No-Action Letters

In the staff’s view, the terms and conditions of TALF 2020 are substantially similar to those of TALF 2008 for purposes of the staff no-action ...

There is no ability for the customer to access the FDIC insured bank sweep account directly and/or without going through the broker-dealer

BDC can acquire an investment adviser

On April 8, 2020, the Commission adopted rules that will modify the registration, communications, and offering processes for business development companies and other closed-end investment ...

The Request asks about non-compliance with Rule 15c3-1 if broker-dealers treat certain receivables resulting from bank sweep programs as allowable assets

You state that, because of the coronavirus disease (COVID-19) outbreak, there is a short- term dislocation in the market for a variety of debt securities

The CFTC understands "that the COVID-19 pandemic may present challenges in timely meeting certain of their obligations"

It is not a rule, regulation, or statement of the Securities and Exchange Commission. The Commission has neither approved nor disapproved its content.

IM encourages investment advisers and funds to contact the Division staff with any concerns about the potential effects of COVID-19 on their operations

A Private Investment Fund or Privately-offered RIC should not be deemed to be "narrowly held"