12 CFR §652.23

1. (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. Your request for our approval to purchase and hold other non-program investments at a minimum must:
   1. (1)Describe the investment structure;
   2. (2)Explain the purpose and objectives for making the investment; and
   3. (3)Discuss the risk characteristics of the investment, including an analysis of the investment's impact to capital.
2. (b)We may impose written conditions in conjunction with our approval of your request to invest in other non-program investments.
3. (c)For purposes of applying the provisions of this subpart, except § 652.20, investments approved under this section are treated the same as eligible non-program investments unless our conditions of approval state otherwise.