RegAlert1994-12-30
Added · Updated
Global Exempt Certificates of Ownership in NHA MBS Securities Inc.
The Division of Investment Management staff will not recommend enforcement action to the Commission if Global Exempt Certificates of Ownership in NHA MBS Securities Inc. issues securities without registering under the Investment Company Act of 1940, in reliance on rule 3a-7. Global ECONS, a wholly owned Canadian subsidiary of Goldman Sachs Canada, proposes to issue certificates representing undivided co-ownership interests in pools of NHA Mortgage-Backed Securities. The structure involves conveying legal title to an independent trustee while maintaining beneficial ownership for certificateholders as tenants in common to satisfy Canadian tax and legal requirements. The trustee holds legal title, maintains a segregated account for cash flows, and has limited responsibilities to protect legal title and enforce rights against adverse claims.
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PUBL~C SO DEe 1994
Our Ref. No. 94-747-CC
Global Exempt Certificates
of Ownership in NHA MBS
RESPONSE OF THE OFFICE OF CHIEF COUNSEL Securities Inc.
DIVISION OF INVESTMENT MAAGEMENT
File No. 132-3
Your letter of November 11, 1994 requests our assurance that
we would not recommend enforcement action to the Commission if
Global Exempt Certificates of Ownership in NHA MBS Securities Inc.
("Global ECONS") issues securities without registering under the
Investment Company Act of 1940 ("1940 Act") in reliance on rule
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