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Rule 3a-7 does not qualify for the Volcker “covered fund” exemption. | Rule 3a-7 does not qualify for the Volcker “covered fund” exemption. | ||
[[Self-liquidating securities]] are securities that are backed by assets that generate cash flows to repay the securities. For example, mortgage-backed securities are self-liquidating because they are backed by mortgages that produce monthly payments | [[Self-liquidating securities]] are securities that are backed by assets that generate cash flows to repay the securities. For example, mortgage-backed securities are self-liquidating because they are backed by mortgages that produce monthly payments. Tentatively emission allowances are not self-liquidating securities because they do not have a cashflow and do not automatically redeem | ||
Rule 3a-7 under the Investment Company Act of 1940 upon the satisfaction of certain conditions. | Rule 3a-7 under the Investment Company Act of 1940 upon the satisfaction of certain conditions. |