RegAlert2005-02-11
Added · Updated
SEC Division of Trading and Markets no-action letter: New York Stock Exchange, Inc.
The New York Stock Exchange requests assurance that the SEC Staff will not recommend enforcement action if the Exchange omits Rule 19b-1 notices for associated person entities and natural persons subject to statutory disqualifications arising from findings by foreign financial regulatory authorities, provided the related sanctions are no longer in effect. For associated person entities, relief applies regardless of their control relationship with the member-organization, while for natural persons, the exemption requires that they do not conduct or intend to conduct securities business directed toward persons in the United States or U.S. citizens resident abroad. The request covers related entities in process as of the letter's date and relies on statutory disqualifications defined by Sections 15(b)(4)(G)(ii) or (iii) of the Securities Exchange Act of 1934.
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New York, NY 10005
NYSE
February 1 1,2005
Catherine McGuire, Esq.
Chief Counsel
Division of Market Regulation
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Re: Foreign Statutory Disqualification lssues
Dear Ms. McGuire:
The New York Stock Exchange, Inc. ("NYSE'';) is seeking assurances fiom the st* of the Division of Market Regulation ("Staff7) of I he Securities and Exchange Commission ("Commission") that the St& will not recomml .nd enforcement action to the Commission if the NYSE does nut file a notice ,;vith the Commission of proposed admission or continuance pursuam to Rule 19h- 1 (a) ("Rule 19h-1 notice7') under the Securities Exchange Act of 1934 ("Act"), notw iihstanding a statutory disqualification (as defined in Section 3(a)(39) of the Act) consistilx; of a finding by a foreign financial regulatory authority specified in Sections 15(b)1 4)(G)(ii) or (iii) of the Act. From time to time, as a result of actions taken b ,; foreign financial regulatory authorities, associated person entities (i.e.. not natural persc' (IS) of NY SE member-organizations become subject to a statutory disqualification LII ider Section 3(a)(39)'s incorporation of Sections 15(b)(4)(G)(ii) and (iii). The respecti!. r;: associated person entities do not control, nor are they controlled by, the NY SE ITI r.-mber-organization, but instead are associated with the member-organizations throi~ gh a commonly controlling parent organization (such associated person entities, "1 :.elated Entities"). As you know, a RuIe 19h-1 notice is not requirl: ri under Rule T9h-T (a)(3)(iii)(B) if the statutory disqualification consists of a finding b + the Commission or a self-regulatory organization of a wilifuI violation "and the sanc [ion for such violation is no longer in effect." We believe that similar relief fiom the ;Lute 19h-1 (a) notice requirement is appropriate where a Related Entity's statutory d rsqualification consists of a finding by a
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