SEC Issues Relief to ABA Retirement Funds Permitting Issuance of Units without 1933 Act Registration
The SEC Division of Investment Management issued no-action relief to ABA Retirement Funds ("ABA RF") and the American Bar Association Members/Northern Trust Collective Trust ("Program's Collective Trust") under Securities Act Section 5, permitting the issuance of units by the Program's Collective Trust without registration under the Securities Act. According to the incoming letter, the effect of this letter will be significant savings for ABA RF.