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Securities Act of 1933
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Re: |
Water Works Engineers, LLC |
Based on the facts presented, the Division will not recommend enforcement action to the Commission if Water Works Engineers, LLC makes the described awards of limited liability company units to its employees without registration under the Securities Act of 1933 in reliance on your opinion as counsel that such awards are not sales within the meaning of Securities Act Section 2(a)(3).
This position is based on the representations made to the Division in your letter. Any different facts or conditions might require the Division to reach a different conclusion. This response expresses the Division's position on enforcement action only and does not express a legal position on the question presented.
Sincerely,
Ted Yu
Special Counsel
The Incoming Letter is in Acrobat format.
http://www.sec.gov/divisions/corpfin/cf-noaction/2009/waterworks021809-2a3.htm
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