ARTICLE
15 December 2016

SEC Grants Relief To NSCC Broker-Dealer Members Regarding Allowable Investments In NSCC "Long Free" Account

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC Division of Trading and Markets granted no-action relief to broker-dealer members of the National Securities Clearing Corporation ("NSCC") pursuant to Exchange Act Rule 15c3-3.
United States Corporate/Commercial Law

The SEC Division of Trading and Markets granted no-action relief to broker-dealer members of the National Securities Clearing Corporation ("NSCC") pursuant to Exchange Act Rule 15c3-3. The relief allows the NSCC to invest cash debited from its members' settlement accounts into the NSCC's long free account, an account set up to facilitate NSCC members' securities delivery obligations.

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