[Federal Register Volume 66, Number 188 (Thursday, September 27, 2001)]
[Notices]
[Pages 49437-49438]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-24189]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 25165/September 21, 2001]


Investment Company Act of 1940; Order Extending Prior Order Under 
Sections 6(c), 17(b) and 38(a) of the Investment Company Act of 1940 
Granting Exemptions from Certain Provisions of the Act and Certain 
Rules Thereunder

    In light of the recent events affecting the financial markets, the 
Commission finds that an order extending the exemptions granted in its 
order of September 14, 2001, Investment Company Act Release No. 25156 
(``September 14 Order''): Is necessary and appropriate to the exercise 
of the

[[Page 49438]]

powers conferred on it by the Act; is necessary and appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act; and 
permits transactions the terms of which, including the consideration to 
be paid or received, are reasonable and fair and do not involve 
overreaching on the part of any person concerned.
    The necessity for immediate action of the Commission does not 
permit prior notice of the Commission's action. Accordingly, IT IS 
ORDERED:

I. The Ability of Certain Registered Investment Companies To Borrow

    The exemptions from sections 12(d)(3), 13(a)(2), 13(a)(3), 17(a) 
and 18(f)(1) granted in the September 14 Order are extended through 
September 28, 2001 subject to the terms and conditions set forth in the 
September 14 Order.

II. Interfund Lending Arrangements

    Until September 28, 2001, any registered investment company 
currently able to rely on a Commission order permitting an interfund 
lending and borrowing facility (``IFL Order'') may make loans through 
the facility in an aggregate amount that does not exceed 25 per cent of 
its current net assets at the time of the loan notwithstanding any 
lower limitation in the IFL Order, as long as the loan otherwise is 
made in accordance with the terms and conditions of the IFL Order.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-24189 Filed 9-26-01; 8:45 am]
BILLING CODE 8010-01-M