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No-Action Letters

Date
No-Action Letters
02/02/1988
88-05 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CTA registration no-action relief to a registered investment adviser who sought to provide commodity interest trading advice to a foreign fund in a manner solely incidental to its business of providing securities advice to the fund. (T&M)
01/28/1988
88-06 PDF Image; Section 4m(1); No-Action
The Division of Trading and Markets granted CPO and CTA registration no-action relief to two U.S. directors of an offshore fund having no U.S. investors, where two other U.S. directors were registered CPOs. (T&M)
04/08/1988
88-08 PDF Image; Section 4k(3); No-Action
The Division of Trading and Markets granted AP registration no-action relief to foreign associated persons who would solicit abroad for a U.S. CTA. (T&M)
06/20/1988
88-10 PDF Image; Section 4(a); No-Action
The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and Student Loan Marketing Association to permit a stockholder-owned corporation to issue notes whose principal value is related to the dollar/yen exchange rate. The no-action position was not inconsistent with the basic framework of analysis contained in the advance notice of proposed rulemaking, which considered creating a regulatory framework for the treatment of hybrid instruments that would address commodity-related risks, among other matters, associated with these instruments.
07/13/1988
88-11 PDF Image; Section 4(a); No-Action
The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and General Motors Corporation to permit a stockholder-owned corporation to issue long-term notes whose principal value is related to the dollar/yen exchange rate. The no-action position was not inconsistent with the basic framework of analysis contained in an advance notice of proposed rulemaking which considers developing a regulatory framework for the treatment of hybrid instruments which would address commodity-related risks, among other matters, associated with these instruments.
07/22/1988
88-12 PDF Image; Section 4(a); No-Action
The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and Associates Corporation of North America, Transamerica Financial Corp., Westinghouse Credit Corp. to permit the issuance of notes which, among other things, have a principal value related, on an unleveraged basis, to the exchange rate between the dollar and a foreign currency. The no-action relief letter also established a procedure for notifying the Commission of future identical proposed issues that meet qualifications specified as to both the issuer and the offering. Specifically, the staff found it unnecessary to confirm each proposed issue falling under the no-action provisions when the Commission has been notified two business days prior to the public offering of the issue and the issue clearly meets, on its face, certain criteria.
08/26/1988
88-16 PDF Image; Section 4c; No-Action
The Off-Exchange Task Force granted no-action relief to First Boston Corp. and Federal National Mortgage Association to permit a federally chartered stockholder-owned corporation to issue notes that afford a specified real rate of return by means of a reevaluation mechanism that reflects a nationally disseminated measure of inflation published by a U.S. government agency. The no-action position is not inconsistent with the basic framework of analysis contained in an advance notice of proposed rulemaking and the instruments may be viewed as analogous to hybrid instruments with de minimus option characteristics.
09/06/1988
88-17 PDF Image; Section 4c; No-Action
The Off-Exchange Task Force granted no-action relief to Forrest Oil Corp. to permit a corporation to issue and offer debentures that bear interest at an annual fixed rate and also provide for an additional payment on each semiannual interest payment date that is related to the increase in the price of natural gas over an established base price.
09/23/1988
88-18 PDF Image; Section 4c; No-Action
The Off-Exchange Task Force granted no-action relief to Shearson Lehman Hutton Inc. to permit a corporation to offer certificates of deposit with interest payable at maturity indexed in part to the spot price of gold.
12/08/1988
89-05 PDF Image; Regulation 30.10; No-Action
The Division of Trading and Markets permitted a foreign bank having a U.S. branch to claim relief under 30.10, such that, and subject to compliance with certain conditions, its U.S. branch was not required to register as an introducing broker. (T&M)
09/30/1988
89-16 PDF Image; Section 4c; No-Action
The Off-Exchange Task Force granted no-action relief to Inco Limited to permit the issuance of certain floating rate notes which offer a return in part indexed to the price of nickel.
11/02/1988
89-17 PDF Image; Section 4c; No-Action
The Off-Exchange Task Force granted no-action relief to Magma Copper Company to permit the issuance of certain notes which offer a return in part indexed to the prices of copper, gold or silver.
11/21/1988
89-18 PDF Image; Section 4(a); No-Action
The Off-Exchange Task Force granted no-action relief to Goldman, Sachs and Company to permit the issuance and offer of notes which constitute commercial paper under Section 3(a)(3) of the Securities Act of 1933, the principal amount of which would be adjusted based on the fluctuation between the U.S. dollar and a specified foreign currency.

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