SEC Provides No-Action Relief Related to Participation in Fed Lending Facility

Legal & Regulatory Update

SEC Provides No-Action Relief Related to Participation in Fed Lending Facility

June 3, 2020


The SEC’s Division of Investment Management has issued a no-action letter related to participation in the Federal Reserve Board’s 2020 Term Asset-Backed Securities Loan Facility, or TALF 2020.

The staff reaffirmed two no-action letters issued in 2009 to Franklin Templeton and T. Rowe Price that related to participation in the Fed’s TALF 2008, established in response to the financial crisis. Those letters provided no-action relief under certain provisions of the Investment Company Act related to participation in the facility. The staff expanded the T. Rowe Price letter to make it available to third parties, including business development companies. The no-action position should make it easier for registered investment companies to participate in TALF 2020.

TAGS: SEC Investment ManagementNo-Action Letter, Federal Reserve Board, Investment Company Act, CoronavirusCOVID-19

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