following persons shall be the applicant for the offering for sale of securities under Section 33: (1) The would-be settlor or the settlor only in case of an initial public offering of newly issued securities

: (1) The would-be settlor or the settlor only in case of an initial public offering of newly issued securities; (2) The trust manager. After an application for an offering for sale of newly issued

, the SEC may specify that the following persons shall be the applicant for the offering for sale of securities under Section 33: (1) The would-be settlor or the settlor only in case of an initial public