RegAlert2002-10-07
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SEC Division of Investment Management staff letter: Honeywell International Inc Savings Plan Trust
The SEC Division of Investment Management will not recommend enforcement action against the Honeywell International Inc. Savings Plan Trust for failing to register as an investment company under Section 7 of the Investment Company Act of 1940 during a nine-month transition period ending December 31, 2002. This non-enforcement assurance applies because the Master Trust temporarily holds assets from the Bendix Commercial Vehicle Systems LLC 401(k) plan after Honeywell transfers its ownership interest to Knorr-Bremse AG, rendering the trust ineligible for the single-employer exemption under Section 3(c)(11). The relief is granted due to Knorr's lack of an appropriate U.S. trust structure and the administrative burdens and participant hardships associated with immediate asset divestiture or registration.
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Honeywell International Inc Savings Plan Trust
October 7, 2002
Response of the Office of Chief Counsel Division of Investment Management Our Ref. No. 20024161714 File No. 132-3
Your letter dated September 20, 2002, requests our assurance that we would not recommend enforcement action to the Commission under Section 7 of the Investment Company Act of 1940 ("1940 Act") against the Honeywell International Inc. Savings Plan Trust ("Master Trust"), if the Master Trust does not register as an "investment company" under the 1940 Act. As explained more fully below, the Master Trust, for a limited period of time, will not be excepted under Section 3(c)(11) of the 1940 Act from the definition of "investment company."
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