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No-Action Letters Allow Third Parties to Retain and Preserve Records for Broker-Dealers and Investment Advisers

October 20, 2009

By The Investment Management Practice


The Staff of the Securities and Exchange Commission (SEC) recently issued two no-action letters effectively allowing investment managers to outsource their trade confirmation recordkeeping obligations under federal securities laws. The relief should allow managers and advisers to employ market solutions to help them satisfy certain of their recordkeeping obligations.

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