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SEC denies request for "no action" on Missouri bank 529

(August 20, 2008) - The Securities and Exchange Commission (SEC) has refused to issue a no-action letter with respect to the proposal by Missouri to add CDs and other banking products to its 529 savings plan. The request for the no-action letter was submitted in November 2007 by the Missouri Banker's Association.

In denying the request, the SEC noted that, under the proposal described, a participant in Missouri's 529 plan would not be purchasing interests issued by a public instrumentality of the state such as a trust or fund authorized by enabling legislation, but would be investing directly in bank depository instruments.

In addition, the SEC denied the requested no-action relief regarding the banks' need to register with the SEC as securities dealers.

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