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Effective November 4, 2022, This Letter is Withdrawn. Investment Advisers Act of 1940 - Section 206(4) and Rule 206(4)-3
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RESPONSE OF THE OFFICE OF CHIEF COUNSEL |
IM Ref. No. 20051129910 |
We would not recommend enforcement action to the United States Securities and Exchange Commission ("Commission") under Section 206(4) of the Investment Advisers Act of 1940 ("Advisers Act") and Rule 206(4)-3 thereunder if any investment adviser that is required to be registered pursuant to Section 203 of the Advisers Act pays to Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C. (collectively, "Millennium") or Israel Englander, Terrence Feeney, or Fred Stone (collectively, "Millennium Persons") or any other of Millennium's associated persons, as defined in Section 202(a)(17) of the Advisers Act, a cash solicitation fee, directly or indirectly, for the solicitation of advisory clients in accordance with Rule 206(4)-3,1 notwithstanding an administrative order of the Commission ("Final Commission Order") that otherwise would preclude such an investment adviser from paying such a fee, directly or indirectly, to the Millennium Persons or Millennium.2
Our position is based on the facts and representations in your incoming letter dated March 9, 2006, particularly the representations of the Millennium Persons and Millennium that:
Our position also is based on your representation that Millennium and the Millennium Persons currently are not engaged in any cash solicitation activities that are subject to Rule 206(4)-3. This position applies only to the Final Commission Order and not to any other basis for disqualification under Rule 206(4)-3 that may exist or arise with respect to the Millennium Persons or Millennium.
Stephan N. Packs
Senior Counsel
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/investment/noaction/millennium030906.htm
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