RegAlert2005-06-10
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SEC no-action letter: William Blair & Company L.L.C. exemption from Rule 10b-10
William Blair & Company L.L.C. is granted an exemption from the trade-by-trade confirmation delivery requirements of Rule 10b-10(a) for discretionary clients who elect to receive periodic statements. These clients must provide written or electronic consent to receive monthly statements containing all information required by Rule 10b-10, while retaining the right to request trade-by-trade confirmations at no additional cost. The exemption applies to accounts where William Blair & Company L.L.C. exercises investment discretion, subject to conditions including the generation of confirmations for custodians and the retention of records under Exchange Act Rules 17a-3 and 17a-4.
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June 10, 2005
Steven W. Stone, Esq. Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004
Re: William Blair & Company - Request for Exemption from Rule 10b-10
Dear Mr. Stone: Based on the facts and representations set forth in your letter of June 1, 2005, we find that it is appropriate in the public interest and consistent with the protection of investors to grant, and hereby grant, William Blair & Company L.L.C. ("WB&Co.") an exemption, pursuant to Rule 10-10(f) under the Securities Exchange Act of 1934 ("Exchange Act"), from the trade-by-trade confirmation delivery requirements of Rule 10b-10(a). In lieu of trade-by-trade confirmations, WB&Co. will send those WB&Co. clients that have granted WB&Co. investment discretion over their accounts ("Discretionary Clients"), and who have requested them, periodic statements that contain all of the information required by Rule 10b-10 for transactions in securities, including options, effected by WB&Co. in their accounts during the applicable period. 1
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