Investment Company Cross Trading

ctors Council, SEC Staff No-Action Letter (Oct. 12, 2018) (``IDC No-Action Letter''). This no-action position also applied to similar requirements in 17 CFR 270.10f-3 and 17 CFR 270.17e-1. \31\ See, e.g., ICI Letter; T. Rowe Letter. \32\ See, e.g., FIMSAC Recommendations; ICI Letter; SIFMA AMG Letter. --------------------------------------------------------------------------- Some respondents and FIMSAC also suggested expressly allowing registered funds to pay certain fees in connection with effecting cross trades, such as custodial fees related to transferring securities or fees charged by an electronic trading platform for effecting a cross trade.\33\ In addition, market participants have expressed different views related to the transparency and reporting of cross-trading activity.\34\ --------------------------------------------------------------------------- \33\ See, e.g., SIFMA AMG Letter; Letter of Wellington Management Company LLP (Apr. 12, 2021) (``Wellington Letter''); FIMSAC Recommendations. \34\ See, e.g., SIFMA AMG Letter; FIMSAC Recommendations; Letter of Dimensional Fund Advisors LP (Apr. 21, 2021) (``Dimensional Letter''). --------------------------------------------------------------------------- C. Current Cross Trading Considerations While markets have changed significantly since the Commission first adopted rule 17a-7 in 1966, response letters to the Staff S