40-17F2: BNY Mellon Alcentra Global Multi-Strategy Credit Fund Complies with Investment Company Act Requirements

An independent audit confirms that BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. complied with specific custody requirements of the Investment Company Act of 1940 as of March 31, 2024.

Summary

• KPMG LLP conducted an examination of BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc.'s compliance with subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940.
• The examination covered the period from July 31, 2023, to March 31, 2024.
• The audit included procedures such as counting and inspecting securities, confirming holdings with custodians, and reconciling security positions.
• Management asserted that the Fund complied with the specified requirements as of March 31, 2024.
• KPMG's opinion is that management's assertion is fairly stated in all material respects.

Sentiment

Score: 8

Explanation: The document indicates a successful compliance audit, which is a positive sign for investors and stakeholders. The lack of negative findings contributes to a positive sentiment.

Positives

• The independent audit by KPMG provides assurance that the fund is adhering to regulatory requirements.
• The fund's management has asserted compliance with the Investment Company Act of 1940.
• The audit found no material issues with the fund's compliance.

Risks

• The report is intended solely for management, the Board of Directors, and the SEC, and should not be used by other parties.
• The audit does not provide a legal determination on the Fund's compliance.

Management Comments

• Management asserted that the Fund was in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of March 31, 2024, and from July 31, 2023, through March 31, 2024.

Industry Context

This report is a standard compliance audit for registered investment companies, ensuring they adhere to the custody rules set by the Investment Company Act of 1940.

Comparison to Industry Standards

• The procedures performed by KPMG, such as security counts, custodian confirmations, and reconciliation of records, are standard practices for audits of investment companies.
• The audit is similar to those performed for other registered investment companies to ensure compliance with the Investment Company Act of 1940.
• The use of a SOC 1 report for the custodian is a common practice to assess the internal controls of the service provider.

Stakeholder Impact

• The report provides assurance to shareholders that the fund is adhering to regulatory requirements.
• The compliance confirmation helps maintain the fund's reputation and credibility with investors.

Key Dates

Keywords

Investment Company Act, compliance, audit, custody, securities, BNY Mellon, KPMG, financial regulation