RegAlert2016-12-12
Added · Updated
SEC Division of Trading and Markets no-action letter: Securities Industry and Financial Markets Association
The Division of Trading and Markets extends the effectiveness of its no-action position until the earlier of the date an anti-money laundering program rule for investment advisers becomes effective or two years from the letter's date. This relief allows broker-dealers to treat registered investment advisers as if they were subject to such a rule for purposes of the Customer Identification Program Rule and the Beneficial Ownership Requirements for Legal Entity Customers. Broker-dealers must ensure their reliance is reasonable, the adviser is registered with the Commission, and a contract is in place requiring the adviser to maintain an anti-money laundering program, perform identification procedures, disclose suspicious activity, provide annual certification, and make books and records available upon request.
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DIVISION OF
TRADING AND MARKETS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Ms. Aseel M. Rabie
Managing Director and Associate General Counsel Securities Industry and Financial Markets Association 1101 New York Avenue, NW, 8~' Floor Washington, DC 20005 Re: Request for No-Action Relief Under Broker-Dealer Customer Identification Program Rule (31 C.F.R. § 1023.220) and Beneficial Ownership Requirements for Legal Entity Customers (31 C.F.R. § 1010.230) Dear Ms. Rabie:
In your letter dated December 9, 2016, you request assurances that the staff of the Division of Trading and Markets will not recommend enforcement action to the Securities and Exchange Commission under Rule 17a-8 under the Securities Exchange Act of 1934 ("Exchange Act") if abroker-dealer relies on a registered investment adviser to perform some or all of its obligations under the customer identification program ("CIP") rule, 31 C.F.R. § 1023.220 ("CIP Rule"), and/or the portion of the customer due diligence rule regarding beneficial ownership requirements for legal entity customers, 31 C.F.R. § 1010.230 ("Beneficial Ownership Requirements"), subject to certain enumerated conditions set forth in your incoming letter. Specifically, you request that the Division extend the effectiveness of a no-action position that it took in 2015, which is substantially similar to previous no-action positions first taken by the Division in 2004, and apply the principles underlying that position to the Beneficial Ownership Requirements.l ` See Letter from Annette L. Nazareth, Director, Division of Market Regulation, Securities and Exchange Commission, to Alan Sorcher, Securities Industry Association, dated February 12, 2004 (the "2004 Letter"); Letter from Annette L. Nazareth, Director, Division of Market Regulation, Securities and Exchange Commission, to Alan Sorcher, Securities Industry Association, dated February 10, 2005; Letter from Robert L.D. Colby, Acting Director, Division of Market Regulation, Securities and Exchange Commission, to Alan Sorcher, Securities Industry Association, dated July 11, 2006; Letter from Erik Sini, Director, Division of Trading and Markets, Securities and Exchange Commission, to Alan Sorcher, Securities Industry and Financial Markets Association, dated January 12, 2008; Letter from Daniel M.
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.