RegAlert2014-12-19
Added · Updated
SEC Division of Investment Management staff letter: LCH.Clearnet Limited and LCH.Clearnet LLC
The Division of Investment Management extends temporary no-action assurances until December 31, 2015, stating it will not recommend enforcement action against registered investment companies or their custodians for placing assets with LCH.Clearnet Limited, LCH.Clearnet LLC, or their clearing members to meet margin requirements for cleared interest rate swaps. This position applies provided the assets are maintained under written contracts ensuring compliance with Rule 17f-6 under the Investment Company Act of 1940, including specific requirements for legal segregation with operational commingling, customer acknowledgments, record access, and prompt withdrawal rights. The assurance is based on representations regarding CFTC rules and facts provided by the applicants, and it expires on the specified date.
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LCH.Clearnet Limited and LCH.Clearnet LLC
December 19, 2014
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
Our Ref. No. 20141218162 File No. 132-3
In a letter to you dated December 26, 2013, 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 LCH.Clearnet Limited (“LCH Limited”) or LCH.Clearnet LLC (LCH Limited and LCH.Clearnet LLC being referred to herein collectively and individually as “LCH”), each of which is a derivatives clearing organization registered with the Commodity Futures Trading Commission (“CFTC ”) [1] or a clearing member (an “LCH Clearing Member”) that is a futures commission merchant registered with the CFTC (“FCM”), for purposes of meeting LCH’s or an LCH Clearing Member’s margin requirements for certain interest rate swaps (“IRS”) that are cleared by LCH (“Letter”). [2] We extended these temporary no-action assurances and now extend them until December 31, 2015 with respect to LCH and LCH’s Clearing Members.
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