Staff Grants Bloomberg L.P. ’34 Act Rule 10b-10 Relief

Broker-dealers who rely on trade confirmations generated and delivered through a Bloomberg electronic platform to satisfy their confirmation delivery obligations won’t risk enforcement action under Rule 10b-10 of the 1934 Securities Exchange Act, the Securities and Exchange Commission’s Division of Trading and Markets said Nov. 24 (Bloomberg L.P., SEC No-Action Letter, 11/24/15).

The staff said that any different facts or circumstances, including any change to the operation of Bloomberg’s electronic platform, may require a different response.

Rule 10b-10.

Rule 10b-10 requires that a broker-dealer provide certain written disclosures to a customer at or before the completion ...