RegAlert2003-06-12
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SEC Division of Investment Management staff letter: Mercy Investment Program, Inc.
The SEC Division of Investment Management staff will not recommend enforcement action under Section 7 of the Investment Company Act of 1940 if Mercy Investment Program, Inc. permits Participants to pledge their interests to third-party lenders as collateral for loans without registering as an investment company. This relief applies provided loan proceeds are used exclusively for charitable and religious purposes and specific conditions are met, including automatic liquidation upon default, retention of investment risk by the Participant, and the lender holding only a security interest with no conversion rights.
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Mercy Investment Program, Inc.
June 12, 2003
Response of the Office of Chief Counsel Division of Investment Management File No. 132-3 IM Ref. No. 2003612826
By letter dated June 10, 2003, you seek our assurance that we would not recommend enforcement action to the Commission under Section 7 of the Investment Company Act of 1940 (the "1940 Act") if Mercy Investment Program, Inc. ("MIP") permits participants in its asset management program to pledge their interests in MIP to third-party lenders to secure loans in certain limited circumstances, but does not register MIP as an investment company under the 1940 Act.
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