SEC Division of Trading and Markets no-action letter: Nomura Securities International Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

DIVISION OF
TRADING AND MARKETS
December 10, 2012
Grace B. Vogel
Executive Vice President, Member Regulation
Financial Industry Regulatory Authority
173 5 K Street NW
Washington, DC 20006
Re: Temporary No Action Relief from Rule 1 Ob-1 0 through FINRA for Nomura Securities International Inc. in the Aftermath ofHurricane Sandy Dear Ms. Vogel, I am writing to confirm staff no-action relief provided through you to Nomura Securities International Inc. (Nomura) in response to correspondence from you on November 2, 2012, as supplemented by conversations with the staff ofthe Division ofTrading and Markets. In your correspondence, you communicated a request from Nomura for temporary relief from the timeliness requirements for trade confirmation delivery pursuant to Rule 1 Ob-1 0 under the Securities Exchange Act of 1934. Exchange Act Rule 1 Ob-1 0 requires the delivery of a transaction confirmation to a customer at or before the completion of a securities transaction. While Nomura conducted operations in the days following the storm, it represented to you that it was unable to deliver completed transaction confirmations within the time required under Exchange Act Rule 1 Ob-1 0 because, in the aftermath ofHurricane Sandy, it was unable to access the necessary disclosure information for transaction confirmations until November 5, 2012. On the basis ofthis unique set offacts and the extraordinary nature ofthe impact of Hurricane Sandy, the Division staff agreed that we will not recommend enforcement action to the Securities and Exchange Commission for Nomura's inability to comply with the timeliness requirements under Exchange Act Rule 10b-10 from November 2, 2012 until November 5, 2012. Sincerely, ~ Attorney-Adviser cc: Mr. Joseph Furey