Division of Investment Management of the SEC Issues No-Action Letter to SSB

  On May 8, 2018, the Chief Counsel’s Office of the Division of Investment Management (“IM“) of the Securities and Exchange Commission (the “Commission“) issued a “no-action” letter to South State Bank (“SSB“) with respect to its request that the Staff of IM not recommend enforcement action to the Commission under the anti-fraud provisions of the Investment Advisers Act of 1940, and the rules thereunder, if SSB effected an internal restructuring whereby one of its advisory subsidiaries would be merged into another (the “Surviving Entity”). The merged entity would continue to operate as an operating division of the Surviving Entity (the “Division”) and would continue to use its performance track record to the same extent as it could had the restructuring not occurred. The grant of relief was based upon representations that: (i) the Division would continue to operate as a separate business division…

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