N.J. Admin. Code § 17:16-58.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-58.4 - Limitations

(a) At the time of initial purchase, the following conditions shall be met:

1. Not more than 25 percent of any one issue of mortgage-backed senior debt securities may be directly purchased at the time of issue, except that this requirement may be waived by the Council;

2. Not more than five percent of the market value of the assets of any eligible fund (other than the Pension and Annuity Funds and Common Pension Funds) shall be directly invested in any one issue; and

3. Not more than 10 percent of the combined assets of all of the Pension and Annuity Funds shall be directly invested in mortgage-backed senior debt securities and mortgage-backed passthrough securities.

(b) If, subsequent to initial purchase, the limitations in (a) above are exceeded, then the Council shall be notified at the next regularly scheduled meeting of the Council. The Division may be granted a six-month period of grace to reduce the level of participation below the maximum levels, except that the period of grace may be extended for additional four-month periods with the approval of the Council.

N.J. Admin. Code § 17:16-58.4

New Rule, R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Rewrote (a)1 and (a)2; and added (a)3.