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Effective November 4, 2022, This Letter is Withdrawn. Investment Advisers Act of 1940
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RESPONSE OF THE OFFICE OF CHIEF COUNSEL |
IM Ref. No. 2003428859 |
DIVISION OF INVESTMENT MANAGEMENT |
File No. 8-15869 |
We would not recommend enforcement action to the 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 Morgan Stanley & Co. Incorporated ("Morgan Stanley"), a registered broker-dealer and investment adviser, or any of Morgan Stanley's associated persons, as defined in Section 202(a)(17) of the Advisers Act, a cash fee, directly or indirectly, for the solicitation of advisory clients in accordance with Rule 206(4)-3,1 notwithstanding a judgment of injunction from the United States District Court for the Southern District of New York (the "Final Judgment") that otherwise would preclude such an investment adviser from paying Morgan Stanley a solicitation fee.2
Our position is based on the facts and representations in your incoming letter dated October 31, 2003, particularly Morgan Stanley's representations that:
This position applies only to the Final Judgment3 and any State Judgment and not to any other basis for disqualification under Rule 206(4)-3 that may exist or arise with respect to Morgan Stanley or any of its associated persons.
Sara P. Crovitz
Senior Counsel
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/investment/noaction/jpmorgan103103.htm
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