SEC Issues No-Action Relief to German Asset Management Company (with Lofchie Comment)
The SEC issued no-action relief to a German asset management company, MEAG MUNICH ERGO AssetManagement GmbH ("MEAG"), stating that the SEC would not take action if MEAG does not register with the SEC as an investment adviser under Advisers Act Section 203(a) ("Registration of Investment Advisers").
According to MEAG's incoming letter, it is not engaged in the business of "advising others," and only performs asset management and investment advisory services for companies that are wholly owned subsidiaries of MEAG's parent company.
Lofchie Comment: It is not particularly clear why the staff issued this letter rather than simply pointing MEAG to existing no-action letters, which had already addressed the issue.