RegAlert2004-09-10
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SEC no-action letter: Banco Santander Central Hispano, S.A.
The Commission grants Banco Santander Central Hispano, S.A. an exemption from Rules 101 and 102 of Regulation M to permit its affiliates to engage in market-making, derivatives hedging, investment management, insurance, and unsolicited brokerage activities in BSCH shares during the distribution of shares to Abbey National plc shareholders. The exemption allows these transactions to proceed in the ordinary course of business outside the United States, as well as specific unsolicited brokerage and investment management activities in Puerto Rico and the United States. The relief is conditioned on disclosure in the proxy statement, the maintenance of daily time-sequenced transaction records for two years, and the provision of such records to the Division of Market Regulation upon request within 30 days.
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September 10, 2004
Nicholas A. Kronfeld, Esq. Davis Polk & Wardwell 450 Lexington Avenue New York, New York 10017
Re: Banco Santander Central Hispano, S.A.
File No.: TP-04-70
Dear Mr. Kronfeld:
In your letter dated September 10, 2004, as supplemented by conversations with the staff, you request on behalf of Banco Santander Central Hispano, S.A., a bank organized under the laws of the Kingdom of Spain (“BSCH”), an exemption from Rules 101 and 102 of Regulation M under the Securities Exchange Act of 1934 (“Exchange Act”), in connection with BSCH’s acquisition of Abbey National plc, a bank organized under the laws of England and Wales (“Abbey National”). 1
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.