Source: https://www.law.cornell.edu/cfr/text/17/270.17f-3
Timestamp: 2018-01-18 07:26:13
Document Index: 757759178

Matched Legal Cases: ['art 270', '§ 270', '§ 30', '§\u202f14102', '§ 37', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 77', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 79', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', '§ 80', 'art 270', 'arts 232', 'arts 229', 'arts 200', '§\u2009270', '§\u2009270', '§\u2009239', '§\u2009239', '§\u2009239', 'arts 200', 'arts 210', 'arts 270', 'arts 210', 'arts 200', 'arts 230', 'arts 230', 'arts 239', 'arts 210', 'art 270']

17 CFR 270.17f-3 - Free cash accounts for investment companies with bank custodians. | US Law | LII / Legal Information Institute
CFR › Title 17 › Chapter II › Part 270 › Section 270.17f-3
17 CFR 270.17f-3 - Free cash accounts for investment companies with bank custodians.
§ 270.17f-3 Free cash accounts for investment companies with bank custodians.
No registered investment company having a bank custodian shall hold free cash except, upon resolution of its board or directors, a petty cash account may be maintained in an amount not to exceed $500: Provided, That such account is operated under the imprest system and is maintained subject to adequate controls approved by the board of directors over disbursements and reimbursements including, but not limited to fidelity bond coverage of persons having access to such funds.
(Sec. 17(f), 54 Stat. 815, 15 U.S.C. 80a-17(f), sec. 9, Pub. L. 91-547, 84 Stat. 1420)
[ 37 FR 9989, May 18, 1972]
§ 30 - Repealed. Pub. L. 107–273, div. C, title IV, § 14102(f), Nov. 2, 2002, 116 Stat. 1922
§ 37 - Immunity from antitrust laws
§ 77f - Registration of securities
§ 77g - Information required in registration statement
§ 77h - Taking effect of registration statements and amendments thereto
§ 77j - Information required in prospectus
§ 77q - Fraudulent interstate transactions
§ 77s - Special powers of Commission
§ 77eee - Securities required to be registered under Securities Act
§ 77ggg - Qualification of indentures covering securities not required to be registered
§ 77nnn - Reports by obligor; evidence of compliance with indenture provisions
§ 77sss - Rules, regulations, and orders
§ 78c - Definitions and application
§ 78d - Securities and Exchange Commission
§ 78l - Registration requirements for securities
§ 78m - Periodical and other reports
§ 78n - Proxies
§ 78o - Registration and regulation of brokers and dealers
§ 78w - Rules, regulations, and orders; annual reports
§ 78bb - Effect on existing law
§ 78ee - Transaction fees
§ 79t
15 U.S. Code § 80a–1 - Findings and declaration of policy
15 U.S. Code § 80a–2 - Definitions; applicability; rulemaking considerations
15 U.S. Code § 80a–3 - Definition of investment company
15 U.S. Code § 80a–3a - Protection of philanthropy under State law
15 U.S. Code § 80a–4 - Classification of investment companies
15 U.S. Code § 80a–5 - Subclassification of management companies
15 U.S. Code § 80a–6 - Exemptions
15 U.S. Code § 80a–7 - Transactions by unregistered investment companies
15 U.S. Code § 80a–8 - Registration of investment companies
15 U.S. Code § 80a–9 - Ineligibility of certain affiliated persons and underwriters
15 U.S. Code § 80a–10 - Affiliations or interest of directors, officers, and employees
15 U.S. Code § 80a–11 - Offers to exchange securities
15 U.S. Code § 80a–12 - Functions and activities of investment companies
15 U.S. Code § 80a–13 - Changes in investment policy
15 U.S. Code § 80a–14 - Size of investment companies
15 U.S. Code § 80a–15 - Contracts of advisers and underwriters
15 U.S. Code § 80a–16 - Board of directors
15 U.S. Code § 80a–17 - Transactions of certain affiliated persons and underwriters
15 U.S. Code § 80a–18 - Capital structure of investment companies
15 U.S. Code § 80a–19 - Payments or distributions
15 U.S. Code § 80a–20 - Proxies; voting trusts; circular ownership
15 U.S. Code § 80a–21 - Loans by management companies
15 U.S. Code § 80a–22 - Distribution, redemption, and repurchase of securities; regulations by securities associations
15 U.S. Code § 80a–23 - Closed-end companies
15 U.S. Code § 80a–24 - Registration of securities under Securities Act of 1933
15 U.S. Code § 80a–25 - Reorganization plans; reports by Commission
15 U.S. Code § 80a–26 - Unit investment trusts
15 U.S. Code § 80a–27 - Periodic payment plans
15 U.S. Code § 80a–28 - Face-amount certificate companies
15 U.S. Code § 80a–29 - Reports and financial statements of investment companies and affiliated persons
15 U.S. Code § 80a–30 - Accounts and records
15 U.S. Code § 80a–31 - Accountants and auditors
15 U.S. Code § 80a–32 - Filing of documents with Commission in civil actions
15 U.S. Code § 80a–33 - Destruction and falsification of reports and records
15 U.S. Code § 80a–34 - Unlawful representations and names
15 U.S. Code § 80a–35 - Breach of fiduciary duty
15 U.S. Code § 80a–36 - Larceny and embezzlement
15 U.S. Code § 80a–37 - Rules, regulations, and orders
15 U.S. Code § 80a–38 - Procedure for issuance of rules and regulations
15 U.S. Code § 80a–39 - Procedure for issuance of orders
15 U.S. Code § 80a–40 - Hearings by Commission
15 U.S. Code § 80a–41 - Enforcement of subchapter
15 U.S. Code § 80a–42 - Court review of orders
15 U.S. Code § 80a–43 - Jurisdiction of offenses and suits
15 U.S. Code § 80a–44 - Disclosure of information filed with Commission; copies
15 U.S. Code § 80a–45 - Reports by Commission; hiring and leasing authority
15 U.S. Code § 80a–46 - Validity of contracts
15 U.S. Code § 80a–47 - Liability of controlling persons; preventing compliance with subchapter
15 U.S. Code § 80a–48 - Penalties
15 U.S. Code § 80a–49 - Construction with other laws
15 U.S. Code § 80a–50 - Separability
15 U.S. Code § 80a–51 - Short title
15 U.S. Code § 80a–52 - Effective date
15 U.S. Code § 80a–53 - Election to be regulated as business development company
15 U.S. Code § 80a–54 - Acquisition of assets by business development companies
15 U.S. Code § 80a–55 - Qualifications of directors
15 U.S. Code § 80a–56 - Transactions with certain affiliates
15 U.S. Code § 80a–57 - Changes in investment policy
15 U.S. Code § 80a–58 - Incorporation of subchapter provisions
15 U.S. Code § 80a–59 - Functions and activities of business development companies
15 U.S. Code § 80a–60 - Capital structure
15 U.S. Code § 80a–61 - Loans
15 U.S. Code § 80a–62 - Distribution and repurchase of securities
15 U.S. Code § 80a–63 - Accounts and records
15 U.S. Code § 80a–64 - Preventing compliance with subchapter; liability of controlling persons
15 U.S. Code § 80b–3 - Registration of investment advisers
15 U.S. Code § 80b–4 - Reports by investment advisers
15 U.S. Code § 80b–11 - Rules, regulations, and orders of Commission
§ 80c-39
§ 80c-89
§ 80w-37
Title 17 published on 16-Dec-2017 03:45
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR Part 270 after this date.
2017-12-14; vol. 82 # 239 - Thursday, December 14, 2017
82 FR 58731 - Investment Company Reporting Modernization
FR Doc. 2017-26922
RIN 3235-AL42
File No. S7-08-15
Release Nos. 33-10442
34-82241
IC-32936
Effective January 16, 2018 until March 31, 2026. The effective date for the amendments to 17 CFR 232.401, 249.332, 270.8b-33, 270.30a-2, 270.30a-3, 270.30b1-5, and 17 274.130 and in Instructions 54, 57, 59, and 61 in the final rule published at 81 FR 81870 on November 18, 2016, is delayed until May 1, 2020. The applicable compliance dates are discussed below.
17 CFR Parts 232, 239, 249, 270, and 274
The Securities and Exchange Commission (the “Commission”) is adopting a temporary final rule that requires funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing reports with the Commission, until April 2019. As a result, larger funds groups will be required to begin submitting reports on Form N-PORT on the Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system by April 30, 2019, and smaller fund groups will be required to begin submitting reports on Form N-PORT by April 30, 2020. The information that funds in larger fund groups maintain in their records will be subject to examination by the Commission. In addition, the Commission is delaying the rescission of current Form N-Q and delaying the effectiveness of certain amendments to other rules and forms.
82 FR 50987 - FAST Act Modernization and Simplification of Regulation S-K
FR Doc. 2017-22374
RIN 3235-AM02
Release No. 33-10425
34-81851
IA-4791
IC-32858
File No. S7-08-17
Comments should be received by January 2, 2018.
17 CFR Parts 229, 230, 232, 239, 240, 249, 270, 274 and 275
We are proposing amendments based on the recommendations made in the staff&apos;s Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America&apos;s Surface Transportation Act. The proposed amendments are intended to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporation by reference and hyperlinking, we are also proposing parallel amendments to several rules and forms applicable to investment companies and investment advisers, including proposed amendments that would require certain investment company filings to be submitted in HyperText Markup Language (“HTML”) format.
2016-11-21; vol. 81 # 224 - Monday, November 21, 2016
81 FR 83494 - Exemptions To Facilitate Intrastate and Regional Securities Offerings
FR Doc. 2016-26348
RIN 3235-AL80
File No. S7-22-15
Release Nos. 33-10238
34-79161
Effective date: Revised 17 CFR 230.147 (Rule 147) and new 17 CFR 230.147A (Rule 147A) will be effective on April 20, 2017. The amendments to 17 CFR 230.504 (Rule 504) and 17 CFR 200.30-1 (Rule 30-1) will be effective on January 20, 2017. The removal of 17 CFR 230.505 (Rule 505) will be effective on May 22, 2017. All other amendments in this rule will be effective on May 22, 2017. Comment date: Comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before January 20, 2017.
17 CFR Parts 200, 230, 239, 240, 249, 270 and 275
We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. We also are adopting amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuers&apos; capital raising efforts and provide additional investor protections. The amendments to Rule 504 will increase the aggregate amount of securities that may be offered and sold in any twelve-month period from $1 million to $5 million and disqualify certain bad actors from participation in Rule 504 offerings. In light of these amendments to Rule 504, we are also repealing Rule 505.
81 FR 81870 - Investment Company Reporting Modernization
FR Doc. 2016-25349
Release Nos. 33-10231
34-79095
IC-32314
Effective Dates: This rule is effective January 17, 2017, except for the following: • The amendments to 17 CFR 200.800, 232.105, 232.301, 240.10A-1, 240.12b-25, 240.13a-10, 240.13a-11, 240.13a-13, 240.13a-16, 240.15d-10, 240.15d-11, 240.15d-13, 240.15d-16, 249.322, 249.330, 270.8b-16, 270.10f-3, 270.30a-1, 270.30a-4, 270.30b1-1, 270.30b1-2, 270.30b1-3, 274.101, and 274.218, and in Instruction 55 amending § 270.30d-1 are effective June 1, 2018; and • The amendments to 17 CFR 232.401, 249.332, 270.8b-33, 270.30a-2, 270.30a-3, 270.30b1-5, and 274.130, and in Instruction 54 amending § 270.30d-1, Instruction 57 amending Form N-1A (referenced in §§ 239.15A and 274.11A), Instruction 59 amending Form N-2 (referenced in §§ 239.14 and 274.11a-1), and Instruction 61 amending Form N-3 (referenced in §§ 239.17a and 274.11b) are effective August 1, 2019. Compliance Dates: The applicable compliance dates are discussed in section II.H. of this final rule.
17 CFR Parts 200, 210, 232, 239, 240, 249, 270, 274
The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions.
81 FR 82084 - Investment Company Swing Pricing
FR Doc. 2016-25347
RIN 3235-AL61
Release Nos. 33-10234
IC-32316
File No. S7-16-15
Effective Date: November 19, 2018. Compliance Dates: See section II.C.
17 CFR Parts 210, 270, and 274
The Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (“open-end fund” or “fund”) (except a money market fund or exchange-traded fund), under certain circumstances, to use “swing pricing,” the process of adjusting the fund&apos;s net asset value (“NAV”) per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a-2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund&apos;s use of swing pricing.
81 FR 82142 - Investment Company Liquidity Risk Management Programs
FR Doc. 2016-25348
Release Nos. 33-10233
IC-32315
Effective Dates: This rule is effective January 17, 2017 except for the amendments to Form N-CEN (referenced in 17 CFR 274.101) which are effective June 1, 2018. Compliance Dates: The applicable compliance dates are discussed in section III.M. of this final rule.
17 CFR Parts 270 and 274
The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange-traded funds (“ETFs”) but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (“UITs”) to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund&apos;s level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund&apos;s holdings and the fund&apos;s liquidity risk management practices.
2015-12-28; vol. 80 # 248 - Monday, December 28, 2015
80 FR 80884 - Use of Derivatives by Registered Investment Companies and Business Development Companies
FR Doc. 2015-31704
RIN 3235-AL60
Release No. IC-31933
File No. S7-24-15
Comments should be received on or before March 28, 2016.
The Securities and Exchange Commission (the “Commission” or “SEC”) is proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 (the “Investment Company Act” or “Act”) designed to address the investor protection purposes and concerns underlying section 18 of the Act and to provide an updated and more comprehensive approach to the regulation of funds&apos; use of derivatives. The proposed rule would permit mutual funds, exchange-traded funds (“ETFs”), closed-end funds, and companies that have elected to be treated as business development companies (“BDCs”) under the Act (collectively, “funds”) to enter into derivatives transactions and financial commitment transactions (as those terms are defined in the proposed rule) notwithstanding the prohibitions and restrictions on the issuance of senior securities under section 18 of the Act, provided that the funds comply with the conditions of the proposed rule. A fund that relies on the proposed rule in order to enter into derivatives transactions would be required to: comply with one of two alternative portfolio limitations designed to impose a limit on the amount of leverage the fund may obtain through derivatives transactions and other senior securities transactions; manage the risks associated with the fund&apos;s derivatives transactions by maintaining an amount of certain assets, defined in the proposed rule as “qualifying coverage assets,” designed to enable the fund to meet its obligations under its derivatives transactions; and, depending on the extent of its derivatives usage, establish a formalized derivatives risk management program. A fund that relies on the proposed rule in order to enter into financial commitment transactions would be required to maintain qualifying coverage assets equal in value to the fund&apos;s full obligations under those transactions. The Commission also is proposing amendments to proposed Form N-PORT and proposed Form N-CEN that would require reporting and disclosure of certain information regarding a fund&apos;s derivatives usage.
2015-10-15; vol. 80 # 199 - Thursday, October 15, 2015
80 FR 62274 - Open-End Fund Liquidity Risk Management Programs; Swing Pricing; Re-Opening of Comment Period for Investment Company Reporting Modernization Release
FR Doc. 2015-24507
Release Nos. 33-9922
IC-31835
File Nos. S7-16-15
S7-08-15
Proposed rule; re-opening of comment period.
The comment period for the proposed rule published June 12, 2015 (80 FR 33589) is reopened. Comments on this release (Investment Company Act Release No. 31835) and Investment Company Act Release No. 31610 should be received on or before January 13, 2016.
17 CFR Parts 210, 270, 274
The Securities and Exchange Commission is proposing a new rule and amendments to its rules and forms designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing the risk that funds will be unable to meet redemption obligations and mitigating dilution of the interests of fund shareholders in accordance with section 22(e) and rule 22c-1 under the Investment Company Act. The proposed amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is proposing new rule 22e-4, which would require each registered open-end fund, including open-end exchange-traded funds (“ETFs”) but not including money market funds, to establish a liquidity risk management program. The Commission also is proposing amendments to rule 22c-1 to permit a fund, under certain circumstances, to use “swing pricing,” the process of adjusting the net asset value of a fund&apos;s shares to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a-2 to require funds to preserve certain records related to swing pricing. With respect to reporting and disclosure, the Commission is proposing amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares, and the use of swing pricing. The Commission also is proposing amendments to proposed Form N-PORT and proposed Form N-CEN that would require disclosure of certain information regarding the liquidity of a fund&apos;s holdings and the fund&apos;s liquidity risk management practices. In connection with these proposed amendments, the Commission is re-opening the comment period for Investment Company Reporting Modernization, Investment Company Act Release No. 31610 (May 20, 2015).
2015-09-25; vol. 80 # 186 - Friday, September 25, 2015
80 FR 58124 - Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule
FR Doc. 2015-24015
RIN 3235-AL02
File No. S7-07-11
Release No. IC-31828
Effective Date: October 26, 2015; Compliance Date: October 14, 2016.
The Securities and Exchange Commission (“Commission”) is adopting certain amendments, initially proposed in March 2011 and re-proposed in July 2014, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money market funds use to report information to the Commission each month about their portfolio holdings, under the Investment Company Act of 1940 (“Investment Company Act” or “Act”). The amendments will implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). In addition, the Commission is adopting amendments to rule 2a-7&apos;s issuer diversification provisions to eliminate an exclusion from these provisions that is currently available for securities subject to a guarantee issued by a non-controlled person.
2015-06-12; vol. 80 # 113 - Friday, June 12, 2015
80 FR 33590 - Investment Company Reporting Modernization
FR Doc. 2015-12779
Release Nos. 33-9776
34-75002
IC-31610
Comments should be received on or before August 11, 2015.
17 CFR Parts 200, 210, 230, 232, 239, 240, 249, 270, 274
The Securities and Exchange Commission is proposing new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is proposing new Form N-PORT, which would require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is proposing amendments to Regulation S-X, which would require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is also proposing new rule 30e-3, which would permit but not require registered investment companies to transmit periodic reports to their shareholders by making the reports accessible on a Web site and satisfying certain other conditions. The Commission is proposing new Form N-CEN, which would require registered investment companies, other than face amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. Finally, the Commission is proposing to rescind current Forms N-Q and N-SAR and to amend certain other rules and forms. Collectively, these amendments would, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users could also utilize this information to help investors make more informed investment decisions.
2014-09-02; vol. 79 # 169 - Tuesday, September 2, 2014
79 FR 51922 - Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule; Correction
FR Doc. 2014-20731
Release No. IC-31184A
Re-proposed rule; proposed rule; correction.
Effective on September 2, 2014.
On August 14, 2014, the Securities and Exchange Commission (“Commission”) published a document in the Federal Register (79 FR 47986). The document contained an incorrect RIN. The Commission is publishing this document to correct that RIN.
2014-08-14; vol. 79 # 157 - Thursday, August 14, 2014
79 FR 47736 - Money Market Fund Reform; Amendments to Form PF
FR Doc. 2014-17747
RIN 3235-AK61
File No. S7-03-13
Release No. 33-9616, IA-3879
IC-31166
SECURITIES AND EXCHANGE COMMISSION, 17 CFR Parts 230, 239, 270, 274 and 279
Effective Date: October 14, 2014. Compliance Dates: The applicable compliance dates are discussed in section III.N. of the Release titled “Compliance Dates.”
The Securities and Exchange Commission (“Commission” or “SEC”) is adopting amendments to the rules that govern money market mutual funds (or “money market funds”) under the Investment Company Act of 1940 (“Investment Company Act” or “Act”). The amendments are designed to address money market funds&apos; susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, their benefits. The SEC is removing the valuation exemption that permitted institutional non-government money market funds (whose investors historically have made the heaviest redemptions in times of stress) to maintain a stable net asset value per share (“NAV”), and is requiring those funds to sell and redeem shares based on the current market-based value of the securities in their underlying portfolios rounded to the fourth decimal place ( e.g., $1.0000), i.e., transact at a “floating” NAV. The SEC also is adopting amendments that will give the boards of directors of money market funds new tools to stem heavy redemptions by giving them discretion to impose a liquidity fee if a fund&apos;s weekly liquidity level falls below the required regulatory threshold, and giving them discretion to suspend redemptions temporarily, i.e., to “gate” funds, under the same circumstances. These amendments will require all non-government money market funds to impose a liquidity fee if the fund&apos;s weekly liquidity level falls below a designated threshold, unless the fund&apos;s board determines that imposing such a fee is not in the best interests of the fund. In addition, the SEC is adopting amendments designed to make money market funds more resilient by increasing the diversification of their portfolios, enhancing their stress testing, and improving transparency by requiring money market funds to report additional information to the SEC and to investors. Finally, the amendments require investment advisers to certain large unregistered liquidity funds, which can have many of the same economic features as money market funds, to provide additional information about those funds to the SEC.
79 FR 47986 - Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule
FR Doc. 2014-17746
Release No. IC-31184
Re-proposed rule; proposed rule.
Comments should be received on or before October 14, 2014.
The Securities and Exchange Commission (“SEC” or “Commission”) is re-proposing certain amendments, initially proposed in March 2011, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money market funds use to report information to the Commission each month about their portfolio holdings, under the Investment Company Act of 1940 (“Investment Company Act” or “Act”). The re-proposed amendments would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). We are issuing this re-proposal in consideration of comments received on our March 2011 proposal. In addition, we are proposing to amend rule 2a-7&apos;s issuer diversification provisions to eliminate an exclusion from these provisions that is currently available for securities subject to a guarantee issued by a non-controlled person.
79 FR 19564 - Investment Company Advertising: Target Date Retirement Fund Names and Marketing
FR Doc. 2014-07869
RIN 3235-AK50
File No. S7-12-10
Release Nos. 33-9570
34-71861
IC-31004
Proposed rule; request for additional comment.
The comment period for the proposed rule published on June 23, 2010 (75 FR 35919), is reopened. Comments should be received on or before June 9, 2014.
17 CFR Parts 230 and 270
The Securities and Exchange Commission (“Commission”) is reopening the period for public comment on rule amendments it proposed in 2010, Investment Company Advertising: Target Date Retirement Fund Names and Marketing, Securities Act Release No. 9126 (June 16, 2010). Among other things, the proposed amendments would, if adopted, require marketing materials for target date retirement funds (“target date funds”) to include a table, chart, or graph depicting the fund&apos;s asset allocation over time, i.e., an illustration of the fund&apos;s so-called “asset allocation glide path.” In 2013, the Commission&apos;s Investor Advisory Committee (“Committee”) recommended that the Commission develop a glide path illustration for target date funds that is based on a standardized measure of fund risk as a replacement for, or supplement to, the proposed asset allocation glide path illustration. The Commission is reopening the comment period to seek public comment on this recommendation.
2014-01-08; vol. 79 # 5 - Wednesday, January 8, 2014
79 FR 1316 - Removal of Certain References to Credit Ratings Under the Investment Company Act
FR Doc. 2013-31425
Release Nos. 33-9506
IC-30847
File No. S7-7-11
Effective Date: February 7, 2014; Compliance Date: July 7, 2014.
17 CFR Parts 239, 270, and 274
The Securities and Exchange Commission (“Commission”) is adopting amendments to a rule and three forms under the Investment Company Act of 1940 (“Investment Company Act”) and the Securities Act of 1933 (“Securities Act”) in order to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). Specifically, rule 5b-3 under the Investment Company Act contains a reference to credit ratings in determining when an investment company (“fund”) may treat a repurchase agreement as an acquisition of securities collateralizing the repurchase agreement for certain purposes under the Investment Company Act. The amendments we are adopting today replace this reference to credit ratings with an alternative standard designed to retain a similar degree of credit quality to that in current rule 5b-3. The Commission is also adopting amendments to Forms N-1A, N-2, and N-3 under the Investment Company Act and Securities Act to eliminate the required use of NRSRO credit ratings when a fund chooses to depict its portfolio holdings by credit quality.
78 FR 79298 - Securities Exempted; Distribution of Shares by Registered Open-End Management Investment Company; Applications Regarding Joint Enterprises or Arrangements and Certain Profit-Sharing Plans
FR Doc. 2013-31172
Release No. 33-9503
IC-30845
Effective December 30, 2013.
The Securities and Exchange Commission (“Commission”) is correcting outdated cross-references in rule 602 under the Securities Act of 1933 (“Securities Act”) and rule 12b-1 under the Investment Company Act of 1940 (“Investment Company Act”) and correcting an inadvertent error in rule 17d-1 under the Investment Company Act as published in the Federal Register on January 22, 2003.
2013-06-19; vol. 78 # 118 - Wednesday, June 19, 2013
78 FR 36834 - Money Market Fund Reform; Amendments to Form PF
FR Doc. 2013-13687
Release No. 33-9408, IA-3616
IC-30551
Comments should be received on or before September 17, 2013.
17 CFR Parts 210, 230, 239, 270, 274 and 279
The Securities and Exchange Commission (“Commission” or “SEC”) is proposing two alternatives for amending rules that govern money market mutual funds (or “money market funds”) under the Investment Company Act of 1940. The two alternatives are designed to address money market funds&apos; susceptibility to heavy redemptions, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, the benefits of money market funds. The first alternative proposal would require money market funds to sell and redeem shares based on the current market-based value of the securities in their underlying portfolios, rounded to the fourth decimal place ( e.g., $1.0000), i.e., transact at a “floating” net asset value per share (“NAV”). The second alternative proposal would require money market funds to impose a liquidity fee (unless the fund&apos;s board determines that it is not in the best interest of the fund) if a fund&apos;s liquidity levels fell below a specified threshold and would permit the funds to suspend redemptions temporarily, i.e., to “gate” the fund under the same circumstances. Under this proposal, we could adopt either alternative by itself or a combination of the two alternatives. The SEC also is proposing additional amendments that are designed to make money market funds more resilient by increasing the diversification of their portfolios, enhancing their stress testing, and increasing transparency by requiring money market funds to provide additional information to the SEC and to investors. The proposal also includes amendments requiring investment advisers to certain unregistered liquidity funds, which can resemble money market funds, to provide additional information about those funds to the SEC.
2012-11-23; vol. 77 # 226 - Friday, November 23, 2012
77 FR 70117 - Purchase of Certain Debt Securities by Business and Industrial Development Companies Relying on an Investment Company Act Exemption
FR Doc. 2012-28456
Release No. IC-30268
Effective date: December 24, 2012.
17 CFR Part 270
The Securities and Exchange Commission (“Commission”) is adopting a new rule under the Investment Company Act of 1940 (“Investment Company Act”) to establish a standard of credit-worthiness in place of a statutory reference to credit ratings that the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) removes. The rule will establish the standard of credit quality that must be met by certain debt securities purchased by entities relying on the Investment Company Act exemption for business and industrial development companies.
2012-04-06; vol. 77 # 67 - Friday, April 6, 2012
77 FR 20749 - Investment Company Advertising: Target Date Retirement Fund Names and Marketing
FR Doc. 2012-8348
Release Nos. 33-9309
34-66720
IC-30026
The comment period for the proposed rule published June 23, 2010, at 75 FR 35920, is reopened. Comments should be received on or before May 21, 2012.
The Securities and Exchange Commission is reopening the period for public comment on amendments it originally proposed in Securities Act Release No. 9126 to allow interested persons to submit comments on the results of investor testing regarding target date retirement funds. The rule proposal would, if adopted, require a target date retirement fund that includes the target date in its name to disclose the fund&apos;s asset allocation at the target date immediately adjacent to the first use of the fund&apos;s name in marketing materials; require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund&apos;s asset allocation over time, together with a statement that would highlight the fund&apos;s final asset allocation; require a statement in marketing materials to the effect that a target date retirement fund should not be selected based solely on age or retirement date, is not a guaranteed investment, and the stated asset allocations may be subject to change; and provide additional guidance regarding statements in marketing materials for target date retirement funds and other investment companies that could be misleading.
Co-maintained with:
Wex: Securities Law: Overview
@CLS: Securities Law Clinic; Clarke Business Law Institute