---
kind: "section"
citation: "12 C.F.R. § 652.23"
title: "12"
number: "652.23"
heading: "Other non-program investments."
url: "https://uscodex.org/cfr/12/652.23"
---

# §652.23. Other non-program investments.

- (a) Farmer Mac may make a written request for our approval to purchase and hold other non-program investments that do not satisfy the requirements of [§ 652.20](/cfr/12/652.20.md). Your request for our approval to purchase and hold other non-program investments at a minimum must:
  - (1) Describe the investment structure;
  - (2) Explain the purpose and objectives for making the investment; and
  - (3) Discuss the risk characteristics of the investment, including an analysis of the investment's impact to capital.
- (b) We may impose written conditions in conjunction with our approval of your request to invest in other non-program investments.
- (c) For purposes of applying the provisions of this subpart, except [§ 652.20](/cfr/12/652.20.md), investments approved under this section are treated the same as eligible non-program investments unless our conditions of approval state otherwise.

## Notes

### Amendments

[83 FR 55098, Nov. 2, 2018]

### Source

Source: 77 FR 66382, Nov. 5, 2012, unless otherwise noted.

### Authority

Authority: Secs. 4.12, 5.9, 5.17, 8.11, 8.31, 8.32, 8.33, 8.34, 8.35, 8.36, 8.37, 8.41 of the Farm Credit Act (12 U.S.C. 2183, 2243, 2252, 2279aa-11, 2279bb, 2279bb-1, 2279bb-2, 2279bb-3, 2279bb-4, 2279bb-5, 2279bb-6, 2279cc); sec. 514 of Pub. L. 102-552, 106 Stat. 4102; sec. 118 of Pub. L. 104-105, 110 Stat. 168; sec. 939A of Pub. L. 111-203, 124 Stat. 1326, 1887 (15 U.S.C. 78o-7 note) (July 21, 2010).

### Source

Source: 70 FR 40644, July 14, 2005, unless otherwise noted.

### Amendments

[83 FR 55098, Nov. 2, 2018]