Tag Archives: No Action Letter

NASAA Adopts Model M&A State Rule

The North American Securities Administrators Association (“NASAA”) formally adopted a Model State Rule which, if adopted by each state, will exempt M&A Brokers from having to register as securities brokers at the state level. The intent of NASAA’s model rule is to harmonize state securities rules and regulations with recent changes in federal securities regulation … Continue reading NASAA Adopts Model M&A State Rule

No-Action Guidance on Prompt Forwarding of Customer Funds with Subscription-Way Securities

In a major shift in policy with respect to the processing of customer checks by broker-dealers in subscription-way securities, the United States Securities and Exchange Commission (“SEC”) issued a No Action Letter on March 12, 2015 to NYLIFE Securities, Inc. stating that the Staff in the SEC’s Division of Trading and Markets would not recommend … Continue reading No-Action Guidance on Prompt Forwarding of Customer Funds with Subscription-Way Securities

M&A Brokers Exempted From SEC Broker-Dealer Registration

In what appears to be a noteworthy departure from the Securities and Exchange Commission’s (“SEC”) long-held view that persons receiving transaction-based compensation in connection with facilitating the acquisition and or sale of a company must register with the SEC as a broker-dealer, the SEC issued a No-Action Letter on January 31, 2014, that was revised … Continue reading M&A Brokers Exempted From SEC Broker-Dealer Registration

SEC Extends Broker-Dealer Reliance on CIPs of Investment Advisers

The SEC has recently issued a No-Action Letter that extends the ability for a broker-dealer to treat an investment adviser as if it were subject to an Anti-Money Laundering Program (AML Program) and rely on the investment adviser to perform some or all of its customer identification program (CIP) obligations under rule 31 CFR 103.122.  However, … Continue reading SEC Extends Broker-Dealer Reliance on CIPs of Investment Advisers