SEC Grants Securities Act Section 3(a)(9) No-Action Relief to Klabin S.A.

The SEC granted no-action relief to Klabin S.A., a Brazilian corporation that produces packaging paper, based on the registration exemption provided in Securities Act Section 3(a)(9) for any security exchanged by an issuer with existing security holders when no commission or other remuneration is paid or given for soliciting the exchange. The issues dealt with in the letter were (i) whether the issuer had paid any commission for soliciting the exchange and (ii) whether the issuer of the new securities was also the issuer of the outstanding securities.

See: SEC No-Action Letter to Klabin; Klabin Letter to SEC Requesting No-Action Relief.