Advisories

Katten Muchin Rosenman LLP Obtains Novel No-Action Relief from SEC Staff for Broker-Dealer

October 2005

Katten Muchin Rosenman LLP's Financial Services Practice obtained important no-action relief from the staff of the Securities and Exchange Commission on September 29, 2005, on behalf of its client, a major national full-service brokerdealer.  The relief allows the broker-dealer to continue providing discretionary cash management brokerage services to its customers without being subject to the requirements of the Investment Advisers Act of 1940 (the "Advisers Act").