SEC No-Action Letter on Definition of “Ready Market” for Foreign Equity Securities

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On December 27, 2012, the staff of the SEC Division of Trading and Markets issued a no-action letter setting forth conditions under which broker-dealers may treat certain foreign equity securities as having a “ready market” under the Exchange Act Rule 15c3-1(c)(11)(i). This expands the number of foreign securities eligible as foreign margin stock under Fed Regulation T. SEC No-Action Letter.