{"data":{"id":"us/12-cfr-223.56","jurisdiction":"us","citation":"12 CFR 223.56","heading":"What transactions are exempt from the market-terms requirement of section 23B?","body":"The following transactions are exempt from the market-terms requirement of § 223.51.\n(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:\n(1) Purchases the asset-backed commercial paper on or after September 19, 2008;\n(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\n(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.\n(b) [Reserved]","path":["Title 12—Banks and Banking","CHAPTER II—FEDERAL RESERVE SYSTEM","SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM","PART 223—TRANSACTIONS BETWEEN MEMBER BANKS AND THEIR AFFILIATES (REGULATION W)","Subpart F—General Provisions of Section 23B"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"82d9536ef7cbf746f798afa6eba6761e8710a0fe408dbc99876f7460d382bc41","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-223.55","next":"us/12-cfr-223.61"},"notice":"GroundRules: Original legal text. Not legal advice."}