SEC no-action letter relating to prime brokerage: Difference between revisions

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SEC no-action letter relating to prime brokerage (view source)

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 Thus, once you have your BAU operational framework set up, [[Regulation T]] is not really something that should trouble the [[legal eagle]]s, at least from a documentation perspective, prescribing as it does how the business should operate, not how it is documented, though there are some documentation requirements, especially as regards the [[executing broker]].
-In saying this, the no-action letter does have a rather succinct description of what basic equity [[prime brokerage]] is. Made somewhat succincter, the [[JC]] reads the gist as follows — and by way of disclaimer, the JC is not a New York lawyer, is not steeped in the same tea as our American friends, so as long as treat this as the musings of the feebleminded cretin it is, you won’t get yourself in too much of a pickle:
+In saying this, the no-action letter does have a rather succinct description of what basic equity [[prime brokerage]] is. Made somewhat succincter, the [[JC]] reads the gist as follows — ''and by way of '''[[disclaimer]]''''', the [[JC]] knows a few New York attorneys but is not one, does not want to be one (and does not need any more brochures from the ''Hoboken Night School for the Perpetually Dense'', though thank-you to my many correspondents who have sent them in), is not steeped in the same tea as our American friends, so as long as you treat this as the feebleminded musings of a complete cretin, you won’t get yourself in too much of a pickle:
 {{quote|[[Prime brokerage]] is the process by which a registered broker-dealer clears and settles of securities trades for its customers. It involves three distinct parties: the [[prime broker]], the [[executing broker]], and the [[customer]].