RegAlert2004-05-14
Added · Updated
SEC Division of Trading and Markets no-action letter: San Diego Chapter of the National Association of Investors Corporation
The San Diego Chapter of the National Association of Investors Corporation requests confirmation that its pilot visitation project does not violate SEC regulations. The project matches individuals interested in joining investment clubs with active clubs open to hosting guests, distinguishing this activity from membership solicitation. The chapter asserts that its clubs comply with the Investment Company Act of 1940 by excluding passive members, limiting membership to 100 or fewer, and not making public offerings.
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NAIC
Investment Education Since 1951 www.better-investing.org San Diego Chapter
6576 Jackson Drive
San Diego, CA 92119
May 5, 2003
SEC Headquarters
450 Fifth Street NW
Washington, DC 20549
Dear Sir or Madam:
The San Diego Chapter of the National Association of Investors Corporation is conducting a trial project. The purpose of the project is to explore methods of increasing visitors at local Investment club meetings.
Our organizational mission includes a strong emphasis on teaching investment courses to members and the public. Many people hear of investment club activity and want to learn more about it. They are interested in exploring it first hand. The problem exists in that NAIC Chapters and clubs feel the SEC would disapprove of and punish any activity that provides club contact information to inquiring individuals.
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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
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