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Securities Act of 1933 — Section 4(3)June 5, 2007Response of the Office of Chief Counsel
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Re: |
J.P. Morgan Securities, Inc. |
Based on the facts presented, the Division will not recommend that the Commission take enforcement action against JPMSI if JPMSI sells JPMorgan common stock without registration under the Securities Act of 1933. Capitalized terms have the same meanings defined in your letter.
This position is limited to JPMSI sales of JPMorgan common stock in connection with facilitating JPMSI's customer trades of S&P 500 Basket transactions. We note in this regard that:
This position is based on the representations made to the Division in your letter. Any different facts or conditions might require the Division to reach a different conclusion. Further, this response only expresses the Division's position on enforcement action and does not purport to express any legal conclusion of the question presented.
Sincerely,
Carol M. McGee
Deputy Chief Counsel
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/corpfin/cf-noaction/2007/jpmorgan060507-sec4-3.htm
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