The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
The "Unibanco Letters"
The Unibanco Letters comprise a series of related SEC staff no-action positions taken over a six-year period:
◆ Uniao de Bancos de Brasileiros, SEC No-Act (pub. avail. July 28, 1992)
Mercury Asset Management, plc, SEC No-Act (pub. avail. Apr. 16, 1993)
✰ Royal Bank of Canada, SEC No-Act (pub. avail. June 3, 1998)
Taken together, the Unibanco Letters provide relief and guidance covering two common "Dual-Hatting" situations:
1. Relief to US-registered advisers and their affiliated holding companies to allow them to make use of personnel and other
resources of affiliated but unregistered advisers in the course of providing discretionary advisory services to US clients through
a US-registered adviser
2. Relief to (i) US-registered advisers and (ii) unregistered advisers who provide Participating Affiliate services, each of which is
domiciled outside the United States, in order allow such advisers to provide advisory services to non-US clients without
complying with the Advisers Act
Morgan Lewis
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