On May 28, the Staff of the Division of Trading and Markets of the SEC issued a no-action letter to Roland Berger Strategy Consultants, a German-based entity that provides certain strategy consultancy services to non-U.S. clients, including buy-side or sell-side merger and acquisition services. As part of its process of contacting potential target buyers or sellers, the firm would contact U.S. based entities or non-U.S. based entities that have U.S. based parents involved in investment decisions of the non-U.S. entity (each, a U.S. Target). Relief was granted with respect to the broker-dealer registration requirements of the Exchange Act based, in particular, on the fact that Roland Berger will not represent or advise any U.S. Target and will not receive, acquire or hold funds or securities. SEC No-Action Letter.