RegAlert2003-04-02
Added · Updated
SEC Division of Corporation Finance no-action letter: Cook Inlet Region, Inc.
The SEC Division of Corporation Finance confirms that the enactment of Section 646 of the Tax Code does not alter its previously stated enforcement views regarding ANCSA settlement trusts. The Division will continue to apply its prior no-action position to the CIRI Trusts, provided they meet the same qualifications and limitations as those in previous requests, including severe restrictions on the alienability of beneficial interests. This response addresses Cook Inlet Region, Inc.'s request for assurance that the new tax treatment does not trigger new registration or reporting requirements under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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Alaska Native Claims Settlement Act
April 2, 2003
Response of the Office of Chief Counsel Division of Corporation Finance
Re:
Cook Inlet Region, Inc. Incoming letter dated February 21, 2003
In our letter to Shaan-Seet, Incorporated dated September 15, 1994, we stated our views on enforcement when a settlement trust established under the Alaska Native Claims Settlement Act ("ANCSA") does not register under the Securities Act of 1933 or the Securities Exchange Act of 1934. The enactment of Section 646 of the Tax Code (as defined in your letter) and its effects on settlement trusts established pursuant to ANSCA that you describe in your letter do not affect our stated views. Accordingly, enactment of Section 646 of the Tax Code and settlement trusts established pursuant to ANSCA qualifying for the new treatment in Section 646 that you describe in your letter do not affect the application of our previously stated views on enforcement to the CIRI Trusts.
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