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Division of Market Regulation
Exemptive Orders and
Exemptive, Interpretive, and No-Action Letters
Important Note: This page contains Division of Market Regulation no-action letters dated on or after January 1, 2002. Division of Market Regulation no-action letters issued before that date may be obtained from the Commission's Public Reference Room at (202) 942-8090, or email publicinfo@sec.gov. Selected letters issued before January 1, 2002 may appear in other places on this website.
| Subject Categories for No-Action Letters |
| List of No-Action Letters by Subject Category |
"Bank" – Definition
Broker-Dealer Books and Records Requirements
Broker-Dealer Registration –
Clerical and Ministerial Activities
Broker-Dealer Registration – Exemptions from Registration
Broker-Dealer Registration —
Limited Broker-Dealer Functions
- Texas Treasury Safekeeping Trust Company, June 16, 2004
- Investacorp Group, Inc., September 26, 2003
- Loffa Interactive Corp., Inc., September 12, 2003
- Scripophily.com, August 14, 2002
- Century Business Services, Inc. and CBIZ Financial Solutions, Inc., March 1, 2002
- OneShare.com, January 16, 2002
Broker-Dealer Registration – Networking
(Depository Institutions and Insurance Companies)
Broker-Dealer Registration — Other
Confirmations – Rule 10b-10
- The Pacific Exchange, Inc., April 30, 2004
- Nasdaq Stock Market, Inc., September 15, 2003
- Goldman, Sachs & Co., August 14, 2003
- Edward D. Jones & Co., LP, August 1, 2003
- Trade Web, Jul 22, 2003
Disclosure of Order Execution Information — Rule 11Ac1-5
Dissemination of Quotations — Rule 11Ac1-1
ECNs ("Electronic Communications Networks")
- OnTrade, Inc., April 2, 2004
- Inet ECN, April 2, 2004
- Track ECN, April 1, 2004
- NexTrade, Inc., April 1, 2004
- BRUT System, April 1, 2004
- Attain Systems, April 1, 2004
- Bloomberg Tradebook, April 1, 2004
- The Island ECN, November 7, 2002
- Instinet Corporation, November 1, 2002
- GlobeNet Trading System, March 29, 2002
- Instinet Real-Time Trading Services, March 29, 2002
- Island System ECN, March 29, 2002
- MarketXT, March 29, 2002
- REDI System, March 29, 2002
- Track ECN, March 29, 2002
- BRUT ECN, LLC, February 1, 2002
Exchange Member Trading — Section 11(a)
- The Operating Committee of the Options Linkage Authority, May 30, 2003
- Chicago Board Options Exchange, March 31, 2003
- Large Order Utility System, March 12, 2003
- American Stock Exchange, July 9, 2002
- RAES System, May 16, 2002
- AUTOM System, April 15, 2002
Extension of Credit on New Issues – Section 11(d)
Foreign Market Communications with QIBs
Multiple Section Relief
(e.g. exchange traded funds and other basket products)
- Nasdaq Stock Market, Inc., November 13, 2002
- Treasury FITR Exchange Traded Funds, November 1, 2002
- Fresco Index Shares Funds, October 21, 2002
- iShares Trust ("Trust"), iShares 1-3 Year Treasury Index Fund, iShares 7-10 Year Treasury Index Fund, iShares 20+ Year Treasury Index Fund, iShares Treasury Index Fund, iShares Government/Credit Index Fund, iShares Lehman Corporate Bond Fund, and iShares Goldman Sachs InvesTop Corporate Bond Fund, July 15, 2002
- Biotech Boxes, March 19, 2002
Municipal Securities Brokers and Dealers
Penny Stock Rules
National Market System Rules, Miscellaneous – Section 11A
Rule 10a-1, Short Sales
- Instinet Group, LLC, June 8, 2004
- Harborside Securities, L.L.C., March 16, 2004
- Portfolio System for Institutional Trading, April 23, 2003
- Vie Institutional Services, February 12, 2003
Rule 11Ac1-5, Disclosure of Order Execution Information
- Nasdaq Stock Market, Inc., September 21, 2001
- NASD Small Firms Advisory Board, June 22, 2001
- New York Stock Exchange, Inc., June 22, 2001
- Nasdaq Stock Market, Inc., June 22, 2001
- Market Systems, Inc., June 22, 2001
- Securities Industry Association, April 12, 2001
- Securities Industry Association, March 12, 2001
- Nasdaq, March 12, 2001
Rule 11Ac1-6, Disclosure of Order Routing Information
Rule 14e-5, Purchases Outside a Tender Offer
- GmbH for P & I Personal & Informatik Aktiengesellscaft, June 24, 2004
- UCB S.A., May 19, 2004
- SABMiller PLC, May 10, 2004
- Anheuser-Busch Companies, Inc., May 7, 2004
- Songbird Acquisition Limited, April 22, 2004
- BLB Investors, L.L.C., March 31, 2004
- Canary Wharf Group plc, February 9, 2004
- Banco Bilbao Vizcaya Argentaria, S.A. for Series B Shares and American Depository Shares of Grupo Financiero BBVA Bancomer, S.A. de C.V., February 2, 2004
- Matsushita Electric Works, Ltd., December 19, 2003
- Banyu Pharmaceutical Co. Ltd., September 11, 2003
- Rizzoli Corriere della Sera Medical Group S.p.A. for Fila Holding S.p.A.., July 28, 2003
- Twins Acquisition, Inc. Offer for IDS Group plc, June 25, 2003
- Serono France Holding S.A., May 14, 2003
- Vodafone Group Plc, March 3, 2003
- UBS AG, London Branch and J.P. Morgan Securities Limited, February 21, 2003
- Banyu Pharmaceutical Co. Ltd., January 9, 2003
- Offer by CIBER (UK) for ECsoft Group plc, January 8, 2003
- Bank of Ireland Abby National, October 16, 2002
- Pepsi Bottling Group, Inc., Bottling Group LLC and PBG Grupo Embotellador Hispano-Mexicano S.L., October 14, 2002
- Bank of Ireland Abby National, October 8, 2002
- Serono S.A. Offer for All Outstanding Ordinary Shares, ADSs, OCEANEs and Warrants of Genset, September 12, 2002
- Koninklijke Ahold N.V.'s Tender Offer for Shares and ADSs of Santa Isabel S.A., September 10, 2002
- DB Sechste Vermögensverwaltungsgesellschaft mbH for Stinnes AG, August 29, 2002
- Saipem SpA, July 29, 2002
- Kingfisher Plc Offer for Castorama Dubois Investissements SCA, June 4, 2002
- RWE Aktiengesellschaft, March 22, 2002
- Telex-Chile, S.A., March 5, 2002
Rule 15c3-1, Broker-Dealer Net Capital Requirements
Rule 101 of Regulation M,
Activities By Distribution Participants
Rule 102 of Regulation M,
Activities By Issuers and Selling Security Holders During a Distribution
- CNL Retirement Properties, Inc., May 19, 2004
- Associated Grocers of Maine, Inc., May 6, 2004
- CNL Income Properties, Inc., March 11, 2004
- Wells Real Estate Investment Trust II, Inc., December 9, 2003
- ING Senior Income Fund, October 9, 2003
- Inland Western Retail Real Estate Trust, Inc., August 25, 2003
- ING Senior Income Fund, October 17, 2002
- Popular High Grade Fixed-Income Fund, September 10, 2002
Section 31 Fees
"Securities" - Other
Security Futures Products Brokers and Dealers
Shad-Johnson Letters
Transfer Agents
Vendor Display Rule Interpretive Guidance
| Alphabetical List of No-Action Letters |
- American Stock Exchange, July 9, 2002
- Anheuser-Busch Companies, Inc., May 7, 2004
- Associated Grocers of Maine, Inc., May 6, 2004
- Attain Systems, April 1, 2004
- AUTOM System, April 15, 2002
- Banco Bilbao Vizcaya Argentaria, S.A. for Series B Shares and American Depository Shares of Grupo Financiero BBVA Bancomer, S.A. de C.V., February 2, 2004
- Bank of Ireland Abby National, October 16, 2002
- Bank of Ireland Abby National, October 8, 2002
- Banyu Pharmaceutical Co. Ltd., January 9, 2003
- Banyu Pharmaceutical Co. Ltd., September 11, 2003
- Bion Environmental Technologies, Inc., March 18, 2003
- Biotech Boxes, March 19, 2002
- BLB Investors, L.L.C., March 31, 2004
- Bloomberg Tradebook, April 1, 2004
- Borsa Italiana S.p.A., September 24, 2003
- The Boston Stock Exchange, Inc., October 1, 2004
- The Boston Stock Exchange, Inc., February 4, 2004
- BRUT System, April 1, 2004
- BRUT ECN, LLC, February 1, 2002
- Canary Wharf Group plc, February 9, 2004
- Century Business Services, Inc. and CBIZ Financial Solutions, Inc., March 1, 2002
- Chicago Board Options Exchange, March 31, 2003
- Chicago Board Options Exchange, Inc., July 12, 2004
- Chicago Stock Exchange, Inc., October 6, 2004
- Clark Street Capital, Inc., August 20, 2003
- CNL Retirement Properties, Inc., May 19, 2004
- CNL Income Properties, Inc., March 11, 2004
- DB Sechste Vermögensverwaltungsgesellschaft mbH for Stinnes AG, August 29, 2002
- Dominion Bond Rating Service Limited, February 24, 2003
- Edward D. Jones & Co., LP, August 1, 2003
- EDX London Limited and OM London Exchange Limited, October 29, 2003
- Federative Republic of Brazil, January 12, 2004
- First Union Securities, Inc., June 22, 2001
- Fresco Index Shares Funds, October 21, 2002
- GlobeNet Trading System, March 29, 2002
- Goldman, Sachs & Co., August 14, 2003
- GmbH for P & I Personal & Informatik Aktiengesellscaft, June 24, 2004
- Harborside Securities, L.L.C., March 16, 2004
- Headway Corporate Staff Administration, August 14, 2002
- Herbruck, Alder & Co., May 3, 2002
- ING Senior Income Fund, October 9, 2003
- ING Senior Income Fund, October 17, 2002
- Inet ECN, April 2, 2004
- Inland Western Retail Real Estate Trust, Inc., August 25, 2003
- International Securities Exchange, Inc., June 24, 2004
- Instinet Group, LLC, June 8, 2004
- Instinet Corporation, November 1, 2002
- Instinet Real-Time Trading Services, March 29, 2002
- Investacorp Group, Inc., September 26, 2003
- iShares Trust ("Trust"), iShares 1-3 Year Treasury Index Fund, iShares 7-10 Year Treasury Index Fund, iShares 20+ Year Treasury Index Fund, iShares Treasury Index Fund, iShares Government/Credit Index Fund, iShares Lehman Corporate Bond Fund, and iShares Goldman Sachs InvesTop Corporate Bond Fund, July 15, 2002
- The Island ECN, November 7, 2002
- Island System ECN, March 29, 2002
- Kentucky Public Emloyees' Deferred Compensation Authority, July 8, 2002
- Kingfisher Plc Offer for Castorama Dubois Investissements SCA, June 4, 2002
- Koninklijke Ahold N.V.'s Tender Offer for Shares and ADSs of Santa Isabel S.A., September 10, 2002
- Large Order Utility System, March 12, 2003
- Lincoln National Life Insurance Company, August 22, 2003
- Loffa Interactive Corp., Inc., September 12, 2003
- London International Financial Futures and Options Exchange ("LIFFE"), March 3, 2000
- Mahaffy, Edward, March 6, 2003
- Maine Credit Unions, April 9, 2002
- Market Systems, Inc., June 22, 2001
- Market XT, August 8, 2002
- Market XT, March 29, 2002
- NASD Small Firm Advisory Board, September 21, 2001
- NASD Small Firms Advisory Board, June 22, 2001
- Nasdaq Stock Market, Inc., September 15, 2003
- Nasdaq Stock Market, Inc., November 13, 2002
- Nasdaq Stock Market, Inc., July 23, 2002
- Nasdaq Stock Market, Inc., September 21, 2001
- Nasdaq Stock Market, Inc., June 22, 2001
- Nasdaq, March 12, 2001
- National Association of Securities Dealers Order Audit Trail Rules 6950 through 6957, July 25, 2002
- National Futures Association, March 22, 2004
- New York Stock Exchange, Inc., June 22, 2001
- NexTrade, Inc., April 1, 2004
- Notice Registration Requirements, March 5, 2002
- Offer by CIBER (UK) for ECsoft Group plc, January 8, 2003
- OneShare.com, January 16, 2002
- OnTrade, Inc., April 2, 2004
- The Operating Committee of the Options Linkage Authority, May 30, 2003
- The Pacific Exchange, Inc., April 30, 2004
- Pepsi Bottling Group, Inc., Bottling Group LLC and PBG Grupo Embotellador Hispano-Mexicano S.L., October 14, 2002
- Popular High Grade Fixed-Income Fund, Inc., March 31, 2004
- Popular High Grade Fixed-Income Fund, September 10, 2002
- Popular Total Return Fund, Inc., July 1, 2003
- Portfolio System for Institutional Trading, April 23, 2003
- RAES System, May 16, 2002
- REDI System, March 29, 2002
- Recording Certain Broker-Dealer Expenses and Liabilities, July 11, 2003
- Republic of Colombia, December 2, 2002
- Republic of Panama, January 16, 2004
- Rizzoli Corriere della Sera Medical Group S.p.A. for Fila Holding S.p.A.., July 28, 2003
- RWE Aktiengesellschaft, March 22, 2002
- SABMiller PLC, May 10, 2004
- Saipem SpA, July 29, 2002
- San Diego Chapter of the National Association of Investors Corporation, May 14, 2004
- Scripophily.com, August 14, 2002
- Securities Industry Association and Futures Industry Association: No-Action Letter dated August 20, 2002
- Securities Industry Association, February 12, 2004
- Securities Industry Association, September 21, 2001
- Securities Industry Association, April 12, 2001
- Securities Industry Association, March 12, 2001
- SelectNet and SuperMontage, June 4, 2002
- Serono France Holding S.A., May 14, 2003
- Serono S.A. Offer for All Outstanding Ordinary Shares, ADSs, OCEANEs and Warrants of Genset, September 12, 2002
- Silver Young Trading LLC, June 25, 2003
- Songbird Acquisition Limited, April 22, 2004
- Swiss American Securities Inc. and Streetline, Inc., May 28, 2002
- Telex-Chile, S.A., March 5, 2002
- Texas Treasury Safekeeping Trust Company, June 16, 2004
- Trade Web, Jul 22, 2003
- Treasury FITR Exchange Traded Funds, November 1, 2002
- Tokyo Stock Exchange, Inc., November 15, 2002
- Track ECN, March 29, 2002
- Track ECN, April 1, 2004
- Twins Acquisition, Inc. Offer for IDS Group plc, June 25, 2003
- UCB S.A., May 19, 2004
- UBS AG, London Branch and J.P. Morgan Securities Limited, February 21, 2003
- Vie Institutional Services, February 12, 2003
- Vodafone Group Plc, March 3, 2003
- Votorantim Celulose e Papel S.A., June 18, 2002
- Wells Fargo Bank, N.A., July 29, 2004
- Wells Real Estate Investment Trust II, Inc., December 9, 2003
| Chronological List of No-Action Letters |
- Chicago Stock Exchange, Inc., October 6, 2004
- The Boston Stock Exchange, Inc., October 1, 2004
- Borsa Italiana S.p.A., September 24, 2003
- Wells Fargo Bank, N.A., July 29, 2004
- Chicago Board Options Exchange, Inc., July 12, 2004
- International Securities Exchange, Inc., June 24, 2004
- Texas Treasury Safekeeping Trust Company, June 16, 2004
- Instinet Group, LLC, June 8, 2004
- GmbH for P & I Personal & Informatik Aktiengesellscaft, June 24, 2004
- UCB S.A., May 19, 2004
- CNL Retirement Properties, Inc., May 19, 2004
- San Diego Chapter of the National Association of Investors Corporation, May 14, 2004
- SABMiller PLC, May 10, 2004
- Anheuser-Busch Companies, Inc., May 7, 2004
- Associated Grocers of Maine, Inc., May 6, 2004
- The Pacific Exchange, Inc., April 30, 2004
- Songbird Acquisition Limited, April 22, 2004
- OnTrade, Inc., April 2, 2004
- Inet ECN, April 2, 2004
- Track ECN, April 1, 2004
- Attain Systems, April 1, 2004
- NexTrade, Inc., April 1, 2004
- Bloomberg Tradebook, April 1, 2004
- BLB Investors, L.L.C., March 31, 2004
- Popular High Grade Fixed-Income Fund, Inc., March 31, 2004
- National Futures Association, March 22, 2004
- Harborside Securities, L.L.C., March 16, 2004
- BRUT System, April 1, 2004
- CNL Income Properties, Inc., March 11, 2004
- Securities Industry Association, February 12, 2004
- Canary Wharf Group plc, February 9, 2004
- The Boston Stock Exchange, Inc., February 4, 2004
- Banco Bilbao Vizcaya Argentaria, S.A. for Series B Shares and American Depository Shares of Grupo Financiero BBVA Bancomer, S.A. de C.V., February 2, 2004
- Republic of Panama, January 16, 2004
- Federative Republic of Brazil, January 12, 2004
- Wells Real Estate Investment Trust II, Inc., December 9, 2003
- EDX London Limited and OM London Exchange Limited, October 29, 2003
- ING Senior Income Fund, October 9, 2003
- Investacorp Group, Inc., September 26, 2003
- Nasdaq Stock Market, Inc., September 15, 2003
- Loffa Interactive Corp., Inc., September 12, 2003
- Banyu Pharmaceutical Co. Ltd., September 11, 2003
- Inland Western Retail Real Estate Trust, Inc., August 25, 2003
- Lincoln National Life Insurance Company, August 22, 2003
- Clark Street Capital, Inc., August 20, 2003
- Goldman, Sachs & Co., August 14, 2003
- Rizzoli Corriere della Sera Medical Group S.p.A. for Fila Holding S.p.A.., July 28, 2003
- Edward D. Jones & Co., LP, August 1, 2003
- Trade Web, Jul 22, 2003
- Recording Certain Broker-Dealer Expenses and Liabilities, July 11, 2003
- Popular Total Return Fund, Inc., July 1, 2003
- Silver Young Trading LLC, June 25, 2003
- Twins Acquisition, Inc. Offer for IDS Group plc, June 25, 2003
- The Operating Committee of the Options Linkage Authority, May 30, 2003
- Serono France Holding S.A., May 14, 2003
- Portfolio System for Institutional Trading, April 23, 2003
- Chicago Board Options Exchange, March 31, 2003
- Bion Environmental Technologies, Inc., March 18, 2003
- Large Order Utility System, March 12, 2003
- Edward Mahaffy, March 6, 2003
- Notice Registration Requirements, March 5, 2002
- Vodafone Group Plc, March 3, 2003
- Dominion Bond Rating Service Limited, February 24, 2003
- UBS AG, London Branch and J.P. Morgan Securities Limited, February 21, 2003
- Vie Institutional Services, February 12, 2003
- Banyu Pharmaceutical Co. Ltd., January 9, 2003
- Offer by CIBER (UK) for ECsoft Group plc, January 8, 2003
- Republic of Colombia, December 2, 2002
- Tokyo Stock Exchange, Inc., November 15, 2002
- Nasdaq Stock Market, Inc., November 13, 2002
- The Island ECN, November 7, 2002
- Treasury FITR Exchange Traded Funds, November 1, 2002
- Instinet Corporation, November 1, 2002
- Fresco Index Shares Funds, October 21, 2002
- ING Senior Income Fund, October 17, 2002
- Bank of Ireland Abby National, October 16, 2002
- Pepsi Bottling Group, Inc., Bottling Group LLC and PBG Grupo Embotellador Hispano-Mexicano S.L., October 14, 2002
- Bank of Ireland Abby National, October 8, 2002
- Serono S.A. Offer for All Outstanding Ordinary Shares, ADSs, OCEANEs and Warrants of Genset, September 12, 2002
- Koninklijke Ahold N.V.'s Tender Offer for Shares and ADSs of Santa Isabel S.A., September 10, 2002
- Popular High Grade Fixed-Income Fund, September 10, 2002
- DB Sechste Vermögensverwaltungsgesellschaft mbH for Stinnes AG, August 29, 2002
- Securities Industry Association and Futures Industry Association, August 20, 2002
- Headway Corporate Staff Administration, August 14, 2002
- Scripophily.com, August 14, 2002
- Market XT, August 8, 2002
- Saipem SpA, July 29, 2002
- National Association of Securities Dealers Order Audit Trail Rules 6950 through 6957, July 25, 2002
- The Nasdaq Stock Market, Inc., July 23, 2002
- iShares Trust ("Trust"), iShares 1-3 Year Treasury Index Fund, iShares 7-10 Year Treasury Index Fund, iShares 20+ Year Treasury Index Fund, iShares Treasury Index Fund, iShares Government/Credit Index Fund, iShares Lehman Corporate Bond Fund, and iShares Goldman Sachs InvesTop Corporate Bond Fund, July 15, 2002
- American Stock Exchange, July 9, 2002
- Kentucky Public Emloyees' Deferred Compensation Authority, July 8, 2002
- Votorantim Celulose e Papel S.A., June 18, 2002
- Kingfisher Plc Offer for Castorama Dubois Investissements SCA, June 4, 2002
- SelectNet and SuperMontage, June 4, 2002
- Swiss American Securities Inc. and Streetline, Inc., May 28, 2002
- RAES System, May 16, 2002
- Herbruck, Alder & Co., May 3, 2002
- AUTOM System, April 15, 2002
- Maine Securities Regulator, April 9, 2002
- BRUT System, April 1, 2004
- GlobeNet Trading System, March 29, 2002
- Instinet Real-Time Trading Services, March 29, 2002
- Island System ECN, March 29, 2002
- MarketXT, March 29, 2002
- NexTrade, Inc., April 1, 2004
- REDI System, March 29, 2002
- Track ECN, March 29, 2002
- RWE Aktiengesellschaft, March 22, 2002
- Biotech Boxes, March 19, 2002
- Century Business Services, Inc. and CBIZ Financial Solutions, Inc., March 1, 2002
- Telex-Chile, S.A., March 5, 2002
- BRUT ECN, LLC, February 1, 2002
- OneShare.com, January 16, 2002
- Nasdaq Stock Market, Inc., September 21, 2001
- Securities Industry Association, September 21, 2001
- NASD Small Firm Advisory Board, September 21, 2001
- First Union Securities, Inc., June 22, 2001
- NASD Small Firms Advisory Board, June 22, 2001
- New York Stock Exchange, Inc., June 22, 2001
- Nasdaq Stock Market, Inc., June 22, 2001
- Market Systems, Inc., June 22, 2001
- Securities Industry Association, April 12, 2001
- Securities Industry Association, March 12, 2001
- Nasdaq, March 12, 2001
- London International Financial Futures and Options Exchange ("LIFFE"), March 3, 2000
| Date |
Details |
| Feb. 13, 2003 |
Order Extending Temporary Exemption of Banks, Savings Associations, and Savings Banks from the Definition of "Dealer" under Section 3(a)(5) of the Securities Exchange Act of 1934 |
| March 18, 2002 |
Order Under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Certain Provisions of the Act and Rules Thereunder |
| December 20, 2001 |
Extending Broker-Dealer Exemption from Sending Financial Information to Customers |
| October 10, 2001 |
Government Securities Reconciliations |
| September 28, 2001 |
Exemptive Relief to Respond to Market Developments, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 |
| September 28, 2001 |
Re: Government Securities Reconciliations |
| September 24, 2001 |
Re: Government Securities Reconciliations |
http://www.sec.gov/divisions/marketreg/mr-noaction.htm
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