Foreign Broker-Dealers May See More 15a-6 Enforcement

Law360, New York (December 20, 2012, 9:48 AM EST) -- The U.S. Securities and Exchange Commission recently charged four India-based financial services firms for providing brokerage services to U.S. institutional investors without operating under a 15a-6 chaperoning agreement or registering as a broker-dealer. The four firms paid more than $1.8 million combined to settle the SEC's charges. The SEC said it is continuing to look for potential violations at other firms. These actions may signal greater SEC scrutiny of foreign firms' U.S. brokerage activities.

Absent an applicable exception or exemption, Section 15(a) of the Securities Exchange...
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