Regulatory Alerts2014-02-12
Stoltz Management Company No Action Letter
The Pennsylvania Department of Banking and Securities issued an interpretive opinion in response to a request from Stoltz Management Company regarding its registration status under the Pennsylvania Securities Act of 1972. The Department determined that Stoltz is not engaged in the business of advising others on securities investments because its activities are limited to sponsoring and operating five real estate funds for qualified purchasers. Consequently, Stoltz is not required to register as an investment adviser with the Commonwealth of Pennsylvania.
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