NSAV Holding Inc (NSAV)

[PayDirt!]

Staff Statement on Fully Paid Lending
Division of Trading and Markets Staff

April 16, 2021

[1] On October 22, 2020, Commission staff issued a no-action letter regarding the broker-dealer customer protection rule, Exchange Act Rule 15c3-3, in relation to certain fully-paid lending programs operated by some broker-dealers.[2] Rule 15c3-3(b)(3) requires broker-dealers entering into agreements with their customers who lend the broker-dealers fully-paid or excess margin securities to provide the securities lenders with collateral that fully secures the loans.[3] Staff’s letter stated that the staff would not recommend enforcement action to the Commission regarding these programs for six months from issuance of the letter, or [color=blue]until April 22, 2021, to give firms time to come into compliance with the Rule.[4] [/color]
https://www.sec.gov/news/public-statement/staff-fully-paid-lending