Investment Advisers Act of 1940 - Section 203(a)
February 14, 2014
Your letter dated February 14, 2014 requests our assurance that we would not recommend enforcement action to the Securities and Exchange Commission (the “Commission”) under section 203(a) of the Investment Advisers Act of 1940 (the “Advisers Act”) against MEAG MUNICH ERGO AssetManagement GmbH (“MEAG”), an asset management company organized under the laws of the Federal Republic of Germany, if MEAG does not register with the Commission as an investment adviser under the Advisers Act.
In your letter, you assert, among other things, that MEAG is not engaged in the business of “advising others.” Based on the facts and representations set forth in your letter, we would not recommend enforcement action to the Commission against MEAG under section 203(a) of the Advisers Act if MEAG does not register as an investment adviser under the Advisers Act. Our position is based particularly on your representations that:
This response expresses our view on enforcement action only and does not express any legal or interpretive position on the issues presented. Because our position is based upon all of the facts and representations, any different facts or representations may require a different conclusion.
Michael S. Didiuk
 Section 202(a)(11) of the Advisers Act defines “investment adviser” to mean “any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities.”
 See Allianz of America, Inc., SEC Staff No-Action Letter (May 25, 2012); see also, Zenkyoren Asset Management of America Inc., SEC Staff No-Action Letter (June 30, 2011).
 This relief would not apply if, for example, the Parent or any Munich Re Group company were a private fund as defined in section 202(a)(29) of the Advisers Act.
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