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SEC No-Action Letter Temporarily Expands Ability of Affiliates to Purchase Debt Securities from Mutual Funds

In a March 26, 2020 no-action letter (the “Letter”) addressed to the Investment Company Institute, the SEC staff stated it would not recommend enforcement action against a registered open-end investment company that is not an ETF or a money market fund (each, a “Fund”) or an affiliated person (or an affiliated person of an affiliated person) of the Fund (each, an “Affiliate Purchaser”) that is not a registered investment company, if the Affiliate Purchaser purchases a debt security from a Fund. Rule 17a-9 under the 1940 Act already permits an Affiliate Purchaser of a money market fund to purchase certain securities from the money market fund – the Letter temporarily expands the relief provided by the rule by permitting purchases from non-money market funds.

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COVID-19: Implications for Private Fund Managers


Time to Read: 1 minutes Practices: Asset Management, Private Funds

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Coronavirus Landing Site

The attached alert summarizes aspects of the current public health crisis that we expect are of particular interest to private fund managers. As always, if there is a specific situation you want to talk over, please contact your Ropes & Gray team.

Ropes & Gray has launched a COVID-19 hub for resources related to the outbreak. Please visit this site frequently for up-to-date insights on business continuity best practices, maintaining the health and safety of your people, and other legal considerations in connection to the coronavirus.

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