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Question Is a registered broker-dealer that acts as a chaperone in connection with securities transactions with a U. Answer: Yes, unless the chaperoning broker-dealer has entered into a fully disclosed carrying agreement with another registered broker-dealer as described in the response to question 10, in which case the carrying broker-dealer would be required to take the net capital charge for failed transactions. The existence of a carrying agreement does not relieve the chaperoning broker-dealer from maintaining books and records that identify open trades and failed transactions.
The chaperoning broker-dealer can obtain this information directly from the foreign broker-dealer or another party but is responsible for ensuring that its books and records are accurate. Answer: A registered broker-dealer acting as a chaperone for a foreign broker-dealer must comply with Rules 17a-3 and 17a A chaperoning broker-dealer is required to make and keep current books and records that reflect trades between the U. The chaperoning broker-dealer may obtain this information from the foreign broker-dealer or another source; however, the chaperoning broker-dealer is responsible for the accuracy of its books and records.
For example, a chaperoning broker-dealer may download information for its books and records, such as its ledger, from the foreign broker-dealer provided that the chaperoning broker-dealer's books and records are kept current. Question Does the day limit referred to in the Nine Firms letter that allows unchaperoned in-person contacts with major U. S apply to the foreign broker-dealer the entity or per associated person of a foreign broker-dealer? Answer: The day limit referred to in the Nine Firms Letter applies per foreign associated person. This means that the number of days each foreign associated person of a foreign broker-dealer could participate in unchaperoned meetings in the U.
In other words, a foreign associated person of a foreign broker-dealer may, without the participation or physical presence of an associated person of the chaperoning broker-dealer, have in-person contacts during visits to the U. Staff believes that this position is consistent with prior Commission treatment of similar terms. While the rule does not expressly require the type of affirmative acknowledgement described in the question, such representation would likely be useful in determining whether a bona fide, pre-existing relationship exists.
This presumption would be subject to rebuttal in light of all of the facts and circumstances surrounding the foreign person's presence in the U. See also question 1 and the accompanying response. See supra note 6. Specifically, the research reports must not recommend the use of the foreign broker-dealer to effect trades in any security, and the foreign broker-dealer may not initiate contact with the major U.
Moreover, a foreign broker-dealer may not provide research to U. Notwithstanding this view, the U. In this regard, staff believes that if a foreign broker-dealer regularly effects transactions directly with or for a U. See Rule 15a-6 b 3 definition of "foreign broker or dealer". Home Previous Page.
Background Rule 15a-6 under the Securities Exchange Act of provides conditional exemptions from broker-dealer registration for foreign broker-dealers 1 that engage in certain specified activities involving U. These activities include: Effecting unsolicited securities transactions; Providing research reports to major U.
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Bank For International Settlements Triennial Survey
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8 Foreign currency cash flows
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