RegAlert2003-10-31
Added · Updated
SEC Division of Investment Management staff letter: UBS Securities LLC (f/k/a UBS Warburg LLC)
The SEC 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 UBS Securities LLC 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 that would otherwise preclude such payments. UBS Securities must comply with the Final Judgment, including the payment of disgorgement, penalties, and fines, and must disclose the Final Judgment in writing to each solicited person not less than 48 hours before contract entry or at the time of entry if the contract allows for penalty-free termination within 5 business days. This relief applies only to the Final Judgment and any related State Judgment, and not to other bases for disqualification under Rule 206(4)-3.
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Effective November 4, 2022, This Letter is Withdrawn. Please consult the following web page for more information: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements .
UBS Securities LLC (f/k/a UBS Warburg LLC)
October 31, 2003
RESPONSE OF THE OFFICE OF CHIEF COUNSEL
IM Ref. No. 2003428910 UBS Securities LLC
DIVISION OF INVESTMENT MANAGEMENT
File No. 8-22651
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 UBS Securities LLC f/k/a UBS Warburg LLC ("UBS Securities"), a registered broker-dealer, or any of UBS Securities' 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 UBS Securities a solicitation fee. 2
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