SEC Staff Grants Reg. M Exemption for Rights Offering by Bank

The SEC Division of Trading and Markets granted exemptive relief to Deutsche Bank ("DB") from the prohibitions of Rules 101 and 102 under Regulation M. The relief allows DB and certain affiliates to conduct "ordinary-course" activities in connection with a rights offering to DB's existing shareholders. The relief, which is subject to a number of conditions, is similar to that which has been granted in a number of other letters issued by the SEC Division of Trading Markets (see incoming letter at p. 14).