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SEC Proposes Risk Management Control Rules for Broker- Dealers with Market Access by Winston & Strawn LLP - Chicago Office
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February 8, 2010
Previously published on January 2010
On January 19th, the Securities and Exchange Commission (the “SEC” or the “Commission”) published for comment proposed Rule 15c3-5 (the “Proposed Rule”) under the Securities Exchange Act of 1934, which would require broker-dealers with access to an exchange or alternative trading system (“ATS”) as a result of being a member or subscriber (“market access”), to implement risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks involved in such activity. The Proposed Rule, which was announced at the SEC’s open meeting a week earlier, is intended to place on broker-dealers, including those providing customers and other market participants with such access, sole responsibility for controlling the risks associated with such access.
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