The SEC’s Division of Trading and Markets issued a no-action letter providing that staff will not recommend enforcement action against a broker-dealer that does not take a net capital charge under Exchange Act Rule 15c3-1 regarding an unsecured receivable arising from the creation or redemption of exchange-traded fund (ETF) shares when the ETF holds foreign securities that are not cleared through an SEC-registered clearing agency.
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SEC Provides No-Action Relief for Broker-Dealers Regarding Net Capital Charges in Connection with Creation and Redemption of ETF Shares
