15A-6 Chaperoning Agreement

Answer: Determining the temporary presence of a foreign person in the United States ultimately depends on the specific facts and circumstances of each particular situation.10 However, the SEC has generally found, as a rule of 15a-6, the adoption of a foreign person who, under current law, is not considered to be the inseminable of the United States, temporarily in that country under Rule 15a-6 paragraph 4, iii) 11. to the extent that the foreign broker cannot avail himself of Rule 15 bis-6 (a)1) for these purposes, would not be excluded from availing himself of another applicable exemption from the registration of brokers and traders, such as Rule 15a-6 (a) (4) (iii), which allows foreign brokers to conduct transactions with a foreign person temporarily present in the United States. , with which the foreign trader has a bona-fide , the relationship already existing before the foreign person entered the United States 13 As already discussed, the letter Seven Firms Letter and Nine Firms have greatly expanded the scope of Rule 15a-6. It was generally accepted that these two letters constituted more complete political statements by the SEC on the interpretation of the rule and its applicability to foreign brokers; However, the SEC`s recorded warning language left the door open to alternative interpretation. The General Staff has now confirmed that the letter from the Nine Companies and the Seven Firms Letter generally applies to all foreign brokers, not just those linked to registered dealers. This view was also confirmed by Staff in 2007 in shearman-Sterling Letter, which authorized a non-U.S. broker`s appeal to Rule 15a-6, in a case where the 15a-6-intermediation rule was to be made by sellers of registered brokers not related to the United States. In addition, the General Staff confirmed that the broader view of the concept of “major institutional investor in the United States,” as described in the Nine Companies letter, applies to all provisions of Rule 15a-6. 5 Rule 15a-6 Acceptance authorization at 54 EN 30013; See also Registration Requirements for Foreign Broker-Dealers, Exchange Act Release No. 25801 (June 14, 1988), 53 FR 23645 (June 23, 1988). [14] Rule 17a-4 sets the period during which these records must be kept by the deposit broker.

The seller of brokers chaperoning us must provide a written record of the above information and consents for notification of the procedure by related persons of the foreign broker in his office and make them available to the SEC upon request.