Regulatory Alerts2017-09-25
Atlas Resources Series No Action Letter
The Pennsylvania Department of Banking and Securities declined to confirm that Section 203(n) of the Pennsylvania Securities Act of 1972 exempts Atlas Resources Series from registration requirements for a spin-off transaction. The Department further stated it could not grant relief under Sections 204(a) or 203(r) because the distributions constituted offers or sales of securities for value. However, the staff will not recommend enforcement proceedings against the Funds provided they comply with SEC Staff Legal Bulletin No. 4, though this position does not waive anti-fraud provisions.
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