RegAlert2014-04-14
Added · Updated
SEC No-Action Letter Regarding Rule 15a-6 Exemptions for U.S.-Affiliated Foreign Dealers
The SEC staff will not recommend enforcement action against nine specified U.S. registered broker-dealers or their affiliated foreign dealers for engaging in certain securities activities without registering under Section 15 of the Exchange Act, provided they rely on Rule 15a-6. The relief permits transactions with entities owning or controlling over $1 million in related financial assets, allows direct transfer of funds and securities between U.S. investors and foreign dealers during clearance and settlement, and waives chaperoning requirements for foreign associated persons communicating with U.S. institutional investors outside NYSE trading hours or visiting the U.S. for no more than 30 days annually. Additionally, the staff clarifies that providing U.S. investors access to screen-based quotation systems input directly by foreign broker-dealers does not constitute an impermissible contact, provided transactions are intermediated in accordance with Rule 15a-6.
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.~ T` ~J SEGURiTiES AND EXCHANGE COMMlSSI~N 1~ !, .
~t~ .~ ~ WASHINGTQN. D.C. 2Q549
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.ET REGULATION ~ h
April 9, 1997
Giovanni P. Prezioso, Esq.
Geary, Gottlieb, Steen &Hamilton
1752 N Street, N.'~.
Washington, D.C. 2 36-2806
Re: Securities Activities of U. S . -Affiliated Foreign Dealers Dear Mr. Prezioso:
4
This letter responds to your letter dated March 24, 1997, on behalf of nine U.S. registered broker-dealers (the "Firms")~ in which you request assurances that the staff will not recommend enforcement action to the commission against any of the Firms or any foreign broker or dealer affiliated with any of the Firms (a "U. S . -Affiliated Foreign Dealer" ) if any of the U. S . -Affiliated Foreign Dealers engages in the securities activities described in your letter without registering as a "broker" or "dealer" under Section 15 of the Securities Exchange Act of 1934 ("Exchange Act"} ~n reliance on the exemption from broker-dealer registration in Exchange Act Rule 15a-6. As you note in your letter, in the years since the Commission adopted Rule 15a-6, internationalization of the securities markets has continued to accelerate. one result is that U. S . ~ and foreign securities firms compete with one another to offer a wide range of financial products and services to their customers . In addition, institutional investors have to.ken a global approach in formulating their investment strategies. Moreover, the expanded use of ~ The Firms are Bear Stearns & Co. Inc.; Credit Suisse First Boston Corporation; CSFP Capital, Inc. ; Goldman, Sachs & Co. ; Lehman Brothers Inc. ; Men~i.11 Lynch, Pierce, Fenner & Smith, Incorporated; Morgan Stanley & Co. Inc~rpoirated; Salomon Brothers Inc; and Smith Barney inc.
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.