RegAlert2023-05-11
Added · Updated
SEC Order Granting Waivers of Disqualification Provisions for Certain Broker-Dealer Practices
The Securities and Exchange Commission grants waivers from the disqualification provisions of Rules 262(a)(4)(ii), 506(d)(1)(iv)(B), 602(c)(3), and 503(a)(4)(ii) to HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. These waivers allow the firms to access exemptions from registration under Regulations A, D, E, and Crowdfunding despite Record-Keeping Orders that would otherwise trigger disqualification. The Commission determined good cause exists due to the firms' participation in the Broker-Dealer Off-Channel Communications Initiative and their compliance with settlement terms requiring a comprehensive review of supervisory and compliance policies. The order reserves the right to revoke or further condition the waivers if the firms fail to comply with the Record-Keeping Orders and explicitly states that this order shall not be relied upon by other entities seeking future waivers.
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UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 11182 / May 11, 2023
In the Matter of
Certain
Broker-Dealer
Practices,
Respondents.
ORDER UNDER RULES 262(b)(2),
506(d)(2)(ii), AND 602(e) OF THE
SECURITIES ACT OF 1933 AND RULE
503(b)(2) OF REGULATION
CROWDFUNDING GRANTING
WAIVERS OF THE DISQUALIFICATION
PROVISIONS OF RULES 262(a)(4),
506(d)(1)(iv), AND 602(c)(3) OF THE
SECURITIES ACT OF 1933 AND RULE
503(a)(4)(ii) OF REGULATION
CROWDFUNDING
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