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SEC no-action letter relating to prime brokerage: Difference between revisions
SEC no-action letter relating to prime brokerage (view source)
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If, due to [[force majeure]] at the clearing agency, the [[prime broker]] receives a trade confirmation that was entered in a timely fashion after noon (eastern time) on T+1 the [[prime broker]] has until the close of business on T+1 of the day after receipt to [[DK]] the transaction. | If, due to [[force majeure]] at the clearing agency, the [[prime broker]] receives a trade confirmation that was entered in a timely fashion after noon (eastern time) on T+1 the [[prime broker]] has until the close of business on T+1 of the day after receipt to [[DK]] the transaction. | ||
====9. Record of DKs=== | ====9. Record of DKs==== | ||
The PB must keep a record of all DKs over the past three years, with reasons. Where a PB DKs a trade that remains the EB’s trade. | The PB must keep a record of all DKs over the past three years, with reasons. Where a PB DKs a trade that remains the EB’s trade. | ||
===10. Short sale regulations==== | |||
The EB must comply with all the applicable short sale provisions and, before executing any [[short sale]] must determine that the securities can be borrowed to deliver against the [[short sale]]. | |||
====11. 10b-10 confirmations==== | |||
{{sa}} | {{sa}} | ||
*[https://www.sec.gov/divisions/marketreg/mr-noaction/pbroker012594-out.pdf The famous SEC no-action letter] | *[https://www.sec.gov/divisions/marketreg/mr-noaction/pbroker012594-out.pdf The famous SEC no-action letter] | ||
{{ref}} | {{ref}} | ||