[35262]
April 25, 2023
TO: ICI MembersInvestment Company Directors
Accounting/Treasurers Committee
Bank, Trust and Retirement Advisory Committee
Broker/Dealer Advisory Committee
Fixed-Income Advisory Committee
Money Market Funds Advisory Committee
Operations Committee
SEC Rules Committee
Securities Operations Advisory Committee
Security Valuation Operations Committee
Small Funds Committee
Transfer Agent Advisory Committee SUBJECTS: Distribution
Fixed Income Securities
Fund Accounting & Financial Reporting
Money Market Funds
Operations
Portfolio Oversight
Settlement
Trading and Markets
Valuation RE: Member Videoconference - ICI White Paper on US Debt Limit
ICI is pleased to announce publication of its white paper, Reaching the Debt Limit: Certain Fund Operational and Legal Considerations[1]. If the US debt limit is not increased in a timely and orderly fashion, the US Government may be considered in default on its obligations as they become due, including the payment of principal and interest on debt securities it has issued. Such an occurrence could call into question the "full faith and credit" of the US Government and have broader macroeconomic effects.
The ICI paper is intended to assist funds and market participants in evaluating their own circumstances and how best to prepare for, and respond to, a US debt ceiling event. The paper describes various operational and legal considerations to support thoughtful preparation and planning so the industry can be positioned to better manage disruptions and other impacts from a possible US Government default.
Member Call
Please join ICI general counsel Susan Olson, ICI acting chief of industry operations Jeff Naylor, and Brenden Carroll, partner at Dechert LLP in a videoconference that reviews key observations and recommendations from the paper. Participant discussion and questions will be welcome. The videoconference is for ICI members and advisory committee members only and is closed to the press.
Date: Thursday, May 4, 2023
Time: 11:00 a.m. ET
Link: https://ici-org.zoom.us/j/99313166710?pwd=N0JFY21GRnNzR1pZc3dpUUNvSVlSZz09
Meeting ID: 993 1316 6710
Passcode: 148001
One tap mobile
+13017158592,,99313166710# US (Washington DC)
+13052241968,,99313166710# US
Find your local number: https://ici-org.zoom.us/u/aKkXxfH7e
We encourage questions to be submitted in advance to Jeff Naylor (jeff.naylor@ici.org).
Please contact Jeff Naylor (jeff.naylor@ici.org; 202-326-5844) or Susan Olson (solson@ici.org; 202-326-5813) with any questions.
Susan Olson
General Counsel
Jeff Naylor
Acting Chief - Industry Operations
Notes
[1] The paper updates and replaces a 2017 ICI publication entitled, Breaching the Debt Limit: Operational Considerations. Members may also access the paper in the "White Paper" section of publications found on ICI's website - https://www.ici.org/publications. You must be logged into the ICI website to access the paper.