SEC Division of Investment Management staff letter: National Football League Players Association

The SEC Division of Investment Management states it would not recommend enforcement action against the National Football League Players Association (NFLPA) and participating investment advisers if the advisers make cash payments to the NFLPA for its Registered Financial Advisers Program and do not treat the NFLPA as a solicitor under Rule 206(4)-3. This position applies provided the NFLPA operates the program on a non-profit basis, charges flat fees unrelated to referrals, and does not recommend specific advisers or tailor the list to individual players. The staff further concludes that the NFLPA would not be considered an investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 under these specific facts and representations.

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Effective November 4, 2022, Statements in this Letter Related to Rule 206(4)-3 are Withdrawn. Please consult the following web page for more information: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements .

National Football League Players Association

January 25, 2002

RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT

Our Ref. No. 2002-1251421 National Football League Players Association File No.132-3__________

Your letter dated January 25, 2002 requests that we (i) concur with your view that the National Football League Players Association ("NFLPA") would not be an investment adviser as defined in section 202(a)(11) of the Investment Advisers Act of 1940 ("Act") as a result of its operation of the Registered Financial Advisers Program ("Program") and (ii) confirm that we would not recommend enforcement action to the Commission under section 206(4) of the Act and rule 206(4)-3 thereunder against the NFLPA and investment advisers participating in the Program if those investment advisers make cash payments to the NFLPA as described in your letter and do not treat the NFLPA as a solicitor for purposes of rule 206(4)-3. FACTS

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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works