15a 6 Investopedia Forex

Häufig gestellte Fragen zu Regel 15a-6 und Foreign Broker-Dealers Abteilung für Handel und Märkte: 21. März 2013 (Aktualisiert 14. April 2014) Die folgenden Antworten auf häufig gestellte Fragen wurden erstellt und stellen die Ansichten der Mitarbeiter der SECrsquos dar Abteilung für Handel und Märkte (ldquostaffrdquo). Es handelt sich nicht um Regeln, Vorschriften oder Erklärungen der SEC, und sie haben nicht die Zustimmung oder Ablehnung der SEC. Das Personal kann diese Fragen und Antworten regelmäßig aktualisieren. Bei jeder Aktualisierung werden die Fragen nach der Veröffentlichung der letzten Version mit MODIFIED oder NEW nach der Antwort markiert. Für weitere Informationen wenden Sie sich bitte an: David W. Blass, Chief Counsel, (202) 551-5165, Paula R. Jenson, stellvertretender Chief Counsel, bei (202) 551-5554, Joseph Furey, Assistant Chief Counsel, (202) 551 -5760 oder Andrew R. Bernstein, Niederlassungsleiter, bei (202) 551-5565, Büro des Chief Counsel (im Hinblick auf die Anforderungen von Broker-Händlern) Michael A. Macchiaroli, Associate Director, unter (202) 551-5525, Thomas K. McGowan, stellvertretender Geschäftsführer, bei (202) 551-5521, Mark M. Attar, Niederlassungsleiter, bei (202) 551-5889 oder Carrie A. OrsquoBrien, Special Counsel, unter (202) 551-5640, Office of Financial Responsibility (im Hinblick auf die Anforderungen an die finanzielle Verantwortung), Abteilung für Handel und Märkte, Securities and Exchange Commission, 100 F Street, NE Washington, DC 20549. Hintergrund Die Regel 15a-6 des US-amerikanischen Börsengesetzes von 1934 sieht eine bedingte Freistellung von Broker-Dealer-Registrierungen für ausländische Broker-Händler vor, die bestimmte Aktivitäten unter Beteiligung von US-Investoren tätigen. Diese Tätigkeiten umfassen: Durchführung von unaufgeforderten Wertpapiergeschäften Bereitstellung von Forschungsberichten an bedeutende institutionelle Anleger in den USA und Durchführung von Transaktionen in den betreffenden Wertpapieren mit oder für jene Investoren Soliciting und Durchführung von Transaktionen mit oder für US-institutionelle Anleger oder bedeutende US-institutionelle Anleger durch einen ldquochaperoning Broker-dealerrdquo 2 und die Erhebung und Durchführung von Geschäften mit oder für registrierte Maklerhändler, Banken 3, die in einer Makler - oder Händlerkapazität tätig sind, bestimmte internationale Organisationen, ausländische Personen, die vorübergehend in den USUS-Bürgern im Ausland ansässig sind, sowie ausländischen Zweigstellen und Agenturen von US-Personen. 4 Bei der Annahme von Regel 15a-6 forderte die SEC ldquoto den Zugang zu ausländischen Märkten durch US-institutionelle Investoren durch ausländische Broker-Händler und die Forschung, die sie bieten, im Einklang mit der Aufrechterhaltung der Garantien, die durch Broker-Händler Registrierung, rdquo und ldquoto gewährt werden, klar Anleitung für ausländische Maklerhändler, die in Übereinstimmung mit den US-amerikanischen Broker-Dealer-Registrierungsanforderungen tätig werden wollen. rdquo 5 Seit dieser Zeit hat das Personal Leitlinien für den Betrieb von Regel 15a-6 in verschiedenen Nicht-Briefen gegeben. Zum Beispiel, in einem 1996 Schreiben an Berater für sieben registrierte Broker-Händler, Mitarbeiter darauf hingewiesen, dass sie nicht empfehlen, Durchsetzung Maßnahmen an die SEC, wenn ein ausländischer Broker-Händler mit einer der Unternehmen in dem Brief (jeweils ein ldquoU angegliedert. S. Affiliated Foreign Broker-Dealerrdquo) Transaktionen mit ausländischen Wertpapieren (wie darin definiert) mit einem US-Resident-Treuhänder (wie hier definiert) für Offshore-Kunden (wie hierin definiert) ohne den US-verbundenen Foreign Broker-Dealer entweder bei der SEC oder Durchführung der Geschäfte gemäß Regel 15a-6. 6 Im folgenden Jahr informierte das Personal neun registrierte Broker-Händler (einschließlich aller Firmen, die an dem Sieben Firmenbrief teilnahmen), dass sie der SEC keine Vollstreckungsmaßnahmen empfehlen würden, wenn ein US-Partner ausländischer Broker-Dealer (modifiziert, um zu reflektieren Die Zusendung von zwei weiteren Unternehmen, die an dem Schreiben beteiligt sind), die in bestimmten Tätigkeiten tätig sind, ohne dass der US Affiliated Foreign Broker-Dealer entweder bei der SEC als Broker-Dealer registriert ist oder die Transaktionen gemäß Regel 15a-6 bewirkt. 7 Unter anderem die Nine Firms Brief: Gegründet eine erweiterte Interpretation der Definition von ldquomajor US institutionellen investorrdquo auf ldquoany Entity, einschließlich jeder Anlageberater (ob oder nicht registriert unter dem Investment Advisers Act), die besitzt oder kontrolliert (oder, Im Falle eines Anlageberaters, unter Verwaltung) über 100 Millionen an aggregierten finanziellen Vermögenswerten, rdquo vorbehaltlich bestimmter Beschränkungen, die in dem Schreiben gestattet sind Ein ausländischer Broker-Dealer oder sein Bevollmächtigter unter Bezugnahme auf Regel 15a-6 ( A) (3) Geld - oder Wertpapiere direkt an einen institutionellen Anleger oder seinen Bevollmächtigten des Vereinigten Königreichs zu übertragen, solange: (i) die Transaktionen ausländische Wertpapiere (im Sinne des Seven Firms Letter) oder US-Staatsanleihen (ii) (Iii) der ausländische Börsenhändler nicht als Depotbank der Fonds oder Wertpapiere des US-Investors und (iv) des ausländischen Brokers fungiert. (Iii) Der Broker-Händler ist bereit, dem chaperoning Broker-Dealer alle Clearing - und Settlement-Informationen zu diesen Transfers zur Verfügung zu stellen - Dealer nicht an einer Gegenpartei auf einer materiellen Finanzmarkttransaktion und zulässigen ausländischen assoziierten Personen eines ausländischen Brokers beteiligt ist, ohne die Beteiligung einer assoziierten Person eines chaperonierenden Broker-Dealers, (i) mündliche Mitteilungen von außerhalb der Börse zu tätigen US-amerikanischen institutionellen Anlegern (die nicht als bedeutende institutionelle Anleger in den Vereinigten Staaten qualifizieren), wo solche Kommunikationen außerhalb der Handelszeiten der New York Stock Exchange stattfinden, solange die ausländischen assoziierten Personen keine Aufträge akzeptieren, um andere Transaktionen zu tätigen Unter Einbeziehung von ausländischen Wertpapieren, und (ii) persönliche Kontakte bei Besuchen in den USA mit großen institutionellen Investoren in den USA (sofern diese Definition in dem Schreiben erweitert wurde), solange die Anzahl der Tage, an denen solche persönlichen Kontakte stattfinden, erfolgt Nicht mehr als 30 pro Jahr betragen und die ausländischen assoziierten Personen, die in solchen Kontaktpersonen tätig sind, keine Aufträge zur Durchführung von Wertpapiergeschäften akzeptieren, während sie in den USA tätig sind. 8 Darüber hinaus hat das Personal Antworten auf bestimmte häufig gestellte Fragen zur Anwendung der Verordnung AC auf die Forschungsaktivitäten von Ausländische Broker-Händler, einschließlich ausländischer Broker-Händler, die sich auf die Freistellung von US-Broker-Händler-Registrierung in Regel 15a-6 (a) (2) verlassen. 9 Ungeachtet dieser bestehenden Leitlinien haben die Marktteilnehmer die Mitarbeiter aufgefordert, zusätzliche Leitlinien für das Funktionieren der Regelung vorzusehen. Einige der häufig gestellten Fragen werden im Folgenden besprochen. Antworten auf häufig gestellte Fragen Frage 1: Für die Zwecke der Regel 15a-6 (a) (4) (iii) wäre eine ausländische Person als ldquotemporiell in den Vereinigten Staaten zu betrachten, wenn die Person für einen begrenzten Zeitraum in den USA ist Von Zeit für Beschäftigung, Bildung oder ähnlichen Zwecken und bekräftigt, dass er oder sie die bestehende Beziehung, die mit dem ausländischen Makler-Händler vor dem Eintritt in die USA hergestellt worden war, beibehalten möchte. Antwort: Die Feststellung, ob eine ausländische Person vorübergehend anwesend ist In den Vereinigten Staaten wird letztlich auf die spezifischen Fakten und Umstände der einzelnen Situation ab. Jedoch stellte die SEC in der Regel 15a-6 Adopting Release fest, dass eine ausländische Person, die nach dem anwendbaren Recht nicht anderweitig als in den USA ansässig angesehen wird, in diesem Land für die Zwecke der Regel 15a-6 Buchstabe a) 4) (iii). 11 Das Personal ist der Auffassung, dass die SEC bei der Verabschiedung von Regel 15a-6 (a) (4) (iii) einem ausländischen Broker-Dealer ohne Registrierung bei der SEC erlauben würde, Geschäfte mit einer ausländischen Person in den USA zu tätigen Mit dem der ausländische Broker-Händler eine echte, vorbestehende Beziehung hatte, bevor die ausländische Person in die USA kam, solange diese Person: (1) kein US-Bürger ist und (2) kein rechtmäßiger ständiger Wohnsitz in den USA ist (Dh ein ldquoGreen Card holderrdquo). Frage 2: Könnte ein ausländischer Broker-Dealer, der von einem ausländischen Emittenten für die Verwaltung eines globalen Mitarbeiteroptionsplans (ldquoESOPrdquo) ausgewählt wurde, auf Regel 15a-6 (a) (1) verweisen, um die Kommunikation im Zusammenhang mit dem ESOP zu übermitteln und Transaktionen zu tätigen Ausländische Emittenten, US-Angestellte des ausländischen Emittenten oder seine US-Tochtergesellschaft Antwort: Ein ausländischer Broker-Händler, der einen ESOP oder einen anderen Plan verwaltet, der ein ldquoemployee benefit planrdquo gemäß 17 CFR ist Sektion 230.405, die nach ausländischem Recht für einen ausländischen Aussteller, der außerhalb der USA organisiert ist und dessen Hauptniederlassung und Geschäftssitz außerhalb der USA liegt, gegründet und verwaltet wird, nicht allein aufgrund dieser Tätigkeit Haben die US-Angestellten oder die US-Tochtergesellschaft angefragt, sofern der ausländische Broker-Dealer: ausschließlich mit Führungskräften und Arbeitnehmervertretern des ausländischen Emittenten (sofern diese nicht in den USA ansässig sind) bei der Verwaltung des Plans und seiner Aktivitäten tätig sind In Bezug auf US-Personen auf folgende Tätigkeiten: (i) Erleichterung der Übertragung der ausländischen Emittenten an eine US-Person, die vom ausländischen Emittenten oder ihrer US-Tochtergesellschaft beschäftigt ist; (ii) Senden von erforderlichen Plandokumenten, Kontoauszügen, Bestätigungen, (Iii) Verkauf, Übertragung oder anderweitige Veräußerung der ausländischen Emittenten, jeweils so lange, wie sich die in den Ziffern i bis ii beschriebenen Tätigkeiten ausschließlich auf ausländische Anleihen beziehen Wertpapiere, die von US-Personen gemäss dem geltenden Personalvorsorgeplan erworben wurden. Im Allgemeinen ist das Personal der Auffassung, dass US-Arbeitnehmer nicht daran gehindert werden sollten, an einem Arbeitnehmer-Vorsorgeplan teilzunehmen, bei dem der Arbeitgeber ein ausländischer Emittent oder eine US-Tochtergesellschaft eines ausländischen Emittenten ist. Unter solchen Umständen würde das Personal im Allgemeinen einen ausländischen Broker-Händler, der den Plan plant, eine laufende Wertpapier-Geschäftsbeziehung in erster Linie mit dem ausländischen Emittenten zu haben, in Betracht ziehen, und jede Aufforderung durch den ausländischen Broker-Händler unter normalen Umständen würde an den ausländischen Emittenten gerichtet sein, Anstatt die Angestellten, die in den USA anwesend sind. Das Personal würde dieses Verhalten nicht in Betracht ziehen, um die Aufforderung einer US-Person einzubeziehen, auch wenn der ausländische Broker-Dealer den ausländischen Emittenten aktiv als Teil seiner Bemühungen um einen Planverwalter, Solange die ausländischen Broker-dealerrsquos aktive Aufforderung wird vollständig außerhalb der USA durchgeführt und bezieht nicht Mitarbeiter der Gesellschaft, die innerhalb der US befinden. Im Gegensatz dazu würde das Personal wahrscheinlich einen ausländischen Broker-Händler, die über die Umstände, Diese FAQ als eine US-Person angefordert. Wie die SEC bei der Annahme von Regel 15a-6 erklärte, könnte die absichtliche Übermittlung von Informationen, Meinungen oder Empfehlungen an Investoren in den Vereinigten Staaten, sei es an Einzelpersonen oder Gruppen, zu dem Schluss führen, dass der ausländische Broker-Dealer diese Investoren angefordert hat Schließlich kann, soweit der ausländische Vermittler nicht in der Lage ist, sich auf die Regel 15a-6 (a) (1) zu diesem Zweck zu verlassen, es nicht ausgeschlossen werden, auf eine andere anwendbare Freistellung von der Registrierung von Maklern, Wie z. B. Regel 15a-6 (a) (4) (iii), die es den ausländischen Maklern ermöglicht, Geschäfte mit einer in den USA vorübergehend ansässigen ausländischen Person zu tätigen, mit der der ausländische Makler-Händler eine echte und bestehende Beziehung hatte Bevor die ausländische Person in die USA eingetreten ist. 13 Frage 2.1: Wäre die Antwort auf Frage 2 unterschiedlich, wenn US-Personen, die an einem ausländischen Emittenten von Arbeitnehmerinnen und Arbeitnehmern teilnehmen, ihre Anteile an den ausländischen Emittenten im Rahmen einer gesponserten American Depositary Receipt LdquoADRrdquo) Programm Antwort: Nr. Personal erkennt an, dass viele Unternehmen ADRs verwenden, um Kapital zu erwerben oder eine Handelspräsenz in den USA für eine Vielzahl von rechtlichen oder operativen Gründen zu etablieren. Wie in der Antwort auf Frage 2 erläutert, ist das Personal in der Regel der Auffassung, dass US-Arbeitnehmer nicht daran gehindert werden sollten, an einem Arbeitnehmer-Vorsorgeplan teilzunehmen, wenn der Arbeitgeber ein ausländischer Emittent oder eine US-Tochtergesellschaft eines ausländischen Emittenten ist. Dementsprechend glaubt das Personal, dass ein ausländischer Broker-Dealer, der einen ausländischen Emittenten für Arbeitnehmer in Anspruch nimmt, gemäß den Beschränkungen, die in der Antwort auf Frage 2 dargelegt wurden, nicht davon ausgegangen wird, dass er eine US-Person in dem Ausmaß angefordert habe, in dem Auslagen oder Transfers des Auslandes erfolgen Issuerrsquos Wertpapiere wurden im Rahmen eines geförderten ADR-Programms, im Gegensatz zu direkt in Aktien der Emittentrsquos-Wertpapiere gemacht. 14 Frage 2.2: Zusätzlich zu den in der Antwort auf Frage 2 beschriebenen Maßnahmen kann ein ausländischer Broker-Dealer in seiner Eigenschaft als Verwalter eines ausländischen Emittenten von Arbeitslosenversicherungen und in Übereinstimmung mit den Bedingungen des Planes Informationen senden Und Anleitungen des Emittenten oder eines Dritten an einen US-Mitarbeiter, sammeln geeignete Antworten vom US-Mitarbeiter und senden Antworten und andere Anweisungen an den Emittenten (oder seinen Designeeservice-Provider) Antwort: Ja. Ein fremder Broker-Dealer kann diese Tätigkeiten in seiner Eigenschaft als Verwalter einer ausländischen Emittenten-Vorsorgeeinrichtung und in Übereinstimmung mit den Bedingungen des Plans tätigen. Wenn ein ausländischer Emittent ein Aktionärsrecht ausübt, das allen Anteilseignern zur Verfügung gestellt wird (einschließlich der Anteile, die Aktien gemäß den Bedingungen eines Vorsorgeplans besitzen), würde der Emittent (oder sein Designeeservice-Provider) Unterlagen und Weisungen im Zusammenhang mit dem Rechteangebot an den ausländischen Broker-Händler in seiner Eigenschaft als Verwalter, insbesondere, wenn der ausländische Broker-Dealer Wertpapiere als Kandidat für die Mitarbeiter hält. In diesem Fall kann der Administrator diese Materialien an einen US-Arbeitnehmer weiterleiten, der an dem Leistungsplan teilnimmt, Antworten von dem US-Mitarbeiter erhält und diese Antworten an den Emittenten (oder seinen Designeeservice-Anbieter) zurücksendet. Ebenso kann ein ausländischer Broker-Dealer, der als Verwalter für einen ausländischen Emittenten Arbeitnehmer Leistungen Plan, die Optionen beinhaltet empfangen und weiterleiten Anfragen von US-Mitarbeitern zur Ausübung ihrer Optionen. Darüber hinaus kann ein ausländischer Broker-Dealer, als Verwalter des Plans und / oder der Inhaber des Protokolls der anwendbaren Sicherheit, Proxy-Materialien, Abstimmungsschulungsunterlagen und andere ähnliche Dokumente und Anweisungen an einen U. S.-Planteilnehmer senden. Er kann auch Anweisungen und Antworten von dem Teilnehmer des US-Programms empfangen und gemäß diesen Anweisungen handeln. Es ist jedoch wichtig zu betonen, dass unter den oben beschriebenen Beispielen (und allen anderen Szenarien, die demselben Muster folgen) die Aktivitäten des ausländischen Maklers in der Natur passiv sein müssen In Übereinstimmung mit den Bedingungen der ausländischen Emittenten Arbeitnehmer Leistungen Plan oder Ergänzungsplan (zB die Rechte-Angebot). Frage 2.3: Kann ein ausländischer Broker-Dealer in seiner Eigenschaft als Verwalter eines ausländischen Emittenten für Arbeitnehmer als Nominee für: (1) den Ehegatten oder den inländischen Partner eines teilnehmenden US-Arbeitnehmers in einem von ihm unabhängigen Konto halten (2) eines ehemaligen US-Arbeitnehmers oder, wenn dieser Arbeitnehmer verstorben ist, der Arbeitnehmer gesetzlicher Erbe Antwort: Ja, in jedem Fall kann der ausländische Broker-Dealer Wertpapiere als Kandidat halten, solange die Wertpapiere eingegangen sind und gemäß den Bestimmungen von Die Bedingungen und Konditionen der ausländischen Emittenten. Beispielsweise kann ein ausländischer Emittentenausgleich für Arbeitnehmer ausdrücklich erlauben, im Zusammenhang mit dem Plan erhaltene Wertpapiere an einen Ehegatten oder einen inländischen Partner zu überweisen, beispielsweise durch einen Geschenk - oder Inlandsbeziehungsauftrag. Ebenso kann der Vorsorgeplan die Verfahren festlegen, die nach der Trennung oder dem Tod eines Arbeitnehmers anzuwenden sind. Jedoch darf ein solches Konto nur Wertpapiere (oder Rechte daran) enthalten, die im Zusammenhang mit einer Arbeitnehmerbeteiligung am Sozialversicherungsplan bezogen wurden, während der Arbeitnehmer für den ausländischen Emittenten arbeitete. Darüber hinaus darf der ausländische Broker-Dealer keine weiteren Wertpapiertransaktionen in diesen Konten anfordern und nicht tätigen, mit Ausnahme der in der Antwort auf die Fragen 2 und 2.2 dieser häufig gestellten Fragen vorgesehenen Aktivitäten. Frage 2.4: Kann ein ausländischer Broker-Dealer in seiner Eigenschaft als Verwalter eines ausländischen Emittenten für Arbeitnehmer - leistungen den U. S.-Mitarbeitern eine passwortgeschützte Website zur Verwaltung ihrer Konten zur Verfügung stellen? Antwort: Ja. Obwohl eine Transaktion, die über eine ausländische Broker-Händler-Website durchgeführt wurde, normalerweise für eine angestrebte Transaktion im Sinne von Regel 15a-6 (a) (1) betrachtet wird, 15 glaubt das Personal nicht, dass es mit einer früheren SEC-Erklärung unvereinbar wäre, Nur für den begrenzten Zweck, als Verwalter einer ausländischen Emittentenversicherung zu arbeiten, einen ausländischen Broker-Händler, der allen teilnehmenden Mitarbeitern (einschließlich US-Personen) eine passwortgeschützte Website zur Verwaltung ihrer Konten zur Verfügung stellt. Diese Position ist bedingt durch (1) den ausländischen Broker-Dealer, der nicht anderweitig über die Website verfügt, um Wertpapiertransaktionen von US-Personen anzufordern oder Geschäfte in Wertpapieren durchzuführen, die nicht im Zusammenhang mit den Mitarbeitern der US - 2) die Webseite des Arbeitnehmer-Leistungsplans, die vollständig getrennt ist und nicht über einen Link auf der Website des ausländischen Maklers-Händlers zugänglich ist, und (3) die Plan-Website, die Planteilnehmer nicht mit den ausländischen Makler - Webseite. Frage 3: Wenn ein fremder Broker-Dealer im Auftrag eines US-Anlegers im Auftrag eines US-Anlegers im Einklang mit Regel 15a-6 (a) (1) eine unerwünschte Transaktion bewirkt, kann der ausländische Broker-Dealer dem US-Investor Bestätigungen und Kontoauszüge im Zusammenhang senden Mit dieser Transaktion Antwort: Ja. Ein ausländischer Broker-Dealer hätte keinen Anreiz, einen US-Investor nur deshalb anzumelden, weil der ausländische Broker-Dealer im Zusammenhang mit der Durchführung einer unaufgeforderten Transaktion für einen US-Investor nach Regel 15a-6 (a) (1) den US-Investor zur Verfügung stellt Mit einer Bestätigung der Transaktion und periodischen Kontoauszüge. Ebenso kann ein ausländischer Broker-Dealer einen US-Investor bereitstellen, mit oder für den der ausländische Broker-Dealer eine unaufgeforderte Transaktion bewirkt, Dokumente, die sich auf die Transaktion beziehen, die nach ausländischem Recht erforderlich sind, wie Prospekt, Proxy-Statement oder Datenschutzerklärung . Ein ausländischer Börsenhändler, der auf Regel 15a-6 (a) (1) angewiesen ist, darf jedoch keinem US-Investor ein Dokument zur Verfügung stellen, das Werbung oder anderes Material enthält, das dazu bestimmt ist, entweder ein Wertpapiergeschäft oder ein Transaktionsgeschäft für den ausländischen Broker - Händler oder verbundene Unternehmen. Frage 4: Gemäß Regel 15a-6 (a) (3) (iii) (A) (2) ist ein chaperoning Broker-Dealer verpflichtet, ldquoall erforderliche Bestätigungen und Erklärungen an den institutionellen Investor in den USA oder an die wichtigsten institutionellen Investorrdquos der USA im Hinblick auf Transaktionen auszustellen Werden. Kann der ausländische Broker-Dealer, falls dies nach ausländischem Recht vorgeschrieben ist, Bestätigungen und Kontoauszüge direkt an US-Geschäftspartner senden Antwort: Ja. Der ausländische Broker-Händler kann Bestätigungen und Kontoauszüge direkt an US-Kontrahenten senden, soweit dies nach ausländischem Recht oder nach den internen Richtlinien und Verfahren des Unternehmens erforderlich ist. Unbeschadet der Anlieferung jeglicher Dokumente an den Anleger durch den ausländischen Broker8209 haftet der Chaperoning Broker-Dealer jedoch dafür, dass Bestätigungen und Kontoauszüge an den Anleger gesendet werden, die alle anwendbaren US-Anforderungen, einschließlich Regel 10b-10, erfüllen Nach dem Börsengesetz und den anwendbaren Regeln für die Selbstregulierung. Darüber hinaus muss jeder Bestätigungs - bzw. Kontoauszug, der von einem ausländischen Broker-Dealer für einen chaperoning Broker-Dealer an eine US-Gegenpartei geschickt wird, den US-Broker-Händler, in dessen Auftrag das Dokument gesendet wird, eindeutig identifizieren. Frage 4.1: Gibt die Antwort auf Frage 4 an, dass ein chaperoning Broker-Dealer seine Verpflichtungen gemäß Regel 15a-6 (a) (3) (iii) (A) (2) durch die Zustellung der erforderlichen Bestätigungen und Erklärungen durch die Ausländischer Makler-Händler Antwort: Ja. Ein chaperoning Broker-Dealer kann sich auf einen ausländischen Broker-Dealer verlassen, um dem institutionellen Investor oder einem größeren institutionellen Investor in den USA (falls zutreffend) alle erforderlichen Bestätigungen und Erklärungen zur Erfüllung der Regel 15a-6 (a) (3) (iii) (A) (2) - ohne Rücksicht darauf, ob das ausländische Recht den ausländischen Vermittler verpflichtet, diese Unterlagen den US-Geschäftspartnern zur Verfügung zu stellen. 16 In dieser Hinsicht betrachtet das Personal die Vorbereitung und die Zustellung der Bestätigung oder Erklärung als eine Situation, in der ein registrierter Broker-Dealer einen Drittanbieter zur Vorbereitung und Zusendung dieser Dokumente an die Kunden nutzt. Wie in der Antwort auf Frage 4 dargelegt, behält der chaperoning Broker-Dealer jedoch immer die Verpflichtung, sicherzustellen, dass jede Bestätigung oder ein Kontoauszug, der an einen US-institutionellen Anleger oder einen großen institutionellen US-Investor gesendet wird, alle anwendbaren US-Anforderungen, einschließlich Regel 10b, erfüllt -10 nach dem Börsengesetz und den anwendbaren Regeln der Selbstregulierungsorganisation. Ferner würde die Abhängigkeit des ausländischen Broker-Dealers zur Vorbereitung und Zusendung von Bestätigungen oder Kontoauszügen unter keinen Umständen den chaperoning Broker-Dealer von seiner letztendlichen Verantwortung für die Einhaltung von gesetzlichen oder sonstigen regulatorischen Pflichten im Rahmen der Bundesgesetze befreien. Frage 5: Kann ein fremder Broker-Dealer die Forschung direkt an bedeutende institutionelle Investoren in den USA gemäß Regel 15a-6 (a) (2) verteilen, ohne dass eine Vermittlung oder sonstige Beteiligung eines registrierten Broker-Dealers im Zusammenhang mit der Verbreitung der Berichte, Wie Überprüfung, Genehmigung oder Aufbewahrung der so verteilten Forschungsberichte oder der Aufrechterhaltung der Aufzeichnungen Antwort: Ja. Die Regel 15a-6 (a) (2) ermöglicht es einem ausländischen Broker-Dealer, Forschungsberichte an bedeutende institutionelle Anleger in den USA zu richten und Transaktionen in den Wertpapieren durchzuführen, die in den Berichten mit oder für die großen institutionellen Investoren in den USA aufgeführt sind . 17 Die Regel verlangt nicht, dass die Ausschüttung von einem registrierten Broker-Dealer erfolgt, auch wenn der ausländische Broker-Dealer eine Chaperoning-Vereinbarung mit einem registrierten Broker-Dealer hat. Darüber hinaus hätte der chaperoning Broker-Dealer keine Verpflichtungen in Bezug auf einen Forschungsbericht, wenn der chaperoning Broker-Dealer nicht an der Verteilung beteiligt war (dh wo die Forschung direkt von den ausländischen Broker-Dealer an die großen US-institutionellen Investoren verteilt wurde ) Und es wäre nicht erforderlich, eine Kopie eines Forschungsberichts beizubehalten, den sie nicht besaß. Es ist jedoch wichtig zu beachten, dass, wenn der ausländische Broker8209-Händler eine Chaperoning-Vereinbarung mit einem registrierten Broker-Dealer hat, der die Anforderungen der Regel 15a-6 (a) (3) erfüllt, alle Transaktionen mit dem ausländischen Broker - Die in den Research-Berichten erörtert werden, nur durch den chaperoning Broker-Dealer in Übereinstimmung mit den Anforderungen von Absatz (a) (3) durchgeführt werden. Unter Regel 15a-6 (a) (3) ist es erforderlich, dass der beaufsichtigende Broker-Händler alle Bücher und Unterlagen, die sich auf die Geschäfte beziehen, einschließlich der nach den Regeln 17a-3 und 17a-4 des Börsengesetzes geforderten Aufzeichnungen, beibehält. Dementsprechend wird in dem Umfang, in dem ein chaperoning Broker-Dealer eine Kopie eines Research-Berichts erhält, der von einem ausländischen Broker-Dealer gemäss Regel 15a-6 (a) (2) direkt an bedeutende institutionelle Investoren in den USA verteilt wird (unabhängig von der Herkunft Es wurde erhalten), solch ein Forschungsbericht sollte von dem chaperoning Broker-Dealer im Lichte seiner Verpflichtung aufbewahrt werden, Transaktionen in den relevanten Wertpapieren zu bewirken, wie oben beschrieben. Frage 6: Bezieht sich die Position des Stabs im Nine Firms Letter allgemein auf ausländische Broker-Händler, die nicht mit einem registrierten Broker-Dealer verbunden sind Antwort: Ja. Obwohl die Nicht-Aktionsposition im Nine Firms Letter auf Vertretungen in Bezug auf bestimmte Tatsachen und Bedingungen beruhte, die die Zugehörigkeit zu den neun eingetragenen Broker-Händlern einschlossen, die in dem Brief und ihren verbundenen ausländischen Broker-Händlern genannt wurden, berücksichtigt das Personal die Stellungnahme in der Brief auch an einen ausländischen Broker-Dealer, der eine Chaperoning-Vereinbarung mit einem unverbundenen registrierten Broker-Dealer hat gelten. Frage 7: Bezieht sich der Begriff "ldquomajor institutional investorrdquo" im Sinne des Nine Firms Letter auf jede Bestimmung der Regel 15a-6, in der dieser Begriff verwendet wird? Die staffrsquos erweiterte Ansicht des Begriffs ldquomajor U. S. institutionelle investorrdquo gilt für alle Regelungen der Regel 15a-6, einschließlich der Absätze (a) (2) und (a) (3) der Regel. Frage 8: Bezieht sich die Position des Mitarbeiters im Sieben-Firmenbrief allgemein auf ausländische Makler-Händler, die nicht an einen eingetragenen Makler-Händler angeschlossen sind. Antwort: Ja. Aus Gründen, die denen ähnlich sind, die in der Antwort auf Frage 6 erörtert wurden, berücksichtigt das Personal die im Seven Firms Letter getroffene Position, um bei einem ausländischen Broker-Händler anzuwenden, ob der registrierte Broker-Dealer, mit dem er eine Chaperoning-Vereinbarung hat, ein Affiliate ist . Frage 8.1: Ist die Antwort in Frage 8, dass ein ausländischer Broker-Dealer eine Chaperoning-Vereinbarung mit einem registrierten Broker-Dealer haben müsste, um sich auf den Sieben Firmenbrief zu verlassen. Antwort: Nein. Die Stabsposition in den Sieben Firmen Brief gilt ohne Rücksicht darauf, ob der ausländische Broker-Dealer eine Chaperoning-Vereinbarung mit einem registrierten Broker-Dealer hat. Frage 9: Ist ein ausländischer Broker-Dealer in der Lage Regel über die Befreiung verlassen 15a82096 (a) (1) zu bewirken mehr als eine unaufgeforderte Wertpapiergeschäft im Namen eines einzigen US-Investor Antwort: Das Personal würde normalerweise nicht sehen einen einzigen Wertpapiertransaktion Die von einem ausländischen Broker-Dealer im Auftrag eines US-Anlegers gemäß Regel 15a-6 (a) (1) bewirkt wird, weil dieser ausländische Broker-Händler davon abgesehen hat, dass er sich auf dieselbe Behörde beruft, um ein oder mehrere zusätzliche unerwünschte Wertpapiergeschäfte zu tätigen Des gleichen US-Anlegers, abgesehen von anderen Anzeichen für die Aufforderung. Dies ist im Wesentlichen auf die Betonung der SEC in der Regel platziert 15a-6 Annahme Veröffentlichung über die Bedeutung eines ausländischen Broker-dealerrsquos Bemühungen der Analyse und Aktivitäten, um zu bestimmen, ob eine Aufforderung, im Gegensatz aufgetreten ist lediglich auf die Anzahl der Wertpapiertransaktionen mit Schwerpunkt bewirkt Von einem ausländischen Maklerhändler. Insbesondere nimmt die SEC einen breiten Überblick darüber, was eine Aufforderung darstellt. Im Rahmen der Broker-Händler Registrierung, die SEC im Allgemeinen Betrachtung ldquoas einschließlich jeder affirmative Bemühung durch einen Makler oder Händler, die dazu bestimmt sind, Transaktionsgeschäft für den Makler-Händler oder seine verbundenen Unternehmen zu induzieren. Solicitation Bemühungen umfasst eine einzelne Transaktion zu induzieren oder eine laufende Wertpapiergeschäft relationship. rdquo 20 In der Rule 15a-6 Annahme Veröffentlichung zu entwickeln, sofern die SEC Beispiele für Verhaltensweisen, die es in Betracht ziehen würden Aufforderung zur Abgabe von einem ausländischen broker8209dealer zu sein, einschließlich: Telefonanrufe Von einem Broker-Dealer zu einem Kunden ermutigende Nutzung der Broker-Händler, um Transaktionen Werbung in die USA von denen Funktion als Broker oder ein Market Maker und empfiehlt den Kauf oder Verkauf bestimmter Wertpapiere, mit der Erwartung, dass der Kunde Führen Sie die empfohlene Handel durch den Makler-Händler. Gleichzeitig würde jedoch das Personal eine Reihe von häufigen Transaktionen oder eine beträchtliche Anzahl von Transaktionen zwischen einem ausländischen Broker-Dealer und einem US-Investor als Anhaltspunkt für die Aufforderung durch die Einrichtung einer ldquoongoing Wertpapiere Geschäftsbeziehung sehen. rdquo 21 Schließlich, die SEC Rule 15a-6 in der Annahme erklärt auch, dass wegen der ldquoexpansive, Tatsache spezifische und Variable naturerdquo des Konzepts der Aufforderung, sie glaubt, dass ldquothe Frage der Aufforderung am besten von den Mitarbeitern auf einer von Fall gerichtet Fall-Basis, im Einklang mit den in der Regel erläutert Prinzipien 15a-6 Annahme Release. rdquo 22 Frage 10: Was ist die minimale Nettokapital für eine registrierte broker8209dealer erforderlich, die in eine chaperoning Anordnung mit einem ausländischen Broker-Dealer gemäß Artikel 15a eingegeben -6 (a) (3) Antwort: Ein registrierter Broker-Dealer, der nach Regel 15a-6 (a) (3) eine chaperonierende Vereinbarung mit einem ausländischen Broker-Händler tätigt, unterliegt einer Mindestkapitalanforderung von mindestens 250.000 , Es sei denn, der begleitende Broker-Dealer hat einen vollständig offengelegten Transportvertrag mit einem anderen registrierten Broker-Dealer abgeschlossen, der schriftlich übereingekommen ist, die Vorschriften des SECrsquos Broker-Händlers hinsichtlich der Chaperoning-Vereinbarung einzuhalten. Ein chaperoning broker-dealer, der in einen solchen tragenden Vertrag eingegangen ist, unterliegt einer Mindestkapitalanforderung von 5.000 oder einer anderen größeren Menge, die nach Regel 15c3-1 auf der Grundlage der Broker-dealerrsquos-Aktivitäten erforderlich wäre. Frage 11: Welche Mindestnettokapitalanforderung gilt für einen registrierten Maklerhändler, der als Chaperon für einen ausländischen Maklerhändler tätig ist, wenn das ausländische Maklergeschäft nach Regel 15a-6 auf MA-Beratungsleistungen für einen US-Kontrahenten oder einen Nicht - US-Kontrahent dem Erwerb eines Unternehmens Antwort betrachten: Wenn der ausländische Broker-Dealer-Geschäft unter Rule 15a-6 auf die Beratung eines US-institutionellen Investor oder in einem großen US-amerikanische institutionelle Anleger beschränkt eine Akquisition eines Unternehmens erwägt, die chaperoning Broker-Dealer Mindestkapitalanforderung aufgrund dieser Tätigkeit 5000 oder ein anderer höherer Betrag als gemäß Regel 15c3-1 auf der Grundlage der Makler-Händler-Aktivitäten erforderlich wäre. Frage 11.1: Welche Mindestkapitalanforderung gilt für einen registrierten Maklerhändler, der als Chaperon für einen ausländischen Maklerhändler tätig ist, wenn das ausländische Maklergeschäft nach Regel 15a-6 auf die Bereitstellung von Privatplatzierungsdiensten in den USA an ein institutionelles Institut in den USA beschränkt ist Investor oder ein bedeutender institutioneller Investor in den USA Antwort: Wenn das ausländische Broker-Dealer-Geschäft nach Regel 15a-6 auf einen privaten institutionellen Investor oder einen größeren institutionellen Investor in den USA beschränkt ist, Die aufgrund dieser Tätigkeit 5000 betragen würde, oder einen anderen größeren Betrag, der gemäß Regel 15c3-1 auf der Grundlage der Makler-Tätigkeiten erforderlich wäre. Question 12: Can a registered introducing broker-dealer act as chaperone for a foreign broker-dealer under Rule 15a-6(a)(3) and rely on all the terms of the Nine Firms Letter if the registered broker-dealer has in effect a fully disclosed carrying agreement with another registered broker8209dealer that has agreed to comply with the financial responsibility rules Answer: Yes. The registered broker-dealer can act as a chaperone for a foreign broker-dealer under Rule 15a-6(a)(3) and rely on the Nine Firms Letter if it has in effect a fully disclosed carrying agreement with another registered broker-dealer that has agreed, in writing, to comply with the SECrsquos broker-dealer financial responsibility rules with respect to the chaperoning arrangement. In such an arrangement, the registered broker-dealer would be subject to a minimum net capital requirement of 5,000, or such greater amount as would be required under Rule 15c3-1 based on the broker-dealerrsquos activities. Question 13: Can a registered introducing broker-dealer act as chaperone for a foreign broker-dealer under Rule 15a-6(a)(3) and rely on all the terms of the Nine Firms Letter if the registered broker-dealer has a minimum net capital requirement of 100,000 in accordance with Rule 15c382093(k)(2)(i) Answer: No. An introducing broker-dealer cannot rely on the Rule 15c382093(k)(2)(i) exception and maintain net capital of 100,000 while acting as a chaperone for a foreign broker-dealer under Rule 15a-6(a)(3) and relying on the Nine Firms Letter. As stated in response to question 10, a registered broker-dealer that enters into a chaperoning arrangement with a foreign broker-dealer under Rule 15a-6(a)(3) is subject to a minimum net capital requirement of at least 250,000, unless the chaperoning broker-dealer has entered into a fully disclosed carrying agreement with another registered broker-dealer that has agreed, in writing, to comply with the SECrsquos broker-dealer financial responsibility rules with respect to the chaperoning arrangement. 23 A broker-dealer that maintains minimum net capital of at least 250,000 and relies on the Rule 15c3-3(k)(2)(i) exception or a broker-dealer that is fully computing under Rule 15c3-3 may operate under the Nine Firms Letter. This net capital requirement is based on the chaperonersquos responsibilities under Rule 15a-6(a)(3)(iii). Question 14: What is the minimum net capital required for a registered broker8209dealer that has entered into an arrangement under Rule 15a-6(a)(3) with a foreign broker-dealer to act as a chaperone for DVPRVP transactions with institutional investors Answer: A broker-dealer acting as a chaperone under Rule 15a-6(a)(3) for DVPRVP transactions with institutional investors has a minimum net capital requirement of at least 250,000. The chaperoning broker8209dealer cannot rely on the 100,000 minimum net capital requirement set forth in Rule 15c3-1(a)(2)(ii) that is available to broker-dealers exempt from Rule 15c3-3 under paragraph (k)(2)(i) of that rule. This net capital requirement is based on the chaperonersquos responsibilities under Rule 15a-6(a)(3)(iii). Question 15: Is a registered broker-dealer that acts as a chaperone in connection with securities transactions with a U. S. institutional investor or a major U. S. institutional investor required to take a net capital charge for failed transactions, even if the foreign broker-dealer is required to take a fails charge under foreign law Answer: Yes, unless the chaperoning broker-dealer has entered into a fully disclosed carrying agreement with another registered broker-dealer as described in the response to question 10, in which case the carrying broker-dealer would be required to take the net capital charge for failed transactions. The existence of a carrying agreement does not relieve the chaperoning broker-dealer from maintaining books and records that identify open trades and failed transactions. The chaperoning broker-dealer can obtain this information directly from the foreign broker-dealer or another party but is responsible for ensuring that its books and records are accurate. Question 16: What other recordkeeping obligations apply to a registered broker8209dealer that has entered into a chaperoning agreement with a foreign broker-dealer pursuant to Rule 15a-6(a)(3) Answer: A registered broker-dealer acting as a chaperone for a foreign broker-dealer must comply with Rules 17a-3 and 17a-4. A chaperoning broker-dealer is required to make and keep current books and records that reflect trades between the U. S. customer and the foreign broker-dealer, including, but not limited to, transaction records and failed transaction records. The chaperoning broker-dealer may obtain this information from the foreign broker-dealer or another source however, the chaperoning broker-dealer is responsible for the accuracy of its books and records. For example, a chaperoning broker-dealer may download information for its books and records, such as its ledger, from the foreign broker-dealer provided that the chaperoning broker-dealers books and records are kept current. Question 17: Does the 30-day limit referred to in the Nine Firms letter that allows unchaperoned in-person contacts with major U. S. institutional investors during visits to the U. S apply to the foreign broker-dealer (the entity) or per associated person of a foreign broker-dealer Answer: The 30-day limit referred to in the Nine Firms Letter applies per foreign associated person. This means that the number of days each foreign associated person of a foreign broker-dealer could participate in unchaperoned meetings in the U. S. is limited to no more than 30 days per year. 24 In other words, a foreign associated person of a foreign broker-dealer may, without the participation or physical presence of an associated person of the chaperoning broker-dealer, have in-person contacts during visits to the U. S. with major U. S. institutional investors so long as: the number of days on which such unchaperoned in-person contacts occur does not exceed 30 per year and the foreign associated persons engaged in such in-person contacts do not accept orders while in the U. S. to effect securities transactions. Question 18: Does the definition of ldquomajor U. S. institutional investorrdquo include entities owned exclusively by other major U. S. institutional investors Answer: Yes. Staff interprets the definition of ldquomajor U. S. institutional investorrdquo, as expanded by the staff in the Nine Firms Letter, to include any entity, all of the equity owners of which are major U. S. institutional investors. In other words, any entity whose equity securities are held entirely by one or more entities, including any investment adviser (whether or not registered under the Investment Advisers Act), that each individually owns or controls (or, in the case of an investment adviser, has under management) in excess of 100 million in aggregate financial assets), would itself be a major U. S. institutional investor for purposes of Rule 15a-6. Staff believes that this position is consistent with prior Commission treatment of similar terms. 25 (NEW 04142014) 1 Rule 15a-6(b)(3) defines foreign broker-dealer to include ldquoany non8209U. S. resident person (including any U. S. person engaged in business as a broker or dealer entirely outside the United States, except as otherwise permitted by this rule) that is not an office or branch of, or a natural person associated with, a registered broker or dealer, whose securities activities, if conducted in the United States, would be described by the definition of lsquobrokerrsquo or lsquodealerrsquo in sections 3(a)(4) or 3(a)(5) of the Exchange Act. rdquo 2 For purposes of these FAQs, the term ldquochaperoning broker-dealerrdquo means a registered broker-dealer that satisfies all of the requirements set forth in Rule 15a-6(a)(3)(iii) including, among other things, effecting transactions, issuing confirmations, maintaining books and records, participating in oral communications, and obtaining certain representations and consents. 3 As explained in the release adopting Rule 15a-6, the term ldquobankrdquo is defined in section 3(a)(6) of the Exchange Act to mean a bank directly regulated by U. S. state or federal bank regulators. Accordingly, a foreign bank is excluded from this term except to the extent that the ldquoforeign bank establishes a branch or agency in the United States that is supervised and examined by a federal or state banking authority and otherwise meets the requirements of section 3(a)(6).rdquo See Registration Requirements for Foreign Broker-Dealers . Exchange Act Release No. 27017 (July 11, 1989), 54 FR 30013, n.16 (July 18, 1989) (ldquoRule 15a-6 Adopting Releaserdquo) (noting, however, that the determination whether any particular financial institution meets the requirements of section 3(a)(6) is the responsibility of the financial institution and its counsel) (internal citations omitted). 4 17 C. F.R. sect 240.15a-6. 5 Rule 15a-6 Adopting Release at 54 FR 30013 see also Registration Requirements for Foreign Broker-Dealers . Exchange Act Release No. 25801 (June 14, 1988), 53 FR 23645 (June 23, 1988). 6 See Letter re: Transactions in Foreign Securities by Foreign Brokers or Dealers with Accounts of Certain Foreign Persons Managed or Advised by U. S. Resident Fiduciaries from Catherine McGuire, Chief Counsel, Division of Market Regulation to Giovanni P. Prezioso, Cleary, Gottlieb, Steen amp Hamilton, dated January 30, 1996 (ldquoSeven Firms Letterrdquo). 7 See Letter re: Securities Activities of U. S.-Affiliated Foreign Dealers from Richard R. Lindsey, Director, Division of Market Regulation to Giovanni P. Prezioso, Cleary, Gottlieb, Steen amp Hamilton, dated April 9, 1997 (quotNine Firms Letterquot), available at sec. govdivisionsmarketregmr-noactioncleary040997.pdf. 9 See Responses to Frequently Asked Questions Concerning Regulation Analyst Certification, available at sec. govdivisionsmarketregmregacfaq0803.htm . 10 In addition to requiring that the foreign customer be ldquotemporarily present in the United States, rdquo Rule 15a-6(a)(4)(iii) also provides that the foreign broker-dealer must have had a bona fide, pre-existing relationship with the foreign customer before such person entered the U. S.rdquo See 17 C. F.R. sect 240.15a-6(a)(4)(iii). While the rule does not expressly require the type of affirmative acknowledgement described in the question, such representation would likely be useful in determining whether a bona fide, pre-existing relationship exists. 11 See Rule 15a-6 Adopting Release at 54 FR 30030. This presumption would be subject to rebuttal in light of all of the facts and circumstances surrounding the foreign persons presence in the U. S. 12 Rule 15a-6 Adopting Release at 54 FR 30021. 13 See 17 C. F.R. sect 240.15a-6(a)(4)(iii) and Rule 15a-6 Adopting Release at 54 FR 30030-31. See also question 1 and the accompanying response. 14 Staff notes, however, that the position set forth in this response is limited to the facts described in the question and does not otherwise modify any requirements or restrictions applicable to the trading of ADRs pursuant to any existing statute, regulation or legal interpretation, including the limitation to the definition of ldquoForeign Securityrdquo contained in the Seven Firms Letter. See supra note 6. 15 See Interpretation Re: Use of Internet Web Sites To Offer Securities, Solicit Securities Transactions, or Advertise Investment Services Offshore, Exchange Act Release No. 39779, (March 23, 1998), 63 FR 14806, 14813 (March 27, 1998) (explaining that ldquobecause a securities firmrsquos Web site itself typically is a solicitation, orders routed through the Web site would not be considered lsquounsolicitedrsquordquo for purposes of Rule 15a-6(a)(1)). 16 The Staff takes no position with respect to any requirements of, or restrictions contained in, non-U. S. law, including as it would relate to the delivery of confirmations and statements to any U. S. person. 17 See 17 C. F.R. sect 240.15a-6(a)(2) Rule 15a-6 Adopting Release at 54 FR 30022-23. Specifically, the research reports must not recommend the use of the foreign broker-dealer to effect trades in any security, and the foreign broker-dealer may not initiate contact with the major U. S. institutional investor to follow-up on the research reports or otherwise induce or attempt to induce the purchase or sale of any security by the major U. S. institutional investor. Moreover, a foreign broker-dealer may not provide research to U. S. persons pursuant to any express or implied understanding that those U. S. persons will direct commission income to the foreign broker-dealer ( i. e. . ldquosoft-dollarrdquo arrangements). 18 The staff believes that this view is consistent with the SECrsquos decision to adopt Rule 15a-6(a)(3) without, as initially proposed, requiring ldquoany affiliation between the foreign broker-dealer and the registered broker-dealer through ownership or control. rdquo See Rule 15a-6 Adopting Release at 54 FR 30025 (noting that the rule, as proposed, would have required such affiliation). Notwithstanding this view, the U. S. and foreign broker-dealers would still have to meet the other conditions of the Nine Firms Letter. 19 See Letter re: Securities Activities of U. S.-Affiliated Foreign Dealers from Catherine McGuire, Chief Counsel, Division of Market Regulation to Giovanni P. Prezioso, Cleary, Gottlieb, Steen amp Hamilton, dated April 28, 1997 (clarifying the no-action position taken in Nine Firms Letter). 20 Rule 15a-6 Adopting Release at 54 FR 30017-30018 (footnote omitted). 21 See id . The SEC has previously indicated that the exception in Rule 15a-6(a)(1) for unsolicited trades was designed to reflect the view that ldquoU. S. persons seeking out unregistered foreign broker-dealers outside the U. S. cannot expect the protection of U. S. broker-dealer standards. rdquo See Rule 15a-6 Adopting Release at 54 FR 30031. In this regard, staff believes that if a foreign broker-dealer regularly effects transactions directly with or for a U. S. investor, the investor might reasonably expect to be protected by U. S. laws, regulations and supervisory structures applicable to registered broker-dealers. 22 Rule 15a-6 Adopting Release at 54 FR 30021. 23 See also the exception in the response to question 11. 24 The staff, however, reminds firms that the ability to participate in unchaperoned meetings on a per foreign associated person basis should not be structured in such a way that the foreign broker-dealer uses a rotating series of individuals to create a de facto quotofficequot or presence in the U. S. ( e. g. . a presence that would constitute a quotpermanent establishmentquot of the foreign broker-dealer for U. S. tax purposes) or to offer a continuous U. S. presence to deal with a specific major U. S. institutional investor or group of major U. S. institutional investors. See Rule 15a-6(b)(3) (definition of quotforeign broker or dealerquot). 25 For example, Rule 144A under the Securities Act of 1933 defines the term ldquoqualified institutional buyerrdquo to include, among other things, ldquoany entity, all of the equity owners of which are qualified institutional buyers, acting for its own account or the accounts of other qualified institutional buyers. rdquo See 17 C. F.R. 230.144A(a)(1)(v).17 CFR 240.15a-6 - Exemption of certain foreign brokers or dealers. xA7 240.15a-6 Exemption of certain foreign brokers or dealers. (a) A foreign broker or dealer shall be exempt from the registration requirements of sections 15(a)(1) or 15B(a)(1) of the Act to the extent that the foreign broker or dealer: (1) Effects transactions in securities with or for persons that have not been solicited by the foreign broker or dealer or (2) Furnishes research reports to major U. S. institutional investors, and effects transactions in the securities discussed in the research reports with or for those major U. S. institutional investors, provided that: (i) The research reports do not recommend the use of the foreign broker or dealer to effect trades in any security (ii) The foreign broker or dealer does not initiate contact with those major U. S. institutional investors to follow up on the research reports, and does not otherwise induce or attempt to induce the purchase or sale of any security by those major U. S. institutional investors (iii) If the foreign broker or dealer has a relationship with a registered broker or dealer that satisfies the requirements of paragraph (a)(3) of this section. any transactions with the foreign broker or dealer in securities discussed in the research reports are effected only through that registered broker or dealer. pursuant to the provisions of paragraph (a)(3) of this section and (iv) The foreign broker or dealer does not provide research to U. S. persons pursuant to any express or implied understanding that those U. S. persons will direct commission income to the foreign broker or dealer or (3) Induces or attempts to induce the purchase or sale of any security by a U. S. institutional investor or a major U. S. institutional investor, provided that: (i) The foreign broker or dealer: (A) Effects any resulting transactions with or for the U. S. institutional investor or the major U. S. institutional investor through a registered broker or dealer in the manner described by paragraph (a)(3)(iii) of this section and (B) Provides the Commission (upon request or pursuant to agreements reached between any foreign securities authority, including any foreign government. as specified in section 3(a)(50) of the Act, and the Commission or the U. S. Government) with any information or documents within the possession, custody, or control of the foreign broker or dealer, any testimony of foreign associated persons, and any assistance in taking the evidence of other persons, wherever located, that the Commission requests and that relates to transactions under paragraph (a)(3) of this section. except that if, after the foreign broker or dealer has exercised its best efforts to provide the information, documents, testimony, or assistance, including requesting the appropriate governmental body and, if legally necessary, its customers (with respect to customer information) to permit the foreign broker or dealer to provide the information, documents, testimony, or assistance to the Commission, the foreign broker or dealer is prohibited from providing this information, documents, testimony, or assistance by applicable foreign law or regulations, then this paragraph (a)(3)(i)(B) shall not apply and the foreign broker or dealer will be subject to paragraph (c) of this section (ii) The foreign associated person of the foreign broker or dealer effecting transactions with the U. S. institutional investor or the major U. S. institutional investor: (A) Conducts all securities activities from outside the U. S. except that the foreign associated persons may conduct visits to U. S. institutional investors and major U. S. institutional investors within the United States. provided that: (1) The foreign associated person is accompanied on these visits by an associated person of a registered broker or dealer that accepts responsibility for the foreign associated persons communications with the U. S. institutional investor or the major U. S institutional investor and (2) Transactions in any securities discussed during the visit by the foreign associated person are effected only through the registered broker or dealer. pursuant to paragraph (a)(3) of this section and (1) Not be subject to a statutory disqualification specified in section 3(a)(39) of the Act, or any substantially equivalent foreign (i) Expulsion or suspension from membership, (ii) Bar or suspension from association, (iii) Denial of trading privileges, (iv) Order denying, suspending, or revoking registration or barring or suspending association, or (v) Finding with respect to causing any such effective foreign suspension, expulsion, or order (2) Not to have been convicted of any foreign offense, enjoined from any foreign act, conduct, or practice, or found to have committed any foreign act substantially equivalent to any of those listed in sections 15(b)(4) (B), (C), (D), or (E) of the Act and (3) Not to have been found to have made or caused to be made any false foreign statement or omission substantially equivalent to any of those listed in section 3(a)(39)(E) of the Act and (iii) The registered broker or dealer through which the transaction with the U. S. institutional investor or the major U. S. institutional investor is effected: (A) Is responsible for: (1) Effecting the transactions conducted under paragraph (a)(3) of this section. other than negotiating their terms (2) Issuing all required confirmations and statements to the U. S. institutional investor or the major U. S. institutional investor (3) As between the foreign broker or dealer and the registered broker or dealer. extending or arranging for the extension of any credit to the U. S. institutional investor or the major U. S. institutional investor in connection with the transactions (4) Maintaining required books and records relating to the transactions, including those required by Rules 17a-3 and 17a-4 under the Act (17 CFR 2410.17a-3 and l7a-4) (5) Complying with Rule 15c3-1 under the Act (17 CFR 240.15c3-1 ) with respect to the transactions and (6) Receiving, delivering, and safeguarding funds and securities in connection with the transactions on behalf of the U. S. institutional investor or the major U. S. institutional investor in compliance with Rule 15c3-3 under the Act (17 CFR 240.15c3-3 ) (B) Participates through an associated person in all oral communications between the foreign associated person and the U. S. institutional investor, other than a major U. S. institutional investor (C) Has obtained from the foreign broker or dealer, with respect to each foreign associated person, the types of information specified in Rule l7a-3(a)(12) under the Act (17 CFR 240.17a-3(a)(12) ), provided that the information required by paragraph (a)(12)(d) of that Rule shall include sanctions imposed by foreign securities authorities, exchanges, or associations, including without limitation those described in paragraph (a)(3)(ii)(B) of this section (D) Has obtained from the foreign broker or dealer and each foreign associated person written consent to service of process for any civil action brought by or proceeding before the Commission or a self-regulatory organization (as defined in section 3(a)(26) of the Act), providing that process may be served on them by service on the registered broker or dealer in the manner set forth on the registered brokers or dealers current Form BD and (E) Maintains a written record of the information and consents required by paragraphs (a)(3)(iii) (C) and (D) of this section. and all records in connection with trading activities of the U. S. institutional investor or the major U. S. institutional investor involving the foreign broker or dealer conducted under paragraph (a)(3) of this section. in an office of the registered broker or dealer located in the United States (with respect to nonresident registered brokers or dealers, pursuant to Rule 17a-7(a) under the Act (17 CFR 240.17a-7(a) )), and makes these records available to the Commission upon request or (4) Effects transactions in securities with or for, or induces or attempts to induce the purchase or sale of any security by: (i) A registered broker or dealer. whether the registered broker or dealer is acting as principal for its own account or as agent for others, or a bank acting pursuant to an exception or exemption from the definition of x201Cbrokerx201D or x201Cdealerx201D in sections 3(a)(4)(B), 3(a)(4)(E), or 3(a)(5)(C) of the Act (15 U. S.C. 78c(a)(4)(B). 15 U. S.C. 78c(a)(4)(E), or 15 U. S.C. 78c(a)(5)(C) ) or the rules thereunder (ii) The African Development Bank, the Asian Development Bank, the Inter-American Development Bank, the International Bank for Reconstruction and Development, the International Monetary Fund, the United Nations, and their agencies, affiliates, and pension funds (iii) A foreign person temporarily present in the United States. with whom the foreign broker or dealer had a bona fide, pre-existing relationship before the foreign person entered the United States (iv) Any agency or branch of a U. S. person permanently located outside the United States. provided that the transactions occur outside the United States or (v) U. S. citizens resident outside the United States. provided that the transactions occur outside the United States. and that the foreign broker or dealer does not direct its selling efforts toward identifiable groups of U. S. citizens resident abroad. (b) When used in this rule, (1) The term family of investment companies shall mean: (i) Except for insurance company separate accounts, any two or more separately registered investment companies under the Investment Company Act of 1940 that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services and (ii) With respect to insurance company separate accounts, any two or more separately registered separate accounts under the Investment Company Act of 1940 that share the same investment adviser or principal underwriter and function under operational or accounting or control systems that are substantially similar. (2) The term foreign associated person shall mean any natural person domiciled outside the United States who is an associated person, as defined in section 3(a)(18) of the Act, of the foreign broker or dealer, and who participates in the solicitation of a U. S. institutional investor or a major U. S. institutional investor under paragraph (a)(3) of this section. (3) The term foreign broker or dealer shall mean any non-U. S. resident person (including any U. S. person engaged in business as a broker or dealer entirely outside the United States. except as otherwise permitted by this rule) that is not an office or branch of, or a natural person associated with, a registered broker or dealer. whose securities activities, if conducted in the United States. would be described by the definition of x201Cbrokerx201D or x201Cdealerx201D in sections 3(a)(4) or 3(a)(5) of the Act. (4) The term major U. S. institutional investor shall mean a person that is: (i) A U. S. institutional investor that has, or has under management, total assets in excess of 100 million provided, however. that for purposes of determining the total assets of an investment company under this rule, the investment company may include the assets of any family of investment companies of which it is a part or (ii) An investment adviser registered with the Commission under section 203 of the Investment Advisers Act of 1940 that has total assets under management in excess of 100 million. (5) The term registered broker or dealer shall mean a person that is registered with the Commission under sections 15(b), 15B(a)(2), or 15C(a)(2) of the Act. (6) The term United States shall mean the United States of America, including the States and any territories and other areas subject to its jurisdiction. (7) The term U. S. institutional investor shall mean a person that is: (i) An investment company registered with the Commission under section 8 of the Investment Company Act of 1940 or (ii) A bank, savings and loan association, insurance company, business development company. small business investment company, or employee benefit plan defined in Rule 501(a)(1) of Regulation D under the Securities Act of 1933 (17 CFR 230.501(a)(1) ) a private business development company defined in Rule 501(a)(2) (17 CFR 230.501(a)(2) ) an organization described in section 501(c)(3) of the Internal Revenue Code, as defined in Rule 501(a)(3) (17 CFR 230.501(a)(3) ) or a trust defined in Rule 501(a)(7) (17 CFR 230.501(a)(7) ). (c) The Commission, by order after notice and opportunity for hearing, may withdraw the exemption provided in paragraph (a)(3) of this section with respect to the subsequent activities of a foreign broker or dealer or class of foreign brokers or dealers conducted from a foreign country, if the Commission finds that the laws or regulations of that foreign country have prohibited the foreign broker or dealer, or one of a class of foreign brokers or dealers, from providing, in response to a request from the Commission, information or documents within its possession, custody, or control. testimony of foreign associated persons, or assistance in taking the evidence of other persons, wherever located, related to activities exempted by paragraph (a)(3) of this section. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part. It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site. United States Code U. S. Code: Title 7 - AGRICULTURE U. S. Code: Title 12 - BANKS AND BANKING 17 CFR Part 240 This document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (Exchange Act) in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act and Title LXXXV of the Fixing Americaaposs Surface Transportation Act. This document is being published to correct language in that rule to more precisely reflect the holder of record threshold established by Exchange Act Section 12(g)(1). 2016-11-21 vol. 81 224 - Monday, November 21, 201681 FR 83494 - Exemptions To Facilitate Intrastate and Regional Securities Offerings Effective date: Revised 17 CFR 230.147 (Rule 147) and new 17 CFR 230.147A (Rule 147A) will be effective on April 20, 2017. The amendments to 17 CFR 230.504 (Rule 504) and 17 CFR 200.30-1 (Rule 30-1) will be effective on January 20, 2017. The removal of 17 CFR 230.505 (Rule 505) will be effective on May 22, 2017. All other amendments in this rule will be effective on May 22, 2017. Comment date: Comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before January 20, 2017. 17 CFR Parts 200, 230, 239, 240, 249, 270 and 275 We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. We also are adopting amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuersapos capital raising efforts and provide additional investor protections. The amendments to Rule 504 will increase the aggregate amount of securities that may be offered and sold in any twelve-month period from 1 million to 5 million and disqualify certain bad actors from participation in Rule 504 offerings. In light of these amendments to Rule 504, we are also repealing Rule 505. 2016-11-18 vol. 81 223 - Friday, November 18, 201681 FR 81870 - Investment Company Reporting Modernization Effective Dates: This rule is effective January 17, 2017, except for the following: The amendments to 17 CFR 200.800, 232.105, 232.301, 240.10A-1, 240.12b-25, 240.13a-10, 240.13a-11, 240.13a-13, 240.13a-16, 240.15d-10, 240.15d-11, 240.15d-13, 240.15d-16, 249.322, 249.330, 270.8b-16, 270.10f-3, 270.30a-1, 270.30a-4, 270.30b1-1, 270.30b1-2, 270.30b1-3, 274.101, and 274.218, and in Instruction 55 amending 270.30d-1 are effective June 1, 2018 and The amendments to 17 CFR 232.401, 249.332, 270.8b-33, 270.30a-2, 270.30a-3, 270.30b1-5, and 274.130, and in Instruction 54 amending 270.30d-1, Instruction 57 amending Form N-1A (referenced in 239.15A and 274.11A), Instruction 59 amending Form N-2 (referenced in 239.14 and 274.11a-1), and Instruction 61 amending Form N-3 (referenced in 239.17a and 274.11b) are effective August 1, 2019. Compliance Dates: The applicable compliance dates are discussed in section II. H. of this final rule. 17 CFR Parts 200, 210, 232, 239, 240, 249, 270, 274 The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions. 2016-11-10 vol. 81 218 - Thursday, November 10, 201681 FR 79122 - Universal Proxy 17 CFR Part 240 We are proposing amendments to the federal proxy rules to require the use of universal proxies in all non-exempt solicitations in connection with contested elections of directors other than those involving registered investment companies and business development companies. Our proposal would require the use of universal proxies that include the names of both registrant and dissident nominees and thus allow shareholders to vote by proxy in a manner that more closely resembles how they can vote in person at a shareholder meeting. We further propose amendments to the form of proxy and proxy statement disclosure requirements to specify clearly the applicable voting options and voting standards in all director elections. 2016-10-13 vol. 81 198 - Thursday, October 13, 201681 FR 70744 - Definition of Covered Clearing Agency 17 CFR Part 240 The Securities and Exchange Commission (SEC or Commission) proposes to amend the definition of covered clearing agency under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty (CCP), central securities depository (CSD), or a securities settlement system (SSS). The Commission also proposes a definition of securities settlement system and proposes to amend the definitions of central securities depository services to facilitate the proposed amendment to covered clearing agency. In addition, the Commission proposes to amend the definition of sensitivity analysis under Rule 17Ad-22 to expand the scope of covered clearing agencies subject to requirements thereunder. These amendments are proposed pursuant to Section 17A of the Securities Exchange Act of 1934 (Exchange Act) and the Payment, Clearing, and Settlement Supervision Act of 2010 (Clearing Supervision Act), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). 81 FR 70786 - Standards for Covered Clearing Agencies17 CFR Part 240 The Securities and Exchange Commission (SEC or Commission) is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (Exchange Act) and the Payment, Clearing, and Settlement Supervision Act of 2010 (Clearing Supervision Act), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Among other things, the rules establish enhanced standards for the operation and governance of those clearing agencies registered with the Commission (registered clearing agencies) that meet the definition of covered clearing agency. 2016-10-05 vol. 81 193 - Wednesday, October 5, 201681 FR 69240 - Amendment to Securities Transaction Settlement Cycle 17 CFR Part 240 The Securities and Exchange Commission (Commission) proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 (Exchange Act) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (T3) to two business days after the trade date (T2). The proposed amendment is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U. S. market participants. 2016-09-29 vol. 81 189 - Thursday, September 29, 201681 FR 66898 - Extension of Comment Period for Disclosure Update and Simplification 17 CFR Parts 210, 229, 230, 239, 240, 249, and 274 The Securities and Exchange Commission is extending the comment period for a proposal to amend certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U. S. Generally Accepted Accounting Principles (U. S. GAAP), International Financial Reporting Standards (IFRS), or changes in the information environment Release No. 33-10110 34-78310 IC-32175 81 FR 51607 (July 13, 2016). The release also solicits comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U. S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board for potential incorporation into U. S. GAAP. The original comment period is scheduled to end on October 3, 2016. The Commission is extending the time period in which to provide the Commission with comments until November 2, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments. 2016-09-02 vol. 81 171 - Friday, September 2, 201681 FR 60585 - Access to Data Obtained by Security-Based Swap Data Repositories 17 CFR Part 240 Pursuant to section 763(i) of Title VII (Title VII) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Securities and Exchange Commission (Commission) is adopting amendments to rule 13n-4 under the Securities Exchange Act of 1934 (Exchange Act) related to regulatory access to security-based swap data held by security-based swap data repositories. The rule amendments would implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities. 2016-08-04 vol. 81 150 - Thursday, August 4, 201681 FR 51608 - Disclosure Update and Simplification 17 CFR Parts 210, 229, 230, 239, 240, 249, and 274 We are proposing amendments to certain of our disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U. S. Generally Accepted Accounting Principles (U. S. GAAP), International Financial Reporting Standards (IFRS), or changes in the information environment. We are also soliciting comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U. S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board (FASB) for potential incorporation into U. S. GAAP. The proposed amendments are intended to facilitate the disclosure of information to investors, while simplifying compliance efforts, without significantly altering the total mix of information provided to investors. These proposals are part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. We are also issuing these proposals as part of our efforts to implement title LXXII, section 72002(2) of the Fixing Americaaposs Surface Transportation Act. 2016-07-27 vol. 81 144 - Wednesday, July 27, 201681 FR 49163 - Order Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, Canada and the U. S. Extractive Industries Transparency Initiative as Substantially Similar to the Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934 Effective date: The final rule and form amendment are effective September 26, 2016. Compliance date: A resource extraction issuer must comply with the final rule and form for fiscal years ending on or after September 30, 2018. 17 CFR Parts 240 and 249b We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U. S. District Court for the District of Columbia. Section 1504 of the Dodd-Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format. 81 FR 49432 - Disclosure of Order Handling Information17 CFR Parts 240 and 242 The Securities and Exchange Commission (Commission or SEC) is proposing to amend Rules 600 and 606 of Regulation National Market System (Regulation NMS) under the Securities Exchange Act of 1934 (Exchange Act) to require additional disclosures by broker-dealers to customers about the routing of their orders. Specifically, with respect to institutional orders, the Commission is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customeraposs institutional orders for the prior six months. The Commission also is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer to make publicly available aggregated information with respect to its handling of customersapos institutional orders for each calendar quarter. With respect to retail orders, the Commission is proposing to make targeted enhancements to current order routing disclosures under Rule 606 by requiring limit order information to be broken down into marketable and non-marketable categories, requiring the disclosure of the net aggregate amount of any payment for order flow received, payment from any profit-sharing relationship received, transaction fees paid, and transaction rebates received by a broker-dealer from certain venues, requiring broker-dealers to describe any terms of payment for order flow arrangements and profit-sharing relationships with certain venues that may influence their order routing decisions, and eliminating the requirement to divide retail order routing information by listing market. In connection with these new requirements, the Commission is proposing to amend Rule 600 of Regulation NMS to include a number of newly defined terms which are used in the proposed amendments to Rule 606. The Commission is also proposing to amend Rules 605 and 606 of Regulation NMS to require that the public order execution and order routing reports be kept publicly available for a period of three years and to make conforming changes to Rule 607. Finally, the Commission is proposing to amend Rule 3a51-1(a) under the Exchange Act Rule 13h-1(a)(5) of Regulation 13D-G Rule 105(b)(1) of Regulation M Rules 201(a) and 204(g) of Regulation SHO Rules 600(b), 602(a)(5), 607(a)(1), and 611(c) of Regulation NMS and Rule 1000 of Regulation SCI, to update cross-references as a result of this proposed rule. 2016-07-01 vol. 81 127 - Friday, July 1, 201681 FR 43130 - Amendments to Smaller Reporting Company Definition 17 CFR Parts 229, 230, and 240 We are proposing amendments to the definition of smaller reporting company as used in our rules and regulations. The proposed amendments, which would expand the number of registrants that qualify as smaller reporting companies, are intended to promote capital formation and reduce compliance costs for smaller registrants, while maintaining investor protections. Registrants with less than 250 million in public float would qualify, as would registrants with zero public float if their revenues were below 100 million in the previous year. 2016-06-17 vol. 81 117 - Friday, June 17, 201681 FR 39808 - Trade Acknowledgment and Verification of Security-Based Swap Transactions 17 CFR Part 240 In accordance with Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Securities and Exchange Commission (Commission) is adopting Rules 15Fi-1 and 15Fi-2 under the Securities Exchange Act of 1934 (Exchange Act) requiring security-based swap dealers and major security-based swap participants to provide trade acknowledgments and to verify those trade acknowledgments in security-based swap transactions. The Commission also is amending Rule 3a71-6 under the Exchange Act to address the potential availability of substituted compliance in connection with those trade acknowledgment and verification requirements. 2016-06-10 vol. 81 112 - Friday, June 10, 201681 FR 37670 - Incentive-Based Compensation Arrangements Rule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission merchant (BDFCM), shall be prohibited under the Commodity Exchange Act (CEA) from offering or entering into a transaction described in the CEA with a person who is not an eligible contract participant (retail forex transaction). 2016-05-24 vol. 81 100 - Tuesday, May 24, 201681 FR 32643 - Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants Correction 17 CFR Part 240 In accordance with Section 764 of Title VII (Title VII) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Securities and Exchange Commission (SEC or Commission) is adopting new rules under the Securities Exchange Act of 1934 (Exchange Act) that are intended to implement provisions of Title VII relating to business conduct standards and the designation of a chief compliance officer for security-based swap dealers and major security-based swap participants. The final rules also address the cross-border application of the rules and the availability of substituted compliance. 2016-05-10 vol. 81 90 - Tuesday, May 10, 201681 FR 28689 - Changes to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act 17 CFR Parts 230 and 240 We are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the JOBS Act) and Title LXXXV of the Fixing Americaaposs Surface Transportation Act (the FAST Act). The amendments revise our rules to reflect the new, higher thresholds for registration, termination of registration and suspension of reporting that were set forth in the JOBS Act and the FAST Act. In addition, the amendments revise the definition of held of record in Rule 12g5-1 under the Securities Exchange Act of 1934 (the Exchange Act), in accordance with the JOBS Act, to exclude certain securities held by persons who received them pursuant to employee compensation plans and establish a non-exclusive safe harbor for determining whether securities are held of record for purposes of registration under Exchange Act Section 12(g). 2016-04-22 vol. 81 78 - Friday, April 22, 201681 FR 23916 - Business and Financial Disclosure Required by Regulation S-K 17 CFR Parts 210, 229, 230, 232, 239, 240 and 249 The Commission is publishing this concept release to seek public comment on modernizing certain business and financial disclosure requirements in Regulation S-K. These disclosure requirements serve as the foundation for the business and financial disclosure in registrantsapos periodic reports. This concept release is part of an initiative by the Division of Corporation Finance to review the disclosure requirements applicable to registrants to consider ways to improve the requirements for the benefit of investors and registrants. 2016-04-01 vol. 81 63 - Friday, April 1, 201681 FR 18747 - General Rules and Regulations, Securities Exchange Act of 1934 Extension of comment period. The comment period for the proposed rule published on December 23, 2015 (80 FR 80057), is extended. Initial comments are due on February 16, 2016. Reply comments, which may respond only to issues raised in the initial comment period, are due on March 8, 2016. In developing the final rules, the Commission may rely on both new comments and comments that have been received to date, including those that were provided in connection with the prior rules that the Commission issued under Section 13(q). 17 CFR Parts 240 and 249 The Securities and Exchange Commission is extending the comment period for a release proposing new Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers Release No. 34-76620 (Dec. 11, 2015) 80 FR 80057 (Dec. 23, 2015). The comment period for the proposal is divided between an initial comment period and a period for reply comments. The original initial comment period is scheduled to end on January 25, 2016 and the original period for reply comments is scheduled to end on February 16, 2016. The Commission is extending the time period in which to provide the Commission with initial comments until February 16, 2016 and to provide reply comments until March 8, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments. 2016-01-21 vol. 81 13 - Thursday, January 21, 201681 FR 3354 - Access to Data Obtained by Security-Based Swap Data Repositories and Exemption From Indemnification Requirement The Securities and Exchange Commission (Commission) is publishing this Advance Notice of Proposed Rulemaking, Concept Release, and Request for Comment on Transfer Agent Regulations (release) to seek public comment regarding the Commissionaposs transfer agent rules. The first transfer agent rules were adopted in 1977 and remain essentially unchanged. At the same time, transfer agents now operate in a market structure that bears little resemblance to the structure in 1977. The release, noting the importance of transfer agents within the national market structure, includes a history of transfer agent services and applicable regulations as well as an overview of current transfer agent services and activities, and requests comment on all topics. The release includes an Advance Notice of Proposed Rulemaking in specific areas, such as transfer agent registration and reporting requirements, safeguarding of funds and securities, and revision of obsolete or outdated rules, along with requests for comment, as well as a Concept Release and Request for Comment addressing additional areas of specific Commission interest, including processing of book-entry securities, broker-dealer recordkeeping for beneficial owners, transfer agents to mutual funds, and administration of issuer plans. The Commission intends to consider the publicaposs comments in connection with any future rulemaking, and comments to the Advance Notice of Proposed Rulemaking will be used to further consider the sufficiency and scope of the rulemaking proposals described therein. 2015-12-28 vol. 80 248 - Monday, December 28, 201580 FR 80998 - Regulation of NMS Stock Alternative Trading Systems 17 CFR Parts 240, 242, 249 The Securities and Exchange Commission is proposing to amend the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (Exchange Act) applicable to alternative trading systems (ATSs) that transact in National Market System (NMS) stocks (hereinafter referred to as (NMS Stock ATSs), including so called dark pools. First, the Commission is proposing to amend Regulation ATS to adopt Form ATS-N to provide information about the broker-dealer that operates the NMS Stock ATS (broker-dealer operator) and the activities of the broker-dealer operator and its affiliates in connection with the NMS Stock ATS, and to provide detailed information about the manner of operations of the ATS. Second, the Commission is proposing to make filings on Form ATS-N public by posting certain Form ATS-N filings on the Commissionaposs internet Web site and requiring each NMS Stock ATS that has a Web site to post on the NMS Stock ATSaposs Web site a direct URL hyperlink to the Commissionaposs Web site that contains the required documents. Third, the Commission is proposing to amend Regulation ATS to provide a process for the Commission to determine whether an entity qualifies for the exemption from the definition of exchange under Exchange Act Rule 3a1-1(a)(2) with regard to NMS stocks and declare an NMS Stock ATSaposs Form ATS-N either effective or, after notice and opportunity for hearing, ineffective. Fourth, under the proposal, the Commission could suspend, limit, or revoke the exemption from the definition of exchange after providing notice and opportunity for hearing. Fifth, the Commission is proposing to require that an ATSaposs safeguards and procedures to protect subscribersapos confidential trading information be written. The Commission is also proposing to make conforming changes to Regulation ATS and Exchange Act Rule 3a1-1(a). Additionally, the Commission is requesting comment about, among other things, changing the requirements of the exemption from the definition of exchange pursuant to Exchange Act Rule 3a1-1(a) for ATSs that facilitate transactions in securities other than NMS stocks. Lastly, the Commission is also requesting comment regarding its consideration to amend Exchange Act Rules 600 and 606 to improve transparency around the handling and routing of institutional customer orders by broker-dealers. 2015-12-23 vol. 80 246 - Wednesday, December 23, 201580 FR 79757 - Establishing the Form and Manner with which Security-Based Swap Data Repositories Must Make Security-Based Swap Data Available to the Commission 17 CFR Part 240 The Securities and Exchange Commission (SEC or Commission) is publishing for comment a proposed amendment to specify the form and manner with which security-based swap data repositories (SDRs) will be required to make security-based swap (SBS) data available to the Commission under Exchange Act Rule 13n-4(b)(5). The Commission is proposing to require SDRs to make these data available according to schemas that will be published on the Commissionaposs Web site and that will reference the international industry standards Financial products Markup Language (FpML) and Financial Information eXchange Markup Language (FIXML). 80 FR 80058 - Disclosure of Payments by Resource Extraction IssuersWe are providing two comment periods for this proposal. Initial comments are due on January 25, 2016. Reply comments, which may respond only to issues raised in the initial comment period, are due on February 16, 2016. In developing the final rules, the Commission may rely on both new comments and comments that have been received to date, including those that were provided in connection with the prior rules that the Commission issued under Section 13(q). 17 CFR Parts 240 and 249b We are proposing Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U. S. District Court for the District of Columbia. Section 1504 of the Dodd-Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format. 2015-12-22 vol. 80 245 - Tuesday, December 22, 201580 FR 79473 - Crowdfunding Correction 17 CFR Parts 200, 227, 232, 239, 240, 249, 269, and 274 The Securities and Exchange Commission published in the Federal Register of November 16, 2015, the final rule, Regulation Crowdfunding, under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act of 2012. The effective date for subpart U, which adds Form Funding Portal, was inadvertently omitted in the DATES section of the Federal Register. This correction adds the effective date for subpart U, Form Funding Portal. The section you are viewing is cited by the following CFR sections. Title 17 published on 2015-12-04 . The following are only the Rules published in the Federal Register after the published date of Title 17. For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab. 2016-12-28 vol. 81 249 - Wednesday, December 28, 2016 81 FR 95458 - Changes to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act Correction 17 CFR Part 240 This document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (Exchange Act) in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act and Title LXXXV of the Fixing Americaaposs Surface Transportation Act. This document is being published to correct language in that rule to more precisely reflect the holder of record threshold established by Exchange Act Section 12(g)(1). 2016-11-21 vol. 81 224 - Monday, November 21, 201681 FR 83494 - Exemptions To Facilitate Intrastate and Regional Securities Offerings Effective date: Revised 17 CFR 230.147 (Rule 147) and new 17 CFR 230.147A (Rule 147A) will be effective on April 20, 2017. The amendments to 17 CFR 230.504 (Rule 504) and 17 CFR 200.30-1 (Rule 30-1) will be effective on January 20, 2017. The removal of 17 CFR 230.505 (Rule 505) will be effective on May 22, 2017. All other amendments in this rule will be effective on May 22, 2017. Comment date: Comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before January 20, 2017. 17 CFR Parts 200, 230, 239, 240, 249, 270 and 275 We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. We also are adopting amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuersapos capital raising efforts and provide additional investor protections. The amendments to Rule 504 will increase the aggregate amount of securities that may be offered and sold in any twelve-month period from 1 million to 5 million and disqualify certain bad actors from participation in Rule 504 offerings. In light of these amendments to Rule 504, we are also repealing Rule 505. 2016-11-18 vol. 81 223 - Friday, November 18, 201681 FR 81870 - Investment Company Reporting Modernization Effective Dates: This rule is effective January 17, 2017, except for the following: The amendments to 17 CFR 200.800, 232.105, 232.301, 240.10A-1, 240.12b-25, 240.13a-10, 240.13a-11, 240.13a-13, 240.13a-16, 240.15d-10, 240.15d-11, 240.15d-13, 240.15d-16, 249.322, 249.330, 270.8b-16, 270.10f-3, 270.30a-1, 270.30a-4, 270.30b1-1, 270.30b1-2, 270.30b1-3, 274.101, and 274.218, and in Instruction 55 amending 270.30d-1 are effective June 1, 2018 and The amendments to 17 CFR 232.401, 249.332, 270.8b-33, 270.30a-2, 270.30a-3, 270.30b1-5, and 274.130, and in Instruction 54 amending 270.30d-1, Instruction 57 amending Form N-1A (referenced in 239.15A and 274.11A), Instruction 59 amending Form N-2 (referenced in 239.14 and 274.11a-1), and Instruction 61 amending Form N-3 (referenced in 239.17a and 274.11b) are effective August 1, 2019. Compliance Dates: The applicable compliance dates are discussed in section II. H. of this final rule. 17 CFR Parts 200, 210, 232, 239, 240, 249, 270, 274 The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions. 2016-10-13 vol. 81 198 - Thursday, October 13, 201681 FR 70786 - Standards for Covered Clearing Agencies 17 CFR Part 240 The Securities and Exchange Commission (SEC or Commission) is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (Exchange Act) and the Payment, Clearing, and Settlement Supervision Act of 2010 (Clearing Supervision Act), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Among other things, the rules establish enhanced standards for the operation and governance of those clearing agencies registered with the Commission (registered clearing agencies) that meet the definition of covered clearing agency. 2016-09-02 vol. 81 171 - Friday, September 2, 201681 FR 60585 - Access to Data Obtained by Security-Based Swap Data Repositories 17 CFR Part 240 Pursuant to section 763(i) of Title VII (Title VII) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Securities and Exchange Commission (Commission) is adopting amendments to rule 13n-4 under the Securities Exchange Act of 1934 (Exchange Act) related to regulatory access to security-based swap data held by security-based swap data repositories. The rule amendments would implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities. 2016-07-27 vol. 81 144 - Wednesday, July 27, 201681 FR 49163 - Order Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, Canada and the U. S. Extractive Industries Transparency Initiative as Substantially Similar to the Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934 Effective date: The final rule and form amendment are effective September 26, 2016. Compliance date: A resource extraction issuer must comply with the final rule and form for fiscal years ending on or after September 30, 2018. 17 CFR Parts 240 and 249b We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U. S. District Court for the District of Columbia. Section 1504 of the Dodd-Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format. 2016-06-17 vol. 81 117 - Friday, June 17, 201681 FR 39808 - Trade Acknowledgment and Verification of Security-Based Swap Transactions 17 CFR Part 240 In accordance with Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Securities and Exchange Commission (Commission) is adopting Rules 15Fi-1 and 15Fi-2 under the Securities Exchange Act of 1934 (Exchange Act) requiring security-based swap dealers and major security-based swap participants to provide trade acknowledgments and to verify those trade acknowledgments in security-based swap transactions. The Commission also is amending Rule 3a71-6 under the Exchange Act to address the potential availability of substituted compliance in connection with those trade acknowledgment and verification requirements. 2016-05-26 vol. 81 102 - Thursday, May 26, 201681 FR 33374 - Retail Foreign Exchange Transactions Rule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission merchant (BDFCM), shall be prohibited under the Commodity Exchange Act (CEA) from offering or entering into a transaction described in the CEA with a person who is not an eligible contract participant (retail forex transaction). 2016-05-24 vol. 81 100 - Tuesday, May 24, 201681 FR 32643 - Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants Correction 17 CFR Part 240 In accordance with Section 764 of Title VII (Title VII) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Securities and Exchange Commission (SEC or Commission) is adopting new rules under the Securities Exchange Act of 1934 (Exchange Act) that are intended to implement provisions of Title VII relating to business conduct standards and the designation of a chief compliance officer for security-based swap dealers and major security-based swap participants. The final rules also address the cross-border application of the rules and the availability of substituted compliance. 2016-05-10 vol. 81 90 - Tuesday, May 10, 201681 FR 28689 - Changes to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act 17 CFR Parts 230 and 240 We are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the JOBS Act) and Title LXXXV of the Fixing Americaaposs Surface Transportation Act (the FAST Act). The amendments revise our rules to reflect the new, higher thresholds for registration, termination of registration and suspension of reporting that were set forth in the JOBS Act and the FAST Act. In addition, the amendments revise the definition of held of record in Rule 12g5-1 under the Securities Exchange Act of 1934 (the Exchange Act), in accordance with the JOBS Act, to exclude certain securities held by persons who received them pursuant to employee compensation plans and establish a non-exclusive safe harbor for determining whether securities are held of record for purposes of registration under Exchange Act Section 12(g). 2016-04-01 vol. 81 63 - Friday, April 1, 201681 FR 18747 - General Rules and Regulations, Securities Exchange Act of 1934