SEC Proposes to Liberalize Exchange Act Rule 15a-6 Concerning U.S. Activities of Non-U.S. Broker-Dealers
Client Memorandum

Created date


On June 25, 2008, the Securities and Exchange Commission (the “SEC”) proposed amendments to Rule 15a-6 (“Rule 15a-6” or the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”).1 If adopted, the proposal would liberalize the permitted activities of non-U.S. broker-dealers engaging in securities business with U.S. investors without requiring registration under the Exchange Act. However, the proposal would also establish new requirements that could impact existing arrangements by which non-U.S. broker-dealers currently interact with U.S. investors.