Each institution from which the SMCCF purchases securities must be a business that is created or organized in the United States or under the laws of the United States with significant U.S. operations and a majority of U.S.-based employees. The institution also must satisfy the conflict of interest requirements of section 4019 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These institutions are collectively referred to as Eligible Sellers.
Sellers wishing to participate in the SMCCF must make the following certifications in order to qualify as an Eligible Seller:
- Solvency. The seller must make a certification regarding its solvency.
- U.S. Business. The seller must certify that it is a business that is created or organized in the United States or under the laws of the United States and that has significant operations in and a majority of its employees based in the United States, consistent with section 4003(c)(3)(C) of the CARES Act.
- Conflict of Interest. The seller must certify that it satisfies the conflict of interest requirements in section 4019 of the CARES Act.
A seller also must agree to a verification mechanism for the U.S. business and conflict of interest requirements. For additional information on the necessary conditions noted above, please see the Frequently Asked Questions.
A seller must review and complete the Seller Certification Packet and provide a signed version of the materials via PDF to CCFForms@ny.frb.org. Completed Seller Certification Packets may be submitted any time after 12:00 PM ET on May 6, 2020. The Federal Reserve Bank of New York will contact the seller via email to confirm receipt prior to making any purchases under the program.