RegAlert2003-01-30
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SEC Division of Investment Management staff letter: Lincoln National Life Insurance & Lincoln Financial Advisors
The Office of Chief Counsel of the Division of Investment Management denies Lincoln National Life Insurance Company and Lincoln Financial Advisors Corporation's request for no-action relief from prospectus and report delivery requirements under the Securities Act of 1933 and the Investment Company Act of 1940. The staff determined that the request failed to provide sufficient facts and legal analysis, specifically lacking discussion of prior Commission positions and a comparison of the structural and legal similarities between Section 403(b)(7) plans and Section 401(k) plans. Consequently, the staff declined to assure that it would not recommend enforcement action regarding the delivery of mutual fund information to sponsors of 403(b)(7) plans instead of directly to participants.
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Lincoln National Life Insurance & Lincoln Financial Advisors
January 30, 2003
Response of the Office of Chief Counsel Division of Investment Management
Our Ref. No. 2001127175 Lincoln National Life Insurance and Lincoln Financial Advisors Your letter dated January 28, 2003, requests our assurance that we would not recommend enforcement action to the Commission under Section 5(b)(2) of the Securities Act of 1933 ("1933 Act"), Section 30(e) of the Investment Company Act of 1940 ("1940 Act"), and Rule 30e-1 thereunder, if Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Financial Advisors Corporation (collectively, "Lincoln"), deliver open-end investment company ("mutual fund") prospectuses and annual and semi-annual reports (collectively, "Fund Information") to certain sponsors of employee benefit retirement plans established under Section 403(b)(7) of the Internal Revenue Code of 1986 ("403(b)(7) plans"), 1 instead of directly to each participant in such plans. 2 We deny your request because it does not provide facts and legal analysis sufficient for us to thoroughly evaluate it.
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