SEC no-action letter: Tuition Plan Consortium, LLP

The SEC Divisions of Corporation Finance, Investment Management, and Market Regulation will not recommend enforcement action against Tuition Plan Consortium, LLC for offering and selling Tuition Certificates without registering them under the Securities Act of 1933, the Securities Exchange Act of 1934, or complying with the Trust Indenture Act of 1939. The Divisions further will not recommend enforcement against Tuition Plan Consortium, LLC or the Program Trust for operating without registering as investment companies under the Investment Company Act of 1940, nor against Tuition Plan Consortium, LLC for operating without registering as an investment adviser under the Investment Advisers Act of 1940. Additionally, officers, directors, or employees of Tuition Plan Consortium, LLC may participate in offering Membership Units without registering as broker-dealers, provided they satisfy the requirements of Rule 3a4-1 under the Exchange Act. These positions are conditioned upon the continued validity of an Internal Revenue Service ruling that the Plan is a qualified tuition program under Section 529 of the Internal Revenue Code.

SEC published 7 documents in the last 30 days — get each new one by email the day it lands.

Home | Previous Page

Tuition Plan Consortium, LLP

February 4, 2003

Response of the Offices of Chief Counsel Division of Corporation Finance Division of Investment Management Division of Market Regulation

Re: Tuition Plan Consortium, LLC ("TPC") Incoming letter dated February 4, 2003

Based on the facts presented, the Division of Corporation Finance will not recommend enforcement action to the Commission if TPC, in reliance on your opinion that registration of the certificates evidencing prepaid tuition ("Tuition Certificates") is not required under the Securities Act of 1933 ("Securities Act"), offers and sells the Tuition Certificates pursuant to the tuition prepayment plan (the "Plan") in the manner described in your letter without compliance with the registration requirements of the Securities Act, without registration of the Tuition Certificates under the Securities Exchange Act of 1934 ("Exchange Act") and without compliance with the qualification provisions of the Trust Indenture Act of 1939. You have not requested and the Division's position does not address the availability of any exemption from registration under the Securities Act or the Exchange Act for the membership units ("Membership Units") in TPC.

Read the rest free, and get an email when SEC publishes again

Email me when SEC publishes something newOne email per publication, same day. Sign in below to keep reading.

Lineage: In force

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

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