SEC Grants Exemption to LBG from Rule 102 of Reg. M

The SEC granted an exemption to Lloyds Banking Group plc ("LBG"), a public limited company organized under the laws of the United Kingdom and registered in Scotland, from Exchange Act Regulation M Rule 102 ("Activities by Issuers and Selling Security Holders during a Distribution") in connection with a proposed Exchange Offer.

On September 16, 2013, the SEC granted LBG an exemption from Rule 102 ("Original Relief") to permit certain LBG affiliates to conduct specified transactions in LBG Ordinary Shares and LBG American Depository Shares ("LBG ADSs"). LBG's recent request for exemptive relief sought the same exemption that was granted in the Original Relief to permit LBG affiliates to continue to engage in the same specified transactions in LBG Ordinary Shares and LBG ADSs during the distribution of securities in connection with a proposed Exchange Offer.

The SEC granted LBG an exemption from Rule 102 to permit LBG affiliates to continue to engage in the transactions in LBG Ordinary Shares and LBG ADSs as referenced in the recent request for relief, as well as described in the Original Relief incoming letter, subject to certain conditions listed in the letter.

See: SEC Grant of Exemptive Relief to LBG. Related news: SEC Responds to No-Action Request Regarding Exemption from Regulation M (September 17, 2013).