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The SEC Division of Investment Management granted no-action relief, allowing certain Puerto Rico retirement plans to participate in "bank-maintained" collective trust funds without requiring the trust to register under the Investment Company Act, the Securities Act or the Exchange Act. The no-action relief under the Investment Company Act was granted primarily because the Puerto Rico retirement plans do not meet the requirements for qualification under Section 401 of the Internal Revenue Code. Thus, collective trust funds accepting the assets of such plans would not, absent relief, be able to