(collectively, the Filers and each, a Filer) Incorporated and Morgan Stanley Smith Barney LLC., (2009) 32 OSCB 8030 In the Matter of AXA Rosenberg Investment Management LLC, Bloomberg Tradebook (Bermuda) Ltd., Bloomberg Tradebook LLC, BNY Mellon Capital Markets LLC, Credit Suisse Securities (Europe) Limited, Credit Suisse Securities (USA) LLC, Goldman Sachs Execution & Clearing, L.P., Goldman, Sachs & Co., Morgan Stanley & Co. National Instrument 31-103 Registration Requirements and Exemptions, ss. Filers exempted from section 13.12 of National Instrument 31-103 Registration Requirements and Exemptions - Each of the two filers is registered under the Act as an "exempt market dealer" - One filer is a registered broker-dealer with the SEC and a member of FINRA, while the other filer is regulated in the UK by the FSA through permissions granted by the FSA - Terms and conditions on the exemptions require that: (i) the head office or principal place of business of the filer be in, depending upon the filer, either the USA or UK (ii) in the case of the USA filer, it be registered under the securities legislation of the USA, in a category of registration that permits it to carry on the activities in the USA that registration as an investment dealer would permit it to carry on in Ontario, (iii) in the case of the UK filer, it be regulated under the securities legislation of the UK through permissions granted by the FSA that permit it to carry on the activities in the UK that registration as an investment dealer would permit to carry on in Ontario, (iv) by virtue of the regulation of the USA filer under the securities legislation of the USA, and the regulation of the UK filer under the securities legislation of UK, the USA filer and the UK filer are subject to requirements in respect of lending money, extending credit or providing margin to clients that result in substantially similar regulatory protections to those provided for under the capital and margin requirements of IIROC, that would be applicable if the filer if it were registered under the Act as an investment dealer and were a member of IIROC.
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