RegAlert2004-01-13
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SEC Division of Investment Management staff letter: First Data Corporation
The Division of Investment Management will not recommend enforcement action to the Commission under Section 7(a) of the Investment Company Act of 1940 against First Data Corporation if it fails the 40 percent test due to its wholly owned subsidiary Integrated Payment Systems Inc.'s segregated portfolio. First Data may calculate its total assets and determine whether its holdings in IPS are investment securities by excluding the segregated portfolio, which holds proceeds from official checks invested in permissible investments. This relief applies solely to First Data based on the specific facts and representations provided in the request.
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First Data Corporation
January 13, 2004
Response of the Office of Chief Counsel Division of Investment Management
Our Ref. No. 20037181012 First Data Corporation File No. 333-105432
Your letter dated January 13, 2004 requests our assurance that we would not recommend enforcement action to the Commission under Section 7 of the Investment Company Act of 1940 (the "1940 Act") against First Data Corporation ("First Data"), under the circumstances described in your letter, if it were to fail the 40 percent test (as defined below) as a result of the segregated portfolio (as defined below).
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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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