SEC concern over bank guaranteed securities

News in brief

The US Securities and Exchange Commission (SEC) is concerned that the 3(a)(2) Platform, which allows bank-guaranteed securities to waive the need to register their products with the SEC, is being abused, according to Matt Kerfoot, legal vice-president at Credit Suisse First Boston (CSFB).

Although the 3(a)(2) Platform is essentially a private placement platform for customers with a net worth of no less that $5 million, there is still concern that investors are being mis-sold to, Kerfoot noted.


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