Investment Management staff letter: Prudential Securities Inc.
The Division of Investment Management states it will not recommend enforcement action under Section 206(4) of the Investment Advisers Act and Rule 206(4)-3 if registered investment advisers pay cash solicitation fees to Prudential Securities Incorporated (PSI) or its associated persons, despite a prior administrative order disqualifying PSI. This relief applies specifically to the Order entered against PSI regarding a civil penalty of $800,000 and does not extend to other potential disqualifications. PSI must comply with Rule 206(4)-3, ensure advisers describe the arrangement in Form ADV Part II Item 13, and discuss the Order in its disclosure documents for ten years from the Order's entry. This letter was withdrawn effective November 4, 2022.
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Effective November 4, 2022, This Letter is Withdrawn. Please consult the following web page for more information: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements .
Prudential Securities Inc.
February 7, 2001
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
Our Ref. No. 2001221137 Prudential Securities Incorporated ________ File No. 8-27154
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 Prudential Securities Incorporated, a registered broker-dealer ("PSI"), or any of its associated persons, a cash fee, directly or indirectly, for the solicitation of advisory clients in accordance with Rule 206(4)-3, 1 notwithstanding a Commission administrative order (the "Order") that otherwise would preclude such an investment adviser from paying PSI a solicitation fee. 2
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