The SEC recently published for public comment a release (the “Proposing Release”) setting forth numerous proposed amendments to Rule 15a-6 under the Securities Exchange Act of 1934. The proposed amendments are intended to increase the range of services foreign broker-dealers are allowed to offer in the United States by updating and expanding the scope of certain exemptions from broker-dealer registration contained in Rule 15a-6. Rule 15a-6 is the principal SEC rule under which non- U.S. broker-dealers (including non-U.S. banks) engage in certain securities activities within the U.S or with certain U.S. persons. The comment period for the proposal, which a future Alert will discuss in greater detail, runs through September 8, 2008.
Alert July 15, 2008