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U.S. Securities and Exchange Commission

Investment Company Act of 1940 — Section 7(d)
Accor Services

June 7, 2010


Our Ref. No. 2010541252

Based on the facts and representations provided in your letter, we would not recommend enforcement action to the Securities and Exchange Commission (the "Commission") against Accor Services under Section 7(d) of the Investment Company Act of 1940 (the "Act") if Accor Services operates in the manner described in your letter without registering with the Commission as an investment company under the Act.1 Our position is based particularly on your representations that: (i) Accor Services is primarily engaged in the business of providing its customers with meal vouchers, food vouchers and the other products and services as described in your letter; (ii) the generation of significant cash balances by the business of Accor Services between the time that cards and vouchers are sold and the time that they are redeemed is an incidental characteristic of the group's primary business; (iii) the principal purpose of Accor's investment activities is to provide funds to back up the obligations of Accor Services under its cards and vouchers; (iv) Accor Services holds high-quality fixed-income instruments with liquidity and maturity profiles intended to ensure that Accor Services will be able to meet its obligations in respect of vouchers and cards; and (v) Accor Services' revenues are predominantly derived from its non-investment operations.

Our response expresses our views on enforcement action only, and does not express any conclusions with respect to the legal issues presented. You should note that any different facts or representations may require different conclusions.

Kyle R. Ahlgren
Senior Counsel


Incoming Letter

The Incoming Letter is in Acrobat format.


Modified: 06/07/2010