RegAlert2012-09-27
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SEC Division of Investment Management staff letter: ICE Clear Credit LLC
The Division of Investment Management extends temporary no-action assurances under Section 17(f) of the Investment Company Act of 1940 until December 31, 2013, confirming that it will not recommend enforcement action against registered investment companies placing assets with ICE Clear Credit or its clearing members for credit default swap margin requirements. The staff encourages funds to carefully weigh the risks of maintaining such assets and expects clearing members to comply with CFTC regulations regarding the treatment of cleared collateral prior to and after bankruptcy.
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Investment Company Act of 1940 — Section 17(f) and Rule 17f-6 ICE Clear Credit LLC
September 27, 2012
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
IM Ref. No. 2012926177 ICE Clear Credit LLC File No. 132-3
In a letter to you dated July 29, 2011, the staff of the Division of Investment Management indicated that we would not recommend enforcement action to the Commission under Section 17(f) of the Investment Company Act of 1940 (“1940 Act”) against any registered investment company (a “Fund”) if the Fund or its custodian places and maintains cash and/or certain securities (“assets”) in the custody of ICE Clear Credit (“ICE”), a derivatives clearing organization registered with the Commodity Futures Trading Commission (“CFTC”) or a clearing member (a “Clearing Member”) that is a futures commission merchant registered with the CFTC, for purposes of meeting ICE’s or a Clearing Member’s margin requirements for certain credit default swaps (“CDS”) that are cleared by ICE. 1 We extended these temporary no-action assurances and now extend them until December 31, 2013. 2
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