SEC Proposes Major Revisions to Rule 15a-6

The Securities and Exchange Commission (SEC) recently proposed substantial amendments to Rule 15a-6 under the Securities Exchange Act of 1934 (Exchange Act), which provides conditional exemptions from broker-dealer registration for foreign entities involved in certain activities involving certain U.S. investors. The proposed amendments to Rule 15a-6 would expand the scope of certain of those exemptions, and would ease or eliminate some of existing restrictions on interactions between foreign broker-dealers and U.S. customers. Comments on the proposal are due to the SEC 60 days after the proposal is published in the Federal Register, which should be during this week (June 30).

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