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McKinsey & Company, Inc.: No Action, Interpretive and/or Exemptive Letter of January 11, 2005 |
 | | Because it is a separate legal entity, and the legal owner of the assets held in it, the trust becomes in certain jurisdictions the focus of taxation, or of laws imposing restrictions on the acquisition, ownership, transfer and sale of the legal ownership of assets. |
 | | McKinsey intends to use such trust structures in jurisdictions where it is appropriate, and advantageous to an MGM or McKinsey. |
 | | The type of trust that McKinsey intends to use is a settlor trust, which is a trust in which the settlor (in our case, McKinsey) establishes and provides initial funds for a trust into which either the settlor or the beneficiary (in our case, the MGM) may subsequently transfer or convey property. |
| www.sec.gov /divisions/corpfin/cf-noaction/mckinsey011105.htm (1860 words) |
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