*Letters

No-Action Relief Under Broker-Dealer Customer Identification Rule

Published on:
January 10, 2013

SIFMA provides comments to the Securities and Exchange Commission (SEC) requesting no-action relief under broker-dealer customer identification rule (CIP Rule).  The CIP Rule requires broker-dealers to adopt written customer identification programs (CIP) that include risk-based procedures for verifying the identity of each customer.  SIFMA is seeking assurances from the staff of the SEC Division of Trading and Markets (Division), that it will not recommend enforcement action to the SEC if a broker-dealer, subject to the conditions set forth in the Division staff’s No-Action Letter dated January 11, 2011 (the 2011 No Action Letter).

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