88-12 ;
Section 4(a);
No-Action
The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and Associates Corporation of North America, Transamerica Financial Corp., Westinghouse Credit Corp. to permit the issuance of notes which, among other things, have a principal value related, on an unleveraged basis, to the exchange rate between the dollar and a foreign currency. The no-action relief letter also established a procedure for notifying the Commission of future identical proposed issues that meet qualifications specified as to both the issuer and the offering. Specifically, the staff found it unnecessary to confirm each proposed issue falling under the no-action provisions when the Commission has been notified two business days prior to the public offering of the issue and the issue clearly meets, on its face, certain criteria.