28 Feb 2025
📈SEC's Rule 15a-6
Submission for OMB Review; Comment Request; Extension: Rule 15a-6
Summary
The SEC has submitted a request for the extension of Rule 15a-6, which outlines the conditions under which foreign broker-dealers can operate in the U.S. market. This rule provides necessary exemptions for foreign entities engaging with U.S. institutional investors while imposing specific compliance reporting requirements on U.S. registered broker-dealers.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The text outlines compliance requirements under Rule 15a-6 for foreign broker-dealers soliciting U.S. investors, establishing regulatory burdens and associated costs. It requires U.S. registered broker-dealers to implement processes to gather specific information about foreign personnel, totaling an estimated $1,000,000 in compliance costs annually.