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SEC Rule 15a-6: Difference between revisions
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[[Rule 15a-6]] under the {{t|Securities Exchange Act of 1934}}. | |||
Primary source is here on the Cornell University website: | Primary source is here on the Cornell University website: | ||
[https://www.law.cornell.edu/cfr/text/17/240.15a-6 Rule 15a-6] | [https://www.law.cornell.edu/cfr/text/17/240.15a-6 Rule 15a-6] | ||
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===Summary=== | ===Summary=== | ||
[[Rule 15a-6]] allows a [[foreign broker-dealer]] to engage in US securities transactions without registering as a {{tag|registered broker-dealer}} in certain circumstances. | |||
===Terminology=== | ===Terminology=== | ||
*'''US client''': a U.S. institutional investor or a major U.S. institutional investor. | *'''US client''': a U.S. institutional investor or a major U.S. institutional investor. | ||
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<blockquote>"The Commission's goals in adopting | <blockquote>"The Commission's goals in adopting [[Rule 15a-6]] at this time are (i) to facilitate access lo foreign markets by U.S. institutional investors through foreign {{tag|broker-dealer}}s and the research that they provide, consistent with maintaining the safeguards afforded by broker-dealer registration; and (ii) to provide clear guidance to foreign broker-dealers seeking to operate in compliance with U.S. broker-dealer registration requirements."</blockquote> | ||
<blockquote>"If foreign broker-dealers are effecting trades outside the United States with or for individual US. citizens resident abroad, but have no other contacts within the jurisdiction of the United States, the Commission generally would not expect these foreign broker-dealers to register."</blockquote> | <blockquote>"If foreign broker-dealers are effecting trades outside the United States with or for individual US. citizens resident abroad, but have no other contacts within the jurisdiction of the United States, the Commission generally would not expect these foreign broker-dealers to register."</blockquote> | ||