RegAlert2003-03-13
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SEC Division of Investment Management staff letter: Fixed Income Clearing Corporation
The staff of the Division of Investment Management will not recommend enforcement action under Section 17(f) of the Investment Company Act of 1940 if a registered investment company or its custodian places the fund's cash or securities in the custody of the Mortgage-Backed Securities Division of the Fixed Income Clearing Corporation to meet margin deposit requirements. This assurance applies because the Fixed Income Clearing Corporation is registered as a clearing agency under Section 17A of the Securities Exchange Act of 1934, making it an eligible custodian under Rule 17f-4. The staff determined that the Mortgage-Backed Securities Division does not have a conflict of interest because it is not the issuer of any security or the contra-side to settlement transactions.
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Fixed Income Clearing Corporation
March 13, 2003
Response of the Office of Chief Counsel Division of Investment Management IM Ref. No. 20033131032 Fixed Income Clearing Corporation File No. 132-3
Your letter dated February 6, 2003 requests our assurance that we would not recommend enforcement action to the Securities and Exchange Commission (the "Commission") under Section 17(f) of the Investment Company Act of 1940 (the "1940 Act") against any registered investment company (a "fund") or its custodian, if the fund or its custodian places the fund's cash and/or securities ("assets") in the custody of the Mortgage-Backed Securities Division ("MBSD") of the Fixed Income Clearing Corporation ("FICC") for purposes of meeting certain margin deposit requirements that are imposed by MBSD.
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