RegAlert2003-08-14
Added · Updated
SEC Division of Trading and Markets no-action letter: Goldman, Sachs & Co.
The Commission grants Goldman, Sachs & Co. and its affiliated broker-dealers an exemption from the trade-by-trade confirmation delivery requirements of Rule 10b-10(a) under the Securities Exchange Act of 1934. This relief permits the firm to send periodic statements, issued not less often than monthly, to Discretionary Clients who have granted investment discretion and requested such statements in lieu of individual trade confirmations. The firm must obtain written or electronic consent for this arrangement, continue to generate and retain trade-by-trade confirmations for regulatory records and third-party custodians, and provide access to transaction information on its website by October 1, 2010.
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August 14, 2003
Steve W. Stone, Esq. Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004
Re: Goldman, Sachs & Co. - Request for Exemption from Rule 10b-10
Dear Mr. Stone:
Based on the facts and representations set forth in your letter of August 12, 2003, the Commission grants Goldman, Sachs & Co. and its affiliated broker-dealers (collectively "GS&Co.") an exemption, pursuant to Rule 10-10(f) under the Securities Exchange Act of 1934 ("Exchange Act"), from the trade-by-trade confirmation delivery requirements of Rule 10b-10(a) so that GS&Co. may send those GS&Co. clients that have granted GS&Co. investment discretion over their accounts ("Discretionary Clients") and who have requested them, periodic statements not less often than monthly, in lieu of trade-by-trade confirmations, that contain all of the information required by Rule 10b-10 for transactions in securities, including options, effected by GS&Co. in their accounts during the applicable period.
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