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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}} provides conditional exemptions from [[broker-dealer]] registration for [[foreign broker-dealer]]s that engage in certain specified activities with [[U.S. investor]]s including: | |||
*Effecting [[Reverse solicitation|unsolicited]] securities transactions; | |||
*Providing research reports to major U.S. institutional investors, and effecting transactions in the subject securities with or for those investors; | |||
*[[Solicitation|Soliciting]] and [[Effect|effecting]] transactions with or for U.S. institutional investors or major U.S. institutional investors through a “[[chaperoning broker/dealer]]”; and | |||
*Soliciting and effecting transactions with or for [[registered broker-dealer]]s, banks acting as [[broker/dealer]]s, certain international organizations, foreign persons temporarily present in the U.S., U.S. citizens resident abroad, and foreign branches and agencies of [[U.S. person]]s. | |||
In adopting Rule [[15a-6]], the [[SEC]] sought “to facilitate access to foreign markets by U.S. institutional investors through [[foreign broker-dealer]]s and the research that they provide, consistent with maintaining the safeguards afforded by [[Registered broker-dealer|broker-dealer registration]],” and “to provide clear guidance to [[foreign broker-dealer]]s seeking to operate in compliance with U.S. broker-dealer registration requirements.” | |||
Primary source is here on the Cornell University website: | Primary source is here on the Cornell University website: | ||