Are Prime Bank Instruments registered with the U.S. Securities and Exchange Commission?
A. No, these securities are not registered with the SEC because they meet the requisite statutory exemptions mandated by Congress. To provide additional comfort to our investors, on March 16, 1973, Parsons Heritage requested assurances from the SEC that the prime bank instruments we offer do not need to be registered. On June 7, 1973, the SEC issued a “No Action Letter” confirming the exemption (under state and federal laws) for our particular products and prospectively exempting any similar products we subsequently developed. To insure that we comply with all applicable securities laws, our attorneys engage in annual meetings with senior members of the SEC’s enforcement and regulatory staff to review any new products we’ve developed that could conceivably fall outside the parameters of the June 7, 1973 No Action Letter. Because prime bank instruments are fully exempt from state and federal regulation, we can sell directly to you, without the use of high-priced intermediaries (such as
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- Are Prime Bank Instruments registered with the U.S. Securities and Exchange Commission?
