§ 223.56. What transactions are exempt from the market-terms requirement of section 23B?
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/us/cfr/t12/s§ 223.56A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The following transactions are exempt from the market-terms requirement of § 223.51.
(a)Purchases of certain asset-backed commercial paper. Purchases of asset-backed commercial paper from an affiliated SEC-registered open-end investment company that holds itself out as a money market mutual fund under SEC Rule 2a-7 (17 CFR 270.2a-7), if the member bank:
(1)Purchases the asset-backed commercial paper on or after September 19, 2008;
(2)Pledges the asset-backed commercial paper to a Federal Reserve Bank to secure financing from the asset-backed commercial paper lending facility
(AMLF)established by the Board on September 19, 2008; and
(3)Has not been specifically informed by the Board, after consultation with the member bank's appropriate Federal banking agency, that the member bank may not use this exemption.
(b)[Reserved] [Reg. W, 74 FR 6228, Feb. 6, 2009]
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- 17 CFR 270.2
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§ 223.56
What transactions are exempt from the market-terms requirement of section 23B?
Cite17 CFR 270.2
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