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SEC Rule 15a-6: Difference between revisions
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<blockquote>"The Commission's goals in adopting {{tag|Rule 15a6}} 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>"The Commission's goals in adopting {{tag|Rule 15a6}} 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> | ||
"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>"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> | ||
"Flnally, paragraph (a)(3)(iii) of the Rule requires the use of a registered broker-dealer as an intermediary in effecting trades between U.S. institutional investors or major U.S. institutional investors and the foreign broker-dealer as a condition for this exemption. Paragraph (a)(3)(iii)(A) first requires that transactions with these investors be effected through the registered broker-dealer. This means that the registered broker-dealer must handle all aspects of these transactions except the negotiation of their terms, which may occur between the investors and the foreign broker-dealer (through its foreign associated persons). | <blockquote>"Flnally, paragraph (a)(3)(iii) of the Rule requires the use of a registered broker-dealer as an intermediary in effecting trades between U.S. institutional investors or major U.S. institutional investors and the foreign broker-dealer as a condition for this exemption. Paragraph (a)(3)(iii)(A) first requires that transactions with these investors be effected through the registered broker-dealer. This means that the registered broker-dealer must handle all aspects of these transactions except the negotiation of their terms, which may occur between the investors and the foreign broker-dealer (through its foreign associated persons).</blockquote> | ||