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Securities Act of 1933
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Re: |
Morgan Stanley Smith Barney LLC |
Based on the facts and representations in your letter, and without necessarily agreeing with your analysis, the Division’s views are as follows. Capitalized terms have the same meanings as defined in your letter.
For purposes of Section 5(a) of the Securities Act of 1933, the Division is of the view that the proposed procedures for offering and selling securities in initial public offerings described in your request, to the extent they are followed, would not involve a pre-effective sale. In reaching this position, we particularly note your representations that:
Because this position is based upon the representations made in your letter, any different facts or conditions might require the Division to reach a different conclusion. You have not raised, and we express no view on, the application of Securities Act Rule 134(d).
Sincerely,
David Fredrickson
Chief Counsel and Associate Director
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/corpfin/cf-noaction/2016/morgan-stanley-smith-barney-112216-sec5.htm
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