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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 15:15:1.2.2.7.9.1.10.1 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | A | Subpart A—General | § 270.1 Description of rule; purpose; applicability. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 66704, Nov. 28, 2003; 69 FR 33571, June 16, 2004] | (a) The National Construction Safety Team Act (the Act) (Pub. L. 107-231) provides for the establishment of investigative teams to assess building performance and emergency response and evacuation procedures in the wake of any building failure that has resulted in substantial loss of life or that posed significant potential of substantial loss of life. (b)(1) The purpose of the Act is to provide for the establishment of investigative teams to assess building performance and emergency response and evacuation procedures in the wake of any building failure that has resulted in substantial loss of life or that posed significant potential of substantial loss of life. The role of NIST in implementing the Act is to understand the factors contributing to the building failure and to develop recommendations for improving national building and fire model codes, standards, and practices. To do this, the Teams produce technical reports containing data, findings, and recommendations for consideration by private sector bodies responsible for the affected national building and fire model code, standard, or practice. While NIST is an active participant in many of these organizations, NIST's recommendations are one of many factors considered by these bodies. NIST is not now and will not become a participant in the processes and adoption of practices, standards, or codes by state or local regulatory authorities. (2) It is not NIST's role to determine whether a failed building resulted from a criminal act, violated any applicable federal requirements or state or local code or regulatory requirements, or to determine any culpability associated therewith. These are matters for other federal, state, or local authorities, who enforce their regulations. (c) This part is applicable to the establishment and deployment of Teams and the conduct of investigations under the Act. | |||
| 15:15:1.2.2.7.9.1.10.2 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | A | Subpart A—General | § 270.2 Definitions used in this part. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 66704, Nov. 28, 2003] | The following definitions are applicable to this part: Act. The National Construction Safety Team Act (Pub. L. 107-231, 116 Stat. 1471). Advisory Committee. The National Construction Safety Team Advisory Committee. Credentials. Credentials issued by the Director, identifying a person as a member of a National Construction Safety Team, including photo identification and other materials, including badges, deemed appropriate by the Director. Director. The Director of the National Institute of Standards and Technology. Evidence. Any document, record, book, artifact, building component, material, witness testimony, or physical evidence collected pursuant to an investigation. General Counsel. The General Counsel of the U.S. Department of Commerce. Investigation participant. Any person participating in an investigation under the Act, including all Team members, other NIST employees participating in the investigation, private sector experts, university experts, representatives of professional organizations, employees of other Federal, state, or local government entities, and other contractors. Lead Investigator. A Team member who is a NIST employee and is designated by the Director to lead a Team. NIST. The National Institute of Standards and Technology. Team. A team established by the Director and deployed to conduct an investigation under the Act. | |||
| 15:15:1.2.2.7.9.2.10.1 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.100 General. | NIST | [68 FR 66704, Nov. 28, 2003, as amended at 69 FR 33571, June 16, 2004] | (a) Based on prior NIST experience, NIST expects that the Director will establish and deploy a Team to conduct an investigation at a frequency of approximately once per year or less. (b) For purposes of this part, a building failure may involve one or more of the following: structural system, fire protection (active or passive) system, air-handling system, and building control system. Teams established under the Act and this part will investigate these technical causes of building failures and will also investigate the technical aspects of evacuation and emergency response procedures, including multiple-occupant behavior or evacuation (egress or access) system, emergency response system, and emergency communication system. (c) For purposes of this part, the number of fatalities considered to be “substantial” will depend on the nature of the event, its impact, its unusual or unforeseen character, historical norms, and other pertinent factors. | |||
| 15:15:1.2.2.7.9.2.10.2 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.101 Preliminary reconnaissance. | NIST | (a) To the extent the Director deems it appropriate, the Director may conduct a preliminary reconnaissance at the site of a building failure. The Director may establish and deploy a Team to conduct the preliminary reconnaissance, as described in § 270.102 of this subpart, or may have information gathered at the site of a building failure without establishing a Team. (b) If the Director establishes and deploys a Team to conduct the preliminary reconnaissance, the Team shall perform all duties pursuant to section 2(b)(2) of the Act, and may perform all activities that Teams are authorized to perform under the Act and these procedures, including gathering and preserving evidence. At the completion of the preliminary reconnaissance, the Team will report its findings to the Director in a timely manner. The Director may either determine that the Team should conduct further investigation, or may direct the Team to prepare its public report immediately. (c) If the preliminary reconnaissance is conducted without the establishment of a Team, the leader of the initial assessment will report his/her findings to the Director in a timely manner. The Director will decide whether to establish a Team and conduct an investigation using the criteria established in § 270.102 of this subpart. | ||||
| 15:15:1.2.2.7.9.2.10.3 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.102 Conditions for establishment and deployment of a Team. | NIST | [68 FR 66704, Nov. 28, 2003, as amended at 69 FR 33571, June 16, 2004] | (a) The Director may establish a Team for deployment after an event that caused the failure of a building or buildings that resulted in substantial loss of life or posed significant potential for substantial loss of life. The Director will determine the following prior to deploying a Team: (1) The event was any of the following: (i) A major failure of one or more buildings or types of buildings due to an extreme natural event (earthquake, hurricane, tornado, flood, etc.); (ii) A fire that resulted in a building failure of the building of origin and/or spread beyond the building of origin. (iii) A major building failure at significantly less than its design basis, during construction, or while in active use; or (iv) An act of terrorism or other event resulting in a Presidential declaration of disaster and activation of the National Response Plan; and (2) A fact-finding investigation of the building performance and emergency response and evacuation procedures will likely result in significant and new knowledge or building code revision recommendations needed to reduce or mitigate public risk and economic losses from future building failures. (b) In making the determinations pursuant to paragraph (a) of this section, the Director will consider the following: (1) Whether sufficient financial and personnel resources are available to conduct an investigation; and (2) Whether an investigation of the building failure warrants the advanced capabilities and experiences of a Team; and (3) If the technical cause of the failure is readily apparent, whether an investigation is likely to result in relevant knowledge other than reaffirmation of the technical cause; and (4) Whether deployment of a Team will substantially duplicate local or state resources equal in investigatory and analytical capability and quality to a Team; and (5) Recommendations resulting from a preliminary reconnaissance of the site of the building failure. (c) To the maximum extent practicable, the Director will establish and deploy a Team with… | |||
| 15:15:1.2.2.7.9.2.10.4 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.103 Publication in the Federal Register. | NIST | The Director will promptly publish in the Federal Register notice of the establishment of each Team. | ||||
| 15:15:1.2.2.7.9.2.10.5 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.104 Size and composition of a Team. | NIST | [68 FR 66704, Nov. 28, 2003, as amended at 69 FR 33571, June 16, 2004] | (a) Size of a Team. The size of a Team will depend upon the likely scope and complexity of the investigation. A Team may consist of five or less members if the investigation is narrowly focused, or a Team may consist of twenty or more members divided into groups if the breadth of the investigation spans a number of technical issues. In addition, Teams may be supported by others at NIST, in other federal agencies, and in the private sector, who may conduct supporting experiments, analysis, interviews witnesses, and/or examine the response of first responders, occupants, etc. (b) Composition of a Team. (1) A Team will be composed of individuals selected by the Director and led by a Lead Investigator designated by the Director. (2) The Lead Investigator will be a NIST employee, selected based on his/her technical qualifications, ability to mobilize and lead a multi-disciplinary investigative team, and ability to deal with sensitive issues and the media. (3) Team members will include at least one employee of NIST and will include experts who are not employees of NIST, who may include private sector experts, university experts, representatives of professional organizations with appropriate expertise, and appropriate Federal, State, or local officials. (4) Team members who are not Federal employees will be Federal Government contractors. (5) Teams may include members who are experts in one or more of the following disciplines: civil, structural, mechanical, electrical, fire, forensic, safety, architectural, and materials engineering, and specialists in emergency response, human behavior, and evacuation. (c) Duration of a Team. A Team's term will end 3 months after the Team's final public report is published, but the term may be extended or terminated earlier by the Director. | |||
| 15:15:1.2.2.7.9.2.10.6 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.105 Duties of a Team. | NIST | (a) A Team's Lead Investigator will organize, conduct, and control all technical aspects of the investigation, up to and including the completion of the final investigation public report and any subsequent actions that may be required. The Lead Investigator has the responsibility and authority to supervise and coordinate all resources and activities of NIST personnel involved in the investigation. The Lead Investigator may be the Contracting Officer's Technical Representative (COTR) on any contract for service on the Team or in support of the Team; while the COTR remains the technical representative of the Contracting Officer for purposes of contract administration, the Lead Investigator will oversee all NIST personnel acting as COTRs for contracts for service on the Team or in support of the Team. The Lead Investigator's duties will terminate upon termination of the Team. The Lead Investigator will keep the Director and the NCST Advisory Committee informed about the status of investigations. (b) A Team will: (1) Establish the likely technical cause or causes of the building failure; (2) Evaluate the technical aspects of evacuation and emergency response procedures; (3) Recommend, as necessary, specific improvements to building standards, codes, and practices based on the findings made pursuant to paragraphs (b)(1) and (b)(2) of this section; (4) Recommend any research and other appropriate actions needed to improve the structural safety of buildings, and improve evacuation and emergency response procedures, based on the findings of the investigation; and (5) Not later than 90 days after completing an investigation, issue a public report in accordance with § 270.205 of this subpart. (c) In performing these duties, a Team will: (1) Not interfere unnecessarily with services provided by the owner or operator of the buildings, building components, materials, artifacts, property, records, or facility; (2) Preserve evidence related to the building failure consistent with the ongoing needs of the investigation;… | ||||
| 15:15:1.2.2.7.9.2.10.7 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | B | Subpart B—Establishment and Deployment of Teams | § 270.106 Conflicts of interest related to service on a Team. | NIST | (a) Team members who are not Federal employees will be Federal Government contractors. (b) Contracts between NIST and Team members will include appropriate provisions to ensure that potential conflicts of interest that arise prior to award or during the contract are identified and resolved. | ||||
| 15:15:1.2.2.7.9.3.10.1 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.200 Technical conduct of investigation. | NIST | [68 FR 66704, Nov. 28, 2003, as amended at 69 FR 33571, June 16, 2004] | (a) Preliminary reconnaissance. (1) An initial assessment of the event, including an initial site reconnaissance, if deemed appropriate by the Director, will be conducted. This assessment will be done within a few hours of the event, if possible. The Director may establish and deploy a Team to conduct the preliminary reconnaissance, using the criteria established in § 270.102 of this part, or may have information gathered at the site of a building failure without establishing a Team. (2) If the Director establishes and deploys a Team to conduct the preliminary reconnaissance, the Team shall perform all duties pursuant to section 2(b)(2) of the Act, and may perform all activities that Teams are authorized to perform under the Act and these procedures, with a focus on gathering and preserving evidence, inspecting the site of the building failure, and interviewing of eyewitnesses, survivors, and first responders. Collections of evidence by a Team established for preliminary reconnaissance are investigatory in nature and will not be considered research for any purpose. At the completion of the preliminary reconnaissance, the Team will report its findings to the Director in a timely manner. The Director may either determine that the Team should conduct further investigation, or may direct the Team to immediately prepare the public report as required by section 8 of the Act. (3) If the preliminary reconnaissance is conducted without the establishment of a Team, the leader of the initial assessment will report his/her findings to the Director in a timely manner. The Director will decide whether to establish a team and conduct an investigation using the criteria established in § 270.102 of this part. (b) Investigation plan. (1) If the Director establishes a Team without ordering preliminary reconnaissance, establishes a Team after preliminary reconnaissance, or establishes a Team to conduct preliminary reconnaissance and subsequently determines that further investigation is necessary prior to preparing the public … | |||
| 15:15:1.2.2.7.9.3.10.2 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.201 Priority of investigation. | NIST | (a) General. Except as provided in this section, a Team investigation will have priority over any other investigation of any other Federal agency. (b) Criminal acts. (1) If the Attorney General, in consultation with the Director, determines, and notifies the Director that circumstances reasonably indicate that the building failure being investigated by a Team may have been caused by a criminal act, the Team will relinquish investigative priority to the appropriate law enforcement agency. (2) If a criminal investigation of the building failure being investigated by a Team is initiated at the state or local level, the Team will relinquish investigative priority to the appropriate law enforcement agency. (3) The relinquishment of investigative priority by the Team will not otherwise affect the authority of the Team to continue its investigation under the Act. (c) National Transportation Safety Board. If the National Transportation Safety Board is conducting an investigation related to an investigation of a Team, the National Transportation Safety Board investigation will have priority over the Team investigation. Such priority will not otherwise affect the authority of the Team to continue its investigation under the Act. (d) Although NIST will share any evidence of criminal activity that it obtains in the course of an investigation under the Act with the appropriate law enforcement agency, NIST will not participate in the investigation of any potential criminal activity. | ||||
| 15:15:1.2.2.7.9.3.10.3 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.202 Coordination with search and rescue efforts. | NIST | [68 FR 66704, Nov. 28, 2003, as amended at 69 FR 33571, June 16, 2004] | NIST will coordinate its investigation with any search and rescue or search and recovery efforts being undertaken at the site of the building failure, including FEMA urban search and rescue teams, local emergency management agencies, and local emergency response groups. Upon arrival at a disaster site, the Lead Investigator will identify the lead of the search and rescue operations and will work closely with that person to ensure coordination of efforts. | |||
| 15:15:1.2.2.7.9.3.10.4 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.203 Coordination with Federal, State, and local entities. | NIST | NIST will enter into Memoranda of Understanding with Federal, State, and local entities, as appropriate, to ensure the coordination of investigations. | ||||
| 15:15:1.2.2.7.9.3.10.5 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.204 Provision of additional resources and services needed by a Team. | NIST | The Director will determine the appropriate resources that a Team will require to carry out its investigation and will ensure that those resources are available to the Team. | ||||
| 15:15:1.2.2.7.9.3.10.6 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.205 Reports. | NIST | (a) Not later than 90 days after completing an investigation, a Team shall issue a public report which includes: (1) An analysis of the likely technical cause or causes of the building failure investigated; (2) Any technical recommendations for changes to or the establishment of evacuation or emergency response procedures; (3) Any recommended specific improvements to building standards, codes, and practices; and (4) Recommendations for research and other appropriate actions needed to help prevent future building failures. (b) A Team that is directed to prepare its public report immediately after conducting a preliminary reconnaissance will issue a public report not later than 90 days after completion of the preliminary reconnaissance. The public report will be in accordance with paragraph (a) of this section, but will be summary in nature. (c) A Team that continues to conduct an investigation after conducting a preliminary reconnaissance will issue a public report not later than 90 days after completing the investigation in accordance with paragraph (a) of this section. | ||||
| 15:15:1.2.2.7.9.3.10.7 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | C | Subpart C—Investigations | § 270.206 Public briefings and requests for information. | NIST | (a) NIST will establish methods to provide updates to the public on its planning and progress of an investigation. Methods may include: (1) A public Web site; (2) Mailing lists, to include an emphasis on e-mail; (3) Semi-annual written progress reports; (4) Media briefings; and (5) Public meetings. (b) Requests for information on the plans and conduct of an investigation should be submitted to the NIST Public and Business Affairs Division. | ||||
| 15:15:1.2.2.7.9.4.10.1 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.300 Scope. | NIST | During the course of an investigation conducted pursuant to the Act, evidence will be collected, and information will be created by the Team, NIST, and other investigation participants. This subpart sets forth the policy and procedures for the collection, preservation, and protection of evidence obtained and information created pursuant to an investigation. | ||||
| 15:15:1.2.2.7.9.4.10.2 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.301 Policy. | NIST | Evidence collected and information created by Team members and all other investigation participants will be collected, preserved, and protected in accordance with the procedures set forth in this subpart. | ||||
| 15:15:1.2.2.7.9.4.10.3 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.310 Evidence collected by investigation participants who are not NIST employees. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 24345, May 7, 2003] | Upon receipt of evidence pursuant to an investigation under the Act, each investigation participant who is not a NIST employee shall: (a) As soon as practicable, transfer the original evidence to NIST, and retain a copy of the evidence only if necessary to carry out their duties under the investigation; and (b) For any evidence that cannot reasonably be duplicated, retain the evidence in accordance with NIST procedures for preserving evidence as described in § 270.330 of this subpart, and upon completion of the duties for which retention of the evidence is necessary, transfer the evidence to NIST. | |||
| 15:15:1.2.2.7.9.4.10.4 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.311 Collection of evidence. | NIST | (a) In the course of an investigation, evidence normally will be collected following the procedures described in §§ 270.312 through 270.315 of this subpart. (b) Upon a written showing by the Lead Investigator of urgent and compelling reasons to believe that evidence may be destroyed, or that a witness may become unavailable, were the procedures described in §§ 270.312 through 270.314 of this subpart followed, the Director, with the concurrence of the General Counsel, may immediately issue a subpoena for such evidence or testimony, pursuant to § 270.315 of this subpart. | ||||
| 15:15:1.2.2.7.9.4.10.5 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.312 Voluntary submission of evidence. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 24345, May 7, 2003] | After the Director establishes and deploys a Team, members of the public are encouraged to voluntarily submit to the Team non-privileged evidence that is relevant to the subject matter of the pending investigation. | |||
| 15:15:1.2.2.7.9.4.10.6 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.313 Requests for evidence. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 66707, Nov. 28, 2003] | (a) After the Director establishes and deploys a Team, the Lead Investigator, or their designee, may request the testimony of any person by deposition, upon oral examination or written questions, and may request documents or other physical evidence without seeking prior approval of the Director. (b) Requests for responses to written questions will be made in writing and shall include: (1) A statement that the request is made to gather evidence necessary to an investigation being conducted under the Act; (2) Identification of the person whose responses are sought; (3) Contact information for the person to whom the responses should be submitted; (4) The date and time by which the responses are requested; (5) A statement that the questions for which responses are sought are attached; and (6) Contact information for the person to whom questions or problems regarding the request should be addressed. (c) Requests for documents or other physical evidence will be made in writing and shall include: (1) A statement that the request is made to gather evidence necessary to an investigation being conducted under the Act; (2) A description of the documents or other physical evidence sought; (3) Identification of the person or persons to whom the request is made; (4) A request that each person to whom the request is directed produce and permit inspection and copying of the documents and physical evidence in the possession, custody, or control of that person at a specific time and place; and (5) Contact information for the person to whom questions or problems regarding the request should be addressed. (d) Requests for witness testimony will be made in writing and shall include: (1) The name of the person whose testimony is requested; (2) The date, time, and place of the deposition; (3) A statement that the person whose testimony is requested may be accompanied by an attorney; and (4) Contact information for the person to whom questions or problems regarding the request should be addressed. (e) Collections of e… | |||
| 15:15:1.2.2.7.9.4.10.7 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.314 Negotiations. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 24345, May 7, 2003] | The Lead Investigator may enter into discussions with appropriate parties to address problems identified with the submission of evidence requested pursuant to § 270.313 of this subpart. Should negotiations fail to result in the submission of such evidence, a subpoena may be issued pursuant to § 270.315. | |||
| 15:15:1.2.2.7.9.4.10.8 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.315 Subpoenas. | NIST | [68 FR 4694, Jan. 30, 2003, as amended at 68 FR 24345, May 7, 2003; 68 FR 66707, Nov. 28, 2003] | (a) General. Subpoenas requiring the attendance of witnesses or the production of documentary or physical evidence for the purpose of taking depositions or at a hearing may be issued only under the signature of the Director with the concurrence of the General Counsel, but may be served by any person designated by the Counsel for NIST on behalf of the Director. (b) Determination whether to issue a subpoena. In determining whether to issue a subpoena, the Director will consider the following factors: (1) Whether the testimony, documentary, or physical evidence is required for an investigation being conducted pursuant to the Act; (2) Whether the evidence sought is relevant to the purpose of the investigation; (3) Whether NIST already has the evidence in its possession; and (4) Whether the evidence required is described with specificity. (c) Contents of a subpoena. A subpoena issued by the Director will contain the following: (1) A statement that the subpoena is issued by the Director pursuant to section 5 of the Act; (2) A description of the documents or physical evidence or the subject matter of the testimony required by the subpoena; (3) A command that each person to whom it is directed attend and give testimony or produce and permit inspection and copying of designated books, documents or physical evidence in the possession, custody or control of that person at a time and place specified in the subpoena; (4) A statement that any person whose testimony is required by the subpoena may be accompanied by an attorney; and (5) The signature of the Director. (d) Service of a subpoena. Service of a subpoena will be effected: (1) By personal service upon the person or agent of the person whose testimony is required or who is in charge of the documentary or physical evidence required; or (2) By certified mail, return receipt requested, or delivery to the last known residence or business address of such person or agent; or (3) Where personal service, mailing, or delivery has been unsuccessful, service… | |||
| 15:15:1.2.2.7.9.4.10.9 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.316 Public hearings. | NIST | (a) During the course of an investigation by a Team, if the Director considers it to be in the public interest, NIST may hold a public hearing for the purposes of gathering testimony from witnesses and informing the public on the progress of the investigation. (b) Should NIST plan to hold a public hearing, NIST will publish a notice in the Federal Register, setting forth the date, time, and place of the hearing, and procedures for members of the public wishing to speak at the hearing. In addition, witnesses may be subpoenaed to provide testimony at a public hearing, in accordance with § 270.315 of this subpart. (c) The Director, or his designee, will preside over any public hearing held pursuant to this section. | ||||
| 15:15:1.2.2.7.9.4.11.10 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.320 Entry and inspection of site where a building failure has occurred. | NIST | When the Director establishes and deploys a Team, the Team members will be issued notices of inspection authority to enter and inspect the site where the building failure has occurred. | ||||
| 15:15:1.2.2.7.9.4.11.11 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.321 Entry and inspection of property where building components, materials, artifacts, and records with respect to a building failure are located. | NIST | (a) In the course of an investigation, entry and inspection of property where building components, materials, artifacts and records with respect to a building failure are located normally will be conducted following the procedures described in §§ 270.322 through 270.325 of this subpart. (b) Upon a written showing by the Lead Investigator of urgent and compelling reasons to believe that building components, materials, artifacts or records located on a particular property may be destroyed were the procedures described in §§ 270.322 through 270.324 of this subpart followed, the Director, with the concurrence of the General Counsel may immediately issue a notice of inspection authority for such property, pursuant to § 270.325 of this subpart. | ||||
| 15:15:1.2.2.7.9.4.11.12 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.322 Voluntary permission to enter and inspect property where building components, materials, artifacts, and records with respect to a building failure are located. | NIST | After the Director establishes and deploys a Team, members of the public are encouraged to voluntarily permit Team members to enter property where building components, materials, artifacts, and records with respect to the building failure are located, and take action necessary, appropriate, and reasonable in light of the nature of the property to be inspected and to carry out the duties of the Team. | ||||
| 15:15:1.2.2.7.9.4.11.13 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.323 Requests for permission to enter and inspect property where building components, materials, artifacts, and records with respect to a building failure are located. | NIST | (a) After the Director establishes and deploys a Team, the Lead Investigator or their designee may request permission to enter and inspect property where building components, materials, artifacts, and records with respect to a building failure are located, and take action necessary, appropriate, and reasonable in light of the nature of the property to be inspected and to carry out the duties of the Team. (b) Requests for permission to enter and inspect such property will be made in writing and shall include: (1) The name and title of the building owner, operator, or agent in charge of the building; (2) If appropriate, the name of the building to be inspected; (3) The address of the building to be inspected; (4) The date and time of the inspection; (5) If appropriate, a description of particular items to be inspected; and (6) Contact information for the person to whom questions or problems regarding the request should be addressed. | ||||
| 15:15:1.2.2.7.9.4.11.14 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.324 Negotiations. | NIST | The Lead Investigator may enter into discussions with appropriate parties to address problems identified with the goal of obtaining the permission requested pursuant to § 270.323 of this subpart. | ||||
| 15:15:1.2.2.7.9.4.11.15 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.325 Notice of authority to enter and inspect property where building components, materials, artifacts, and records with respect to a building failure are located. | NIST | (a) General. In investigating a building failure pursuant to the Act, any member of a Team, or any other person authorized by the Director to support a Team, on display of written notice of inspection authority provided by the Director with concurrence of the General Counsel and appropriate credentials, may (1) Enter property where a building failure being investigated has occurred, or where building components, materials, and artifacts with respect to the building failure are located, and take action necessary, appropriate, and reasonable in light of the nature of the property to be inspected and to carry out the duties of the Team; (2) During reasonable hours, inspect any record (including any design, construction, or maintenance record), process, or facility related to the investigation; (3) Inspect and test any building components, materials, and artifacts related to the building failure; and (4) Move any record, component, material and artifact as provided by this part. (b) Conduct of inspection, test, or other action. An inspection, test, or other action taken by a Team pursuant to section 4 of the Act will be conducted in a way that does not interfere unnecessarily with services provided by the owner or operator of the building components, materials, or artifacts, property, records, process, or facility, and to the maximum extent feasible, preserves evidence related to the building failure, consistent with the ongoing needs of the investigation. (c) Determination whether to issue a notice of inspection authority. In determining whether to issue a notice of inspection authority, the Director will consider whether the specific entry and inspection is reasonable and necessary for the Team to carry out its duties under the Act. (d) Notice of inspection authority. Notice of inspection authority will be made in writing and shall include: (1) A statement that the notice of inspection authority is issued pursuant to section 4 of the Act; (2) The name and title of the building owner, operator, or a… | ||||
| 15:15:1.2.2.7.9.4.12.16 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.330 Moving and preserving evidence. | NIST | (a) A Team and NIST will take all necessary steps in moving and preserving evidence obtained during the course of an investigation under the Act to ensure that such evidence is preserved. (b) In collecting and preserving evidence in the course of an investigation under the Act, a Team and NIST will: (1) Maintain records to ensure that each piece of evidence is identified as to its source; (2) Maintain and document an appropriate chain of custody for each piece of evidence; (3) Use appropriate means to preserve each piece of evidence; and (4) Ensure that each piece of evidence is kept in a suitably secure facility. (c) If a Federal law enforcement agency suspects and notifies the Director that a building failure being investigated by a Team under the Act may have been caused by a criminal act, the Team, in consultation with the Federal law enforcement agency, will take necessary actions to ensure that evidence of the criminal act is preserved and that the original evidence or copies, as appropriate, are turned over to the appropriate law enforcement authorities. | ||||
| 15:15:1.2.2.7.9.4.13.17 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.340 Information created by investigation participants who are not NIST employees. | NIST | Unless requested sooner by the Lead Investigator, at the conclusion of an investigation, each investigation participant who is not a NIST employee shall transfer any original information they created pursuant to the investigation to NIST. An investigation participant may retain a copy of the information for their records but may not use the information for purposes other than the investigation, nor may they release, reproduce, distribute, or publish any information first developed pursuant to the investigation, nor authorize others to do so, without the written permission of the Director or their designee. Pursuant to 15 U.S.C. 281a, no such information may be admitted or used as evidence in any suit or action for damages arising out of any matter related to the investigation. | ||||
| 15:15:1.2.2.7.9.4.14.18 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.350 Freedom of Information Act. | NIST | As permitted by section 7(b) of the Act, the following information will not be released: (a) Information described by section 552(b) of Title 5, United States Code, or protected from disclosure by any other law of the United States; and (b) Copies of evidence collected, information created, or other investigation documents submitted or received by NIST, a Team, or any other investigation participant, until the final investigation report is issued. | ||||
| 15:15:1.2.2.7.9.4.14.19 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.351 Protection of voluntarily submitted information. | NIST | Notwithstanding any other provision of law, a Team, NIST, any investigation participant, and any agency receiving information from a Team, NIST, or any other investigation participant, will not disclose voluntarily provided safety-related information if that information is not directly related to the building failure being investigated and the Director finds that the disclosure of the information would inhibit the voluntary provision of that type of information. | ||||
| 15:15:1.2.2.7.9.4.14.20 | 15 | Commerce and Foreign Trade | II | G | 270 | PART 270—NATIONAL CONSTRUCTION SAFETY TEAMS | D | Subpart D—Collection and Preservation of Evidence; Information Created Pursuant to an Investigation; and Protection of Information | § 270.352 Public safety information. | NIST | A Team, NIST, and any other investigation participant will not publicly release any information it receives in the course of an investigation under the Act if the Director finds that the disclosure might jeopardize public safety. | ||||
| 17:17:5.0.1.1.19.0.36.1 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.0-1 Definition of terms used in this part. | SEC | [Rule N-1, 5 FR 4316, Oct. 31, 1940, as amended at 19 FR 6730, Oct. 20, 1954; 30 FR 829, Jan. 27, 1965; 48 FR 36098, Aug. 9, 1983; 50 FR 42682, Oct. 22, 1985; 58 FR 14859, Mar. 18, 1993; 66 FR 3757, Jan. 16, 2001; 69 FR 46389, Aug. 2, 2004; 85 FR 26101, May 1, 2020] | (a) As used in the rules and regulations prescribed by the Commission pursuant to the Investment Company Act of 1940, unless the context otherwise requires: (1) The term Commission means the Securities and Exchange Commission. (2) The term act means the Investment Company Act of 1940. (3) The term section refers to a section of the act. (4) The terms rule and regulations refer to the rules and regulations adopted by the Commission pursuant to the Act, including the forms for registration and reports and the accompanying instructions thereto. (5) The term administrator means any person who provides significant administrative or business affairs management services to an investment company. (6)(i) A person is an independent legal counsel with respect to the directors who are not interested persons of an investment company (“disinterested directors”) if: (A) A majority of the disinterested directors reasonably determine in the exercise of their judgment (and record the basis for that determination in the minutes of their meeting) that any representation by the person of the company's investment adviser, principal underwriter, administrator (“management organizations”), or any of their control persons, since the beginning of the fund's last two completed fiscal years, is or was sufficiently limited that it is unlikely to adversely affect the professional judgment of the person in providing legal representation to the disinterested directors; and (B) The disinterested directors have obtained an undertaking from such person to provide them with information necessary to make their determination and to update promptly that information when the person begins to represent, or materially increases his representation of, a management organization or control person. (ii) The disinterested directors are entitled to rely on the information obtained from the person, unless they know or have reason to believe that the information is materially false or incomplete. The disinterested directors must re-evaluat… | ||||||
| 17:17:5.0.1.1.19.0.36.10 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-1 Valuation of portfolio securities in special cases. | SEC | [Rule N-2A-1, 8 FR 3567, Mar. 24, 1943, as amended at 38 FR 8593, Apr. 4, 1973] | (a) Any investment company whose securities are qualified for sale, or for whose securities application for such qualification has been made, in any State in which the securities owned by such company are required by applicable State law or regulations to be valued at cost or on some other basis different from that prescribed by clause (A) of section 2(a)(41) of the Act for the purpose of determining the percentage of its assets invested in any particular type or classification of securities or in the securities of any one issuer, may, in valuing its securities for the purposes of sections 5 and 12 of the Act, use the same basis of valuation as that used in complying with such State law or regulations in lieu of the method of valuation prescribed by clause (A) of section 2(a)(41) of the Act. (b) Any open-end company which has heretofore valued its securities at cost for the purpose of qualifying as a “mutual investment company” under the Internal Revenue Code, prior to its amendment by the Revenue Act of 1942, shall henceforth, for the purposes of sections 5 and 12 of the Act, value its securities in accordance with the method prescribed in clause (A) of section 2(a)(41) of the Act unless such company is permitted under paragraph (a) of this section to use a different method of valuation. (c) A registered investment company which has adopted for the purposes of sections 5 and 12 of the Act a method of valuation permitted by paragraph (a) of this section, shall state in its registration statement filed pursuant to section 8 (54 Stat. 803; 15 U.S.C. 80a-8) of the Act, or in a report filed pursuant to section 30 (54 Stat. 836; 15 U.S.C. 80a-30) of the Act, the method of valuation adopted and the facts which justify the adoption of such method. A registered investment company which has adopted for the purposes of sections 5 and 12 of the Act a method of valuation permitted by paragraph (a) of this section, unless it shall have adopted such method for the purpose or partly for the purpose of qualifying as a “mutual … | ||||||
| 17:17:5.0.1.1.19.0.36.100 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.15a-4 Temporary exemption for certain investment advisers. | SEC | [64 FR 68023, Dec. 6, 1999, as amended 66 FR 3758, Jan. 16, 2001; 69 FR 46389, Aug. 2, 2004] | (a) For purposes of this section: (1) Fund means an investment company, and includes a separate series of the company. (2) Interim contract means a written investment advisory contract: (i) That has not been approved by a majority of the fund's outstanding voting securities; and (ii) That has a duration no greater than 150 days following the date on which the previous contract terminates. (3) Previous contract means an investment advisory contract that has been approved by a majority of the fund's outstanding voting securities and has been terminated. (b) Notwithstanding section 15(a) of the Act (15 U.S.C. 80a-15(a)), a person may act as investment adviser for a fund under an interim contract after the termination of a previous contract as provided in paragraphs (b)(1) or (b)(2) of this section: (1) In the case of a previous contract terminated by an event described in section 15(a)(3) of the Act (15 U.S.C. 80a-15(a)(3)), by the failure to renew the previous contract, or by an assignment (other than an assignment by an investment adviser or a controlling person of the investment adviser in connection with which assignment the investment adviser or a controlling person directly or indirectly receives money or other benefit): (i) The compensation to be received under the interim contract is no greater than the compensation the adviser would have received under the previous contract; and (ii) The fund's board of directors, including a majority of the directors who are not interested persons of the fund, has approved the interim contract within 10 business days after the termination, at a meeting in which directors may participate by any means of communication that allows all directors participating to hear each other simultaneously during the meeting. (2) In the case of a previous contract terminated by an assignment by an investment adviser or a controlling person of the investment adviser in connection with which assignment the investment adviser or a controlling person directly or indirectly recei… | ||||||
| 17:17:5.0.1.1.19.0.36.101 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.16a-1 Exemption for initial period of directors of certain registered accounts from requirements of election by security holders. | SEC | [34 FR 12695, Aug. 5, 1969] | (a) Persons serving as the directors of a registered separate account shall, prior to the first meeting of such account's variable annuity contract owners, be exempt from the requirement of section 16(a) of the Act that such persons be elected by the holders of outstanding voting securities of such account at an annual or special meeting called for that purpose, subject to the following conditions: (1) Such registered separate account qualifies for exemption from section 14(a) of the Act pursuant to § 270.14a-1 or is exempt therefrom by order of the Commission upon application; and (2) Such persons have been appointed directors of such account by the establishing insurance company; and (3) An election of directors for such account shall be held at the first meeting of variable annuity contract owners after the effective date of the registration statement under the Securities Act of 1933, as amended (15 U.S.C. 77a et seq. ), relating to contracts participating in such account: Provided, That such meeting shall take place within 1 year after such effective date, unless the time for the holding of such meeting shall be extended by the Commission upon written request showing good cause therefor. | ||||||
| 17:17:5.0.1.1.19.0.36.102 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-1 Exemption of certain underwriting transactions exempted by § 270.10f-1. | SEC | [Rule N-17A-1, 6 FR 1191, Feb. 28, 1941] | Any transaction exempted pursuant to § 270.10f-1 shall be exempt from the provisions of section 17(a)(1) of the Act (54 Stat. 815; 15 U.S.C. 80a-17). | ||||||
| 17:17:5.0.1.1.19.0.36.103 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-2 Exemption of certain purchase, sale, or borrowing transactions. | SEC | [Rule N-17A-2, 12 FR 5008, July 29, 1947] | Purchase, sale or borrowing transactions occurring in the usual course of business between affiliated persons of registered investment companies shall be exempt from section 17(a) of the Act provided (a) the transactions involve notes, drafts, time payment contracts, bills of exchange, acceptance or other property of a commercial character rather than of an investment character; (b) the buyer or lender is a bank; and (c) the seller or borrower is a bank or is engaged principally in the business of installment financing. | ||||||
| 17:17:5.0.1.1.19.0.36.104 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-3 Exemption of transactions with fully owned subsidiaries. | SEC | [Rule N-17A-3, 12 FR 3442, May 28, 1947] | (a) The following transactions shall be exempt from section 17(a) of the Act: (1) Transactions solely between a registered investment company and one or more of its fully owned subsidiaries or solely between two or more fully owned subsidiaries of such company. (2) Transactions solely between any subsidiary of a registered investment company and one or more fully owned subsidiaries of such subsidiary or solely between two or more fully owned subsidiaries of such subsidiary. (b) The term fully owned subsidiary as used in this section, means a subsidiary (1) all of whose outstanding securities, other than directors' qualifying shares, are owned by its parent and/or the parent's other fully owned subsidiaries, and (2) which is not indebted to any person other than its parent and/or the parent's other fully owned subsidiaries in an amount which is material in relation to the particular subsidiary, excepting (i) indebtedness incurred in the ordinary course of business which is not overdue and which matures within one year from the date of its creation, whether evidenced by securities or not, and (ii) any other indebtedness to one or more banks or insurance companies. | ||||||
| 17:17:5.0.1.1.19.0.36.105 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-4 Exemption of transactions pursuant to certain contracts. | SEC | [Rule N-17A-4, 12 FR 5008, July 29, 1947] | Transactions pursuant to a contract shall be exempt from section 17(a) of the Act if at the time of the making of the contract and for a period of at least six months prior thereto no affiliation or other relationship existed which would operate to make such contract or the subsequent performance thereof subject to the provisions of said section 17(a). | ||||||
| 17:17:5.0.1.1.19.0.36.106 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-5 Pro rata distribution neither “sale” nor “purchase.” | SEC | [20 FR 7447, Oct. 6, 1955] | When a company makes a pro rata distribution in cash or in kind among its common stockholders without giving any election to any stockholder as to the specific assets which such stockholders shall receive, such distribution shall not be deemed to involve a sale to or a purchase from such distributing company as those terms are used in section 17(a) of the Act. | ||||||
| 17:17:5.0.1.1.19.0.36.107 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-6 Exemption for transactions with portfolio affiliates. | SEC | [68 FR 3153, Jan. 22, 2003] | (a) Exemption for transactions with portfolio affiliates. A transaction to which a fund, or a company controlled by a fund, and a portfolio affiliate of the fund are parties is exempt from the provisions of section 17(a) of the Act (15 U.S.C. 80a-17(a)), provided that none of the following persons is a party to the transaction, or has a direct or indirect financial interest in a party to the transaction other than the fund: (1) An officer, director, employee, investment adviser, member of an advisory board, depositor, promoter of or principal underwriter for the fund; (2) A person directly or indirectly controlling the fund; (3) A person directly or indirectly owning, controlling or holding with power to vote five percent or more of the outstanding voting securities of the fund; (4) A person directly or indirectly under common control with the fund, other than: (i) A portfolio affiliate of the fund; or (ii) A fund whose sole interest in the transaction or a party to the transaction is an interest in the portfolio affiliate; or (5) An affiliated person of any of the persons mentioned in paragraphs (a)(1)-(4) of this section, other than the fund or a portfolio affiliate of the fund. (b) Definitions —(1) Financial interest. (i) The term financial interest as used in this section does not include: (A) Any interest through ownership of securities issued by the fund; (B) Any interest of a wholly-owned subsidiary of a fund; (C) Usual and ordinary fees for services as a director; (D) An interest of a non-executive employee; (E) An interest of an insurance company arising from a loan or policy made or issued by it in the ordinary course of business to a natural person; (F) An interest of a bank arising from a loan or account made or maintained by it in the ordinary course of business to or with a natural person, unless it arises from a loan to a person who is an officer, director or executive of a company which is a party to the transaction, or from a loan to a person who directly or indirectly owns, … | ||||||
| 17:17:5.0.1.1.19.0.36.108 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-7 Exemption of certain purchase or sale transactions between an investment company and certain affiliated persons thereof. | SEC | [46 FR 17013, Mar. 17, 1981, as amended at 58 FR 49921, Sept. 24, 1993; 66 FR 3758, Jan. 16, 2001; 69 FR 46389, Aug. 2, 2004; 70 FR 37632, June 29, 2005] | A purchase or sale transaction between registered investment companies or separate series of registered investment companies, which are affiliated persons, or affiliated persons of affiliated persons, of each other, between separate series of a registered investment company, or between a registered investment company or a separate series of a registered investment company and a person which is an affiliated person of such registered investment company (or affiliated person of such person) solely by reason of having a common investment adviser or investment advisers which are affiliated persons of each other, common directors, and/or common officers, is exempt from section 17(a) of the Act; Provided, That: (a) The transaction is a purchase or sale, for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available; (b) The transaction is effected at the independent current market price of the security. For purposes of this paragraph the “current market price” shall be: (1) If the security is an “NMS stock” as that term is defined in 17 CFR 242.600, the last sale price with respect to such security reported in the consolidated transaction reporting system (“consolidated system”) or the average of the highest current independent bid and lowest current independent offer for such security (reported pursuant to 17 CFR 242.602) if there are no reported transactions in the consolidated system that day; or (2) If the security is not a reported security, and the principal market for such security is an exchange, then the last sale on such exchange or the average of the highest current independent bid and lowest current independent offer on such exchange if there are no reported transactions on such exchange that day; or (3) If the security is not a reported security and is quoted in the NASDAQ System, then the average of the highest current independent bid and lowest current independent offer reported on Level 1 of NASDAQ; or (4) For all other securi… | ||||||
| 17:17:5.0.1.1.19.0.36.109 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-8 Mergers of affiliated companies. | SEC | [67 FR 48518, July 24, 2002, as amended at 69 FR 46389, Aug. 2, 2004] | (a) Exemption of affiliated mergers. A Merger of a registered investment company (or a series thereof) and one or more other registered investment companies (or series thereof) or Eligible Unregistered Funds is exempt from sections 17(a)(1) and (2) of the Act (15 U.S.C. 80a-17(a)(1)-(2)) if: (1) Surviving company. The Surviving Company is a registered investment company (or a series thereof). (2) Board determinations. As to any registered investment company (or series thereof) participating in the Merger (“Merging Company”): (i) The board of directors, including a majority of the directors who are not interested persons of the Merging Company or of any other company or series participating in the Merger, determines that: (A) Participation in the Merger is in the best interests of the Merging Company; and (B) The interests of the Merging Company's existing shareholders will not be diluted as a result of the Merger. For a discussion of factors that may be relevant to the determinations in paragraph (a)(2)(i) of this section, see Investment Company Act Release No. 25666, July 18, 2002. (ii) The directors have requested and evaluated such information as may reasonably be necessary to their determinations in paragraph (a)(2)(i) of this section, and have considered and given appropriate weight to all pertinent factors. (iii) The directors, in making the determination in paragraph (a)(2)(i)(B) of this section, have approved procedures for the valuation of assets to be conveyed by each Eligible Unregistered Fund participating in the Merger. The approved procedures provide for the preparation of a report by an Independent Evaluator, to be considered in assessing the value of any securities (or other assets) for which market quotations are not readily available, that sets forth the fair value of each such asset as of the date of the Merger. (iv) The determinations required in paragraph (a)(2)(i) of this section and the bases thereof, including the factors considered by the directors pursuant to paragraph (a)… | ||||||
| 17:17:5.0.1.1.19.0.36.11 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-2 Effect of eliminations upon valuation of portfolio securities. | SEC | [38 FR 8593, Apr. 4, 1973] | During any fiscal quarter in which elimination of securities from the portfolio of an investment company occur, the securities remaining in the portfolio shall, for the purpose of sections 5 and 12 of the Act (54 Stat. 800, 808; 15 U.S.C. 80a-5, 80a-12), be so valued as to give effect to the eliminations in accordance with one of the following methods: (a) Specific certificate, (b) First in—first out, (c) Last in—first out, or (d) Average value. For these purposes, a single method of elimination shall be used consistently with respect to all portfolio securities. In giving effect to eliminations pursuant to this section values shall be computed in accordance with section 2(a)(41)(A) of the Act (54 Stat. 790; 15 U.S.C. 80a-2(a)(41)(A)). | ||||||
| 17:17:5.0.1.1.19.0.36.110 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-9 Purchase of certain securities from a money market fund by an affiliate, or an affiliate of an affiliate. | SEC | [75 FR 10117, Mar. 4, 2010] | The purchase of a security from the portfolio of an open-end investment company holding itself out as a money market fund by any affiliated person or promoter of or principal underwriter for the money market fund or any affiliated person of such person shall be exempt from section 17(a) of the Act (15 U.S.C. 80a-17(a)); provided that: (a) In the case of a portfolio security that has ceased to be an Eligible Security (as defined in § 270.2a-7(a)(12)), or has defaulted (other than an immaterial default unrelated to the financial condition of the issuer): (1) The purchase price is paid in cash; and (2) The purchase price is equal to the greater of the amortized cost of the security or its market price (in each case, including accrued interest). (b) In the case of any other portfolio security: (1) The purchase price meets the requirements of paragraph (a)(1) and (2) of this section; and (2) In the event that the purchaser thereafter sells the security for a higher price than the purchase price paid to the money market fund, the purchaser shall promptly pay to the fund the amount by which the subsequent sale price exceeds the purchase price paid to the fund. | ||||||
| 17:17:5.0.1.1.19.0.36.111 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17a-10 Exemption for transactions with certain subadvisory affiliates. | SEC | [68 FR 3153, Jan. 22, 2003] | (a) Exemption. A person that is prohibited by section 17(a) of the Act (15 U.S.C. 80a-17(a)) from entering into a transaction with a fund solely because such person is, or is an affiliated person of, a subadviser of the fund, or a subadviser of a fund that is under common control with the fund, may nonetheless enter into such transaction, if: (1) Prohibited relationship. The person is not, and is not an affiliated person of, an investment adviser responsible for providing advice with respect to the portion of the fund for which the transaction is entered into, or of any promoter, underwriter, officer, director, member of an advisory board, or employee of the fund. (2) Prohibited conduct. The advisory contracts of the subadviser that is (or whose affiliated person is) entering into the transaction, and any subadviser that is advising the fund (or portion of the fund) entering into the transaction: (i) Prohibit them from consulting with each other concerning transactions for the fund in securities or other assets; and (ii) If both such subadvisers are responsible for providing investment advice to the fund, limit the subadvisers' responsibility in providing advice with respect to a discrete portion of the fund's portfolio. (b) Definitions. (1) Fund means a registered investment company and includes a separate series of a registered investment company. (2) Subadviser means an investment adviser as defined in section 2(a)(20)(B) of the Act (15 U.S.C. 80a-2(a)(20)(B)). | ||||||
| 17:17:5.0.1.1.19.0.36.112 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17d-1 Applications regarding joint enterprises or arrangements and certain profit-sharing plans. | SEC | [22 FR 426, Jan. 23, 1957, as amended at 26 FR 11240, Nov. 29, 1961; 35 FR 13123, Aug. 18, 1970; 39 FR 37973, Oct. 25, 1974; 44 FR 58503, Oct. 10, 1979; 44 FR 58908, Oct. 12, 1979; 45 FR 12409, Feb. 26, 1980; 66 FR 3758, Jan. 16, 2001; 68 FR 3153, Jan. 22, 2003; 69 FR 46389, Aug. 2, 2004; 78 FR 79299, Dec. 30, 2013] | (a) No affiliated person of or principal underwriter for any registered investment company (other than a company of the character described in section 12(d)(3) (A) and (B) of the Act) and no affiliated person of such a person or principal underwriter, acting as principal, shall participate in, or effect any transaction in connection with, any joint enterprise or other joint arrangement or profit-sharing plan in which any such registered company, or a company controlled by such registered company, is a participant, and which is entered into, adopted or modified subsequent to the effective date of this rule, unless an application regarding such joint enterprise, arrangement or profit-sharing plan has been filed with the Commission and has been granted by an order entered prior to the submission of such plan or modification to security holders for approval, or prior to such adoption or modification if not so submitted, except that the provisions of this rule shall not preclude any affiliated person from acting as manager of any underwriting syndicate or other group in which such registered or controlled company is a participant and receiving compensation therefor. (b) In passing upon such applications, the Commission will consider whether the participation of such registered or controlled company in such joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants. (c) “Joint enterprise or other joint arrangement or profit-sharing plan” as used in this section shall mean any written or oral plan, contract, authorization or arrangement, or any practice or understanding concerning an enterprise or undertaking whereby a registered investment company or a controlled company thereof and any affiliated person of or a principal underwriter for such registered investment company, or any affiliated person of such … | ||||||
| 17:17:5.0.1.1.19.0.36.113 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17d-2 Form for report by small business investment company and affiliated bank. | SEC | [26 FR 11240, Nov. 29, 1961] | Form N-17D-1 is hereby prescribed as the form for reports required by paragraph (d)(3) of § 270.17d-1. | ||||||
| 17:17:5.0.1.1.19.0.36.114 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17d-3 Exemption relating to certain joint enterprises or arrangements concerning payment for distribution of shares of a registered open-end management investment company. | SEC | [45 FR 73905, Nov. 7, 1980] | An affiliated person of, or principal underwriter for, a registered open-end management investment company and an affiliated person of such a person or principal underwriter shall be exempt from section 17(d) of the Act (15 U.S.C. 80a-17(d)) and rule 17d-1 thereunder (17 CFR 270.17d-1), to the extent necessary to permit any such person or principal underwriter to enter into a written agreement with such company whereby the company will make payments in connection with the distribution of its shares, Provided, That: (a) Such agreement is made in compliance with the provisions of § 270.12b-1; and (b) No other registered management investment company which is either an affiliated person of such company or an affiliated person of such a person is a party to such agreement. | ||||||
| 17:17:5.0.1.1.19.0.36.115 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17e-1 Brokerage transactions on a securities exchange. | SEC | [44 FR 37203, June 26, 1979, as amended at 58 FR 49921, Sept. 24, 1993; 66 FR 3759, Jan. 16, 2001; 68 FR 3154, Jan. 22, 2003; 69 FR 46389, Aug. 2, 2004] | For purposes of section 17(e)(2)(A) of the Act [15 U.S.C. 80a-17(e)(2)(A)], a commission, fee or other remuneration shall be deemed as not exceeding the usual and customary broker's commission, if: (a) The commission, fee, or other remuneration received or to be received is reasonable and fair compared to the commission, fee or other remuneration received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time; (b) The board of directors, including a majority of the directors of the investment company who are not interested persons thereof: (1) Has adopted procedures which are reasonably designed to provide that such commission, fee, or other remuneration is consistent with the standard described in paragraph (a) of this section; (2) Makes and approves such changes as the board deems necessary; and (3) Determines no less frequently than quarterly that all transactions effected pursuant to this section during the preceding quarter (other than transactions in which the person acting as broker is a person permitted to enter into a transaction with the investment company by § 270.17a-10) were effected in compliance with such procedures; (c) The board of directors of the investment company satisfies the fund governance standards defined in § 270.0-1(a)(7); and (d) The investment company: (1) Shall maintain and preserve permanently in an easily accessible place a copy of the procedures (and any modification thereto) described in paragraph (b)(1) of this section; and (2) Shall maintain and preserve for a period not less than six years from the end of the fiscal year in which any transactions occurred, the first two years in an easily accessible place, a record of each such transaction (other than any transaction in which the person acting as broker is a person permitted to enter into a transaction with the investment company by § 270.17a-10) setting forth the amount and source of the commission, … | ||||||
| 17:17:5.0.1.1.19.0.36.116 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-1 Custody of securities with members of national securities exchanges. | SEC | [Rule N-17F-1, 5 FR 4317, Oct. 31, 1940, as amended at 54 FR 32049, Aug. 4, 1989] | (a) No registered management investment company shall place or maintain any of its securities or similar investments in the custody of a company which is a member of a national securities exchange as defined in the Securities Exchange Act of 1934 (whether or not such company trades in securities for its own account) except pursuant to a written contract which shall have been approved, or if executed before January 1, 1941, shall have been ratified not later than that date, by a majority of the board of directors of such investment company. (b) The contract shall require, and the securities and investments shall be maintained in accordance with the following: (1) The securities and similar investments held in such custody shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of such registered management company, both upon physical inspection thereof and upon examination of the books of the custodian. The physical segregation and marking of such securities and investments may be accomplished by putting them in separate containers bearing the name of such registered management investment company or by attaching tags or labels to such securities and investments. (2) The custodian shall have no power or authority to assign, hypothecate, pledge or otherwise to dispose of any such securities and investments, except pursuant to the direction of such registered management company and only for the account of such registered investment company. (3) Such securities and investments shall be subject to no lien or charge of any kind in favor of the custodian or any persons claiming through the custodian. (4) Such securities and investments shall be verified by actual examination at the end of each annual and semi-annual fiscal period by an independent public accountant retained by the investment company, and shall be examined by such accountant at least one other time, chosen by the accountant, during each… | ||||||
| 17:17:5.0.1.1.19.0.36.117 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-2 Custody of investments by registered management investment company. | SEC | [Rule N-17F-2, 12 FR 6717, Oct. 11, 1947, as amended at 54 FR 32049, Aug. 4, 1989] | (a) The securities and similar investments of a registered management investment company may be maintained in the custody of such company only in accordance with the provisions of this section. Investments maintained by such a company with a bank or other company whose functions and physical facilities are supervised by Federal or State authority under any arrangement whereunder the directors, officers, employees or agents of such company are authorized or permitted to withdraw such investments upon their mere receipt, are deemed to be in the custody of such company and may be so maintained only upon compliance with the provisions of this section. (b) Except as provided in paragraph (c) of this section, all such securities and similar investments shall be deposited in the safekeeping of, or in a vault or other depository maintained by, a bank or other company whose functions and physical facilities are supervised by Federal or State authority. Investments so deposited shall be physically segregated at all times from those of any other person and shall be withdrawn only in connection with transactions of the character described in paragraph (c) of this section. (c) The first sentence of paragraph (b) of this section shall not apply to securities on loan which are collateralized to the extent of their full market value, or to securities hypothecated, pledged, or placed in escrow for the account of such investment company in connection with a loan or other transaction authorized by specific resolution of its board of directors, or to securities in transit in connection with the sale, exchange, redemption, maturity or conversion, the exercise of warrants or rights, assents to changes in terms of the securities, or other transactions necessary or appropriate in the ordinary course of business relating to the management of securities. (d) Except as otherwise provided by law, no person shall be authorized or permitted to have access to the securities and similar investments deposited in accordance with paragraph (b) … | ||||||
| 17:17:5.0.1.1.19.0.36.118 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-3 Free cash accounts for investment companies with bank custodians. | SEC | [37 FR 9989, May 18, 1972] | No registered investment company having a bank custodian shall hold free cash except, upon resolution of its board or directors, a petty cash account may be maintained in an amount not to exceed $500: Provided, That such account is operated under the imprest system and is maintained subject to adequate controls approved by the board of directors over disbursements and reimbursements including, but not limited to fidelity bond coverage of persons having access to such funds. | ||||||
| 17:17:5.0.1.1.19.0.36.119 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-4 Custody of investment company assets with a securities depository. | SEC | [68 FR 8442, Feb. 20, 2003, as amended at 69 FR 18803, Apr. 9, 2004; 73 FR 32228, June 5, 2008] | (a) Custody arrangement with a securities depository. A fund's custodian may place and maintain financial assets, corresponding to the fund's security entitlements, with a securities depository or intermediary custodian, if the custodian: (1) Is at a minimum obligated to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such financial assets; (2) Is required to provide, promptly upon request by the fund, such reports as are available concerning the internal accounting controls and financial strength of the custodian; and (3) Requires any intermediary custodian at a minimum to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain financial assets corresponding to the security entitlements of its entitlement holders. (b) Direct dealings with securities depository. A fund may place and maintain financial assets, corresponding to the fund's security entitlements, directly with a securities depository, if: (1) The fund's contract with the securities depository or the securities depository's written rules for its participants: (i) Obligate the securities depository at a minimum to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain financial assets corresponding to the fund's security entitlements; and (ii) Requires the securities depository to provide, promptly upon request by the fund, such reports as are available concerning the internal accounting controls and financial strength of the securities depository; and (2) The fund has implemented internal control systems reasonably designed to prevent unauthorized officer's instructions (by providing at least for the form, content and means of giving, recording and reviewing all officer's instructions). (c) Definitions. For purposes of this section t… | ||||||
| 17:17:5.0.1.1.19.0.36.12 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a3-1 Investment company limited partners not deemed affiliated persons. | SEC | [58 FR 45838, Aug. 31, 1993] | This § 270.2a3-1 excepts from the definition of affiliated person in section 2(a)(3)) (15 U.S.C. 80a-2(a)(3)) those limited partners of investment companies organized in limited partnership form that are affiliated persons solely because they are partners under section 2(a)(3)(D) (15 U.S.C. 80a-2(a)(3)(D)). Reliance on this § 270.2a3-1 does not except a limited partner that is an affiliated person by virtue of any other provision. No limited partner of a registered management company or a business development company, organized as a limited partnership and relying on § 270.2a19-2, shall be deemed to be an affiliated person of such company, or any other partner of such company, solely by reason of being a limited partner of such company. | ||||||
| 17:17:5.0.1.1.19.0.36.120 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-5 Custody of investment company assets outside the United States. | SEC | [65 FR 25637, May 3, 2000] | (a) Definitions. For purposes of this section: (1) Eligible Foreign Custodian means an entity that is incorporated or organized under the laws of a country other than the United States and that is a Qualified Foreign Bank or a majority-owned direct or indirect subsidiary of a U.S. Bank or bank-holding company. (2) Foreign Assets means any investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect the Fund's transactions in those investments. (3) Foreign Custody Manager means a Fund's or a Registered Canadian Fund's board of directors or any person serving as the board's delegate under paragraphs (b) or (d) of this section. (4) Fund means a management investment company registered under the Act (15 U.S.C. 80a) and incorporated or organized under the laws of the United States or of a state. (5) Qualified Foreign Bank means a banking institution or trust company, incorporated or organized under the laws of a country other than the United States, that is regulated as such by the country's government or an agency of the country's government. (6) Registered Canadian Fund means a management investment company incorporated or organized under the laws of Canada and registered under the Act pursuant to the conditions of § 270.7d-1. (7) U.S. Bank means an entity that is: (i) A banking institution organized under the laws of the United States; (ii) A member bank of the Federal Reserve System; (iii) Any other banking institution or trust company organized under the laws of any state or of the United States, whether incorporated or not, doing business under the laws of any state or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by state or federal authority having supe… | ||||||
| 17:17:5.0.1.1.19.0.36.121 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-6 Custody of investment company assets with Futures Commission Merchants and Commodity Clearing Organizations. | SEC | [61 FR 66212, Dec. 17, 1996] | (a) A Fund may place and maintain cash, securities, and similar investments with a Futures Commission Merchant in amounts necessary to effect the Fund's transactions in Exchange-Traded Futures Contracts and Commodity Options, Provided that: (1) The manner in which the Futures Commission Merchant maintains the Fund's assets shall be governed by a written contract, which provides that: (i) The Futures Commission Merchant shall comply with the segregation requirements of section 4d(2) of the Commodity Exchange Act (7 U.S.C. 6d(2)) and the rules thereunder (17 CFR Chapter I) or, if applicable, the secured amount requirements of rule 30.7 under the Commodity Exchange Act (17 CFR 30.7); (ii) The Futures Commission Merchant, as appropriate to the Fund's transactions and in accordance with the Commodity Exchange Act (7 U.S.C. 1 through 25) and the rules and regulations thereunder (including 17 CFR part 30), may place and maintain the Fund's assets to effect the Fund's transactions with another Futures Commission Merchant, a Clearing Organization, a U.S. or Foreign Bank, or a member of a foreign board of trade, and shall obtain an acknowledgment, as required under rules 1.20(a) or 30.7(c) under the Commodity Exchange Act [17 CFR 1.20(a) or 30.7(c)], as applicable, that such assets are held on behalf of the Futures Commission Merchant's customers in accordance with the provisions of the Commodity Exchange Act; and (iii) The Futures Commission Merchant shall promptly furnish copies of or extracts from the Futures Commission Merchant's records or such other information pertaining to the Fund's assets as the Commission through its employees or agents may request. (2) Any gains on the Fund's transactions, other than de minimis amounts, may be maintained with the Futures Commission Merchant only until the next business day following receipt. (3) If the custodial arrangement no longer meets the requirements of this section, the Fund shall withdraw its assets from the Futures Commission Merchant as soon as reasonably pract… | ||||||
| 17:17:5.0.1.1.19.0.36.122 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17f-7 Custody of investment company assets with a foreign securities depository. | SEC | [65 FR 25638, May 3, 2000] | (a) Custody arrangement with an eligible securities depository. A Fund, including a Registered Canadian Fund, may place and maintain its Foreign Assets with an Eligible Securities Depository, provided that: (1) Risk-limiting safeguards. The custody arrangement provides reasonable safeguards against the custody risks associated with maintaining assets with the Eligible Securities Depository, including: (i) Risk analysis and monitoring. (A) The fund or its investment adviser has received from the Primary Custodian (or its agent) an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depository; and (B) The contract between the Fund and the Primary Custodian requires the Primary Custodian (or its agent) to monitor the custody risks associated with maintaining assets with the Eligible Securities Depository on a continuing basis, and promptly notify the Fund or its investment adviser of any material change in these risks. (ii) Exercise of care. The contract between the Fund and the Primary Custodian states that the Primary Custodian will agree to exercise reasonable care, prudence, and diligence in performing the requirements of paragraphs (a)(1)(i)(A) and (B) of this section, or adhere to a higher standard of care. (2) Withdrawal of assets from eligible securities depository. If a custody arrangement with an Eligible Securities Depository no longer meets the requirements of this section, the Fund's Foreign Assets must be withdrawn from the depository as soon as reasonably practicable. (b) Definitions. The terms Foreign Assets, Fund, Qualified Foreign Bank, Registered Canadian Fund, and U.S. Bank have the same meanings as in § 270.17f-5. In addition: (1) Eligible Securities Depository means a system for the central handling of securities as defined in § 270.17f-4 that: (i) Acts as or operates a system for the central handling of securities or equivalent book-entries in the country where it is incorporated, or a transnational system for the central ha… | ||||||
| 17:17:5.0.1.1.19.0.36.123 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17g-1 Bonding of officers and employees of registered management investment companies. | SEC | [39 FR 10579, Mar. 21, 1974, as amended at 66 FR 3759, Jan. 16, 2001; 69 FR 46390, Aug. 2, 2004] | (a) Each registered management investment company shall provide and maintain a bond which shall be issued by a reputable fidelity insurance company, authorized to do business in the place where the bond is issued, against larceny and embezzlement, covering each officer and employee of the investment company, who may singly, or jointly with others, have access to securities or funds of the investment company, either directly or through authority to draw upon such funds or to direct generally the disposition of such securities, unless the officer or employee has such access solely through his position as an officer or employee of a bank (hereinafter referred to as “covered persons”). (b) The bond may be in the form of (1) an individual bond for each covered person or a schedule or blanket bond covering such persons, (2) a blanket bond which names the registered management investment company as the only insured (hereinafter referred to as “single insured bond”) or (3) a bond which names the registered management investment company and one or more other parties as insureds (hereinafter referred to as a “joint insured bond”), such other insured parties being limited to (i) persons engaged in the management or distribution of the shares of the registered investment company, (ii) other registered investment companies which are managed and/or whose shares are distributed by the same persons (or affiliates of such persons), (iii) persons who are engaged in the management and/or distribution of shares of companies included in paragraph (b)(3)(i) of this section, (iv) affiliated persons of any registered management investment company named in the bond or of any person included in paragraph (b)(3)(i) or (b)(3)(iii) of this section who are engaged in the administration of any registered management investment company named as insured in the bond, and (v) any trust, pension, profit-sharing or other benefit plan for officers, directors or employees of persons named in the bond. (c) A bond of the type described in paragraph (b)… | ||||||
| 17:17:5.0.1.1.19.0.36.124 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.17j-1 Personal investment activities of investment company personnel. | SEC | [64 FR 46834, Aug. 27, 1999; 65 FR 12943, Mar. 10, 2000, as amended at 69 FR 41707, July 9, 2004; 76 FR 81806, Dec. 29, 2011; 81 FR 83554, Nov. 21, 2016] | (a) Definitions. For purposes of this section: (1) Access person means: (i) Any Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of a Fund's directors, officers, and general partners are presumed to be Access Persons of the Fund. (ii) Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities. (2) Advisory person of a Fund or of a Fund's investment adviser means: (i) Any director, officer, general partner or employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund. (3) Control has the same meaning as in section 2(a)(9) of the Act [15 U.S.C. 80a-2(a)(9)]. (4) Covered security means a security as defined in section 2(a)(36) of the Act [15 U.S.C. 80a-2(a)(36)], except that it does not include: (i) Direct obligations of the Government of the United States; (ii) Bankers' acceptances, bank certificates of deposit, … | ||||||
| 17:17:5.0.1.1.19.0.36.125 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18c-1 Exemption of privately held indebtedness. | SEC | [26 FR 11240, Nov. 29, 1961] | The issuance or sale of more than one class of senior securities representing indebtedness by a small business investment company, licensed under the Small Business Investment Act of 1958, shall not be prohibited by section 18(c) so long as such small business investment company does not have outstanding any publicly held indebtedness, and all securities of any such class are (a) privately held by the Small Business Administration, or banks, insurance companies or other institutional investors, (b) not intended to be publicly distributed, and (c) not convertible into, exchangeable for, or accompanied by any option to acquire, any equity security. | ||||||
| 17:17:5.0.1.1.19.0.36.126 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18c-2 Exemptions of certain debentures issued by small business investment companies. | SEC | [37 FR 7590, Apr. 18, 1972] | (a) The issuance or sale of any class of senior security representing indebtedness by a small business investment company licensed under the Small Business Investment Act of 1958 shall not be prohibited by section 18(c) of the Act provided such senior security representing indebtedness is (1) not convertible into, exchangeable for, or accompanied by an option to acquire any equity security; (2) fully guaranteed as to timely payment of all principal and interest by the Small Business Administration and backed by the full faith and credit of the United States; and (3) subordinated to any other debt securities not issued pursuant to this section or, if such security is not so subordinated, that such security, according to its own terms, will not be preferred over any other unsecured debt securities in the payment of principal and interest: And further provided, That all other debt securities then outstanding issued by such small business investment company were issued as permitted by § 270.18c-1 or this section. (b) Any security issued and sold as permitted by paragraph (a) of this section shall be deemed for purposes of § 270.18c-1 to be privately held by the Small Business Administration and for purposes of § 270.18c-1 shall not be deemed to be publicly held outstanding indebtedness. (c) The issuance or sale of any security as permitted by paragraph (a) of this section shall not be deemed to be a sale to any person other than the Small Business Administration by any small business investment company licensed under the Small Business Investment Company Act of 1958 which is exempt from any provision of the Investment Company Act, if such exemption is conditioned on such company not offering or selling its securities to any person other than the Small Business Administration. | ||||||
| 17:17:5.0.1.1.19.0.36.127 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18f-1 Exemption from certain requirements of section 18(f)(1) (of the Act) for registered open-end investment companies which have the right to redeem in kind. | SEC | [36 FR 11919, June 23, 1971, as amended at 48 FR 37940, Aug. 22, 1983] | (a) A registered open-end investment company which has the right to redeem securities of which it is the issuer in assets other than cash may file with the Commission at any time a notification of election on Form N-18F-1 (§ 274.51 of this chapter) committing itself to pay in cash all requests for redemption by any shareholder of record, limited in amount with respect to each shareholder during any 90-day period to the lesser of (1) $250,000 or (2) 1 percent of the net asset value of such company at the beginning of such period. (b) An election pursuant to paragraph (a) of this section: (1) Shall be described in either the prospectus or the Statement of Additional Information, at the discretion of the investment company, and (2) Shall be irrevocable while this § 270.18f-1 is in effect unless the Commission by order upon application permits the withdrawal of such notification of election as being appropriate in the public interest and consistent with the protection of investors. (c) Upon making the election described in paragraph (a) of this section, an investment company shall be exempt from the requirements of section 18(f)(1) (of the Act) to the extent necessary for such company to effectuate redemptions in the manner set forth in such paragraph. | ||||||
| 17:17:5.0.1.1.19.0.36.128 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18f-2 Fair and equitable treatment for holders of each class or series of stock of series investment companies. | SEC | [37 FR 17386, Aug. 26, 1972] | (a) For purposes of this § 270.18f-2 a series company is a registered open-end investment company which, in accordance with the provisions of section 18(f)(2) of the Act, issues two or more classes or series of preferred or special stock each of which is preferred over all other classes or series in respect of assets specifically allocated to that class or series. Any matter required to be submitted by the provisions of the Act or of applicable State law, or otherwise, to the holders of the outstanding voting securities of a series company shall not be deemed to have been effectively acted upon less approved by the holders of a majority of the outstanding voting securities of each class or series of stock affected by such matter. (b) For the purposes of paragraph (a) of this § 270.18f-2, a class or series of stock will be deemed to be affected by such a matter, unless (1) the interests of each class or series in the matter are substantially identical, or (2) the matter does not affect any interest of such class or series. (c)(1) With respect to the submission of an investment advisory contract to the holders of the outstanding voting securities of a series company for the approval required by section 15(a) of the Act, such matter shall be deemed to be effectively acted upon with respect to any class or series of securities of such company if a majority of the outstanding voting securities of such class or series vote for the approval of such matter, notwithstanding (i) that such matter has not been approved by the holders of a majority of the outstanding voting securities of any other class or series affected by such matter, and (ii) that such matter has not been approved by the vote of a majority of the outstanding voting securities of such company, provided that if such a majority is required by State law or otherwise, such requirement shall apply. (2) If any class or series of securities of a series company fails to approve an investment advisory contract in the manner required by paragraph (c)(1) of this s… | ||||||
| 17:17:5.0.1.1.19.0.36.129 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18f-3 Multiple class companies. | SEC | [60 FR 11885, Mar. 2, 1995, as amended at 62 FR 51765, Oct. 3, 1997; 66 FR 3759, Jan. 16, 2001; 69 FR 46390, Aug. 2, 2004; 79 FR 47967, Aug. 14, 2014] | Notwithstanding sections 18(f)(1) and 18(i) of the Act (15 U.S.C. 80a-18(f)(1) and (i), respectively), a registered open-end management investment company or series or class thereof established in accordance with section 18(f)(2) of the Act (15 U.S.C. 80a-18(f)(2)) whose shares are registered on Form N-1A [§§ 239.15A and 274.11A of this chapter] (“company”) may issue more than one class of voting stock, provided that: (a) Each class: (1)(i) Shall have a different arrangement for shareholder services or the distribution of securities or both, and shall pay all of the expenses of that arrangement; (ii) May pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the company's assets, if these expenses are actually incurred in a different amount by that class, or if the class receives services of a different kind or to a different degree than other classes; and (iii) May pay a different advisory fee to the extent that any difference in amount paid is the result of the application of the same performance fee provisions in the advisory contract of the company to the different investment performance of each class; (2) Shall have exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement; (3) Shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class; and (4) Shall have in all other respects the same rights and obligations as each other class. (b) Expenses may be waived or reimbursed by the company's adviser, underwriter, or any other provider of services to the company. (c)(1) Income, realized gains and losses, unrealized appreciation and depreciation, and Fundwide Expenses shall be allocated based on one of the following methods (which method shall be applied on a consistent basis): (i) To each class based on the net assets of that class in relation to the net assets of the company (“relative net a… | ||||||
| 17:17:5.0.1.1.19.0.36.13 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-4 Definition of “current net asset value” for use in computing periodically the current price of redeemable security. | SEC | [29 FR 19101, Dec. 30, 1964, as amended at 35 FR 314, Jan. 8, 1970; 47 FR 56844, Dec. 21, 1982] | (a) The current net asset value of any redeemable security issued by a registered investment company used in computing periodically the current price for the purpose of distribution, redemption, and repurchase means an amount which reflects calculations, whether or not recorded in the books of account, made substantially in accordance with the following, with estimates used where necessary or appropriate. (1) Portfolio securities with respect to which market quotations are readily available shall be valued at current market value, and other securities and assets shall be valued at fair value as determined in good faith by the board of directors of the registered company. (2) Changes in holdings of portfolio securities shall be reflected no later than in the first calculation on the first business day following the trade date. (3) Changes in the number of outstanding shares of the registered company resulting from distributions, redemptions, and repurchases shall be reflected no later than in the first calculation on the first business day following such change. (4) Expenses, including any investment advisory fees, shall be included to date of calculation. Appropriate provision shall be made for Federal income taxes if required. Investment companies which retain realized capital gains designated as a distribution to shareholders shall comply with paragraph (h) of § 210.6-03 of Regulation S-X. (5) Dividends receivable shall be included to date of calculation either at ex-dividend dates or record dates, as appropriate. (6) Interest income and other income shall be included to date of calculation. (b) The items which would otherwise be required to be reflected by paragraphs (a) (4) and (6) of this section need not be so reflected if cumulatively, when netted, they do not amount to as much as one cent per outstanding share. (c) Notwithstanding the requirements of paragraph (a) of this section, any interim determination of current net asset value between calculations made as of the close of the New York Stock E… | ||||||
| 17:17:5.0.1.1.19.0.36.130 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.18f-4 Exemption from the requirements of section 18 and section 61 for certain senior securities transactions. | SEC | [85 FR 83291, Dec. 21, 2020, as amended at 87 FR 22446, Apr. 15, 2022] | (a) Definitions. For purposes of this section: Absolute VaR test means that the VaR of the fund's portfolio does not exceed 20% of the value of the fund's net assets, or in the case of a closed-end company that has issued to investors and has then outstanding shares of a class of senior security that is a stock, that the VaR of the fund's portfolio does not exceed 25% of the value of the fund's net assets. Derivatives exposure means the sum of the gross notional amounts of the fund's derivatives transactions described in paragraph (1) of the definition of the term “derivatives transaction” of this section, and in the case of short sale borrowings, the value of the assets sold short. If a fund's derivatives transactions include reverse repurchase agreements or similar financing transactions under paragraph (d)(1)(ii) of this section, the fund's derivatives exposure also includes, for each transaction, the proceeds received but not yet repaid or returned, or for which the associated liability has not been extinguished, in connection with the transaction. In determining derivatives exposure a fund may convert the notional amount of interest rate derivatives to 10-year bond equivalents and delta adjust the notional amounts of options contracts and exclude any closed-out positions, if those positions were closed out with the same counterparty and result in no credit or market exposure to the fund. Derivatives risk manager means an officer or officers of the fund's investment adviser responsible for administering the program and policies and procedures required by paragraph (c)(1) of this section, provided that the derivatives risk manager: (1) May not be a portfolio manager of the fund, or if multiple officers serve as derivatives risk manager, may not have a majority composed of portfolio managers of the fund; and (2) Must have relevant experience regarding the management of derivatives risk. Derivatives risks means the risks associated with a fund's derivatives transactions or its use of derivatives tran… | ||||||
| 17:17:5.0.1.1.19.0.36.131 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.19a-1 Written statement to accompany dividend payments by management companies. | SEC | [Rule N-19-1, 6 FR 1114, Feb. 25, 1941. Redesignated at 36 FR 22901, Dec. 2, 1971, and amended at 38 FR 8593, Apr. 4, 1973] | (a) Every written statement made pursuant to section 19 by or on behalf of a management company shall be made on a separate paper and shall clearly indicate what portion of the payment per share is made from the following sources: (1) Net income for the current or preceding fiscal year, or accumulated undistributed net income, or both, not including in either case profits or losses from the sale of securities or other properties. (2) Accumulated undistributed net profits from the sale of securities or other properties (except that an open-end company may treat as a separate source its net profits from such sales during its current fiscal year). (3) Paid-in surplus or other capital source. To the extent that a payment is properly designated as being made from a source specified in paragraph (a) (1) or (2) of this section, it need not be designated as having been made from a source specified in this paragraph. (b) If the payment is made in whole or in part from a source specified in paragraph (a)(2) of this section the written statement shall indicate, after giving effect to the part of such payment so specified, the deficit, if any, in the aggregate of (1) accumulated undistributed realized profits less losses on the sale of securities or other properties and (2) the net unrealized appreciation or depreciation of portfolio securities, all as of a date reasonably close to the end of the period as of which the dividend is paid. Any statement made pursuant to the preceding sentence shall specify the amount, if any, of such deficit which represents unrealized depreciation of portfolio securities. (c) Accumulated undistributed net income and accumulated undistributed net profits from the sale of securities or other properties shall be determined, at the option of the company, either (1) from the date of the organization of the company, (2) from the date of a reorganization, as defined in clause (A) or (B) of section 2(a)(33) of the Act (54 Stat. 790; 15 U.S.C. 80a-2(a)(33)), (3) from the date as of which a write-… | ||||||
| 17:17:5.0.1.1.19.0.36.132 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.19b-1 Frequency of distribution of capital gains. | SEC | [36 FR 22901, Dec. 2, 1971, as amended at 44 FR 29647, May 22, 1979; 44 FR 40064, July 9, 1979; 52 FR 42428, Nov. 5, 1987] | (a) No registered investment company which is a “regulated investment company” as defined in section 851 of the Internal Revenue Code of 1986 (“Code”) shall distribute more than one capital gain dividend (“distribution”), as defined in section 852(b)(3)(C) of the Code, with respect to any one taxable year of the company, other than a distribution otherwise permitted by this rule or made pursuant to section 855 of the Code which is supplemental to the prior distribution with respect to the same taxable year of the company and which does not exceed 10% of the aggregate amount distributed for such taxable year. (b) No registered investment company which is not a “regulated investment company” as defined in section 851 of the Code shall make more than one distribution of long-term capital gains, as defined in the Code, in any one taxable year of the company: Provided, That a unit investment trust may distribute capital gain dividends received from a “regulated investment company” within a reasonable time after receipt. (c) The provisions of this rule shall not apply to a unit investment trust (hereinafter referred to as the “Trust”) engaged exclusively in the business of investing in eligible trust securities (as defined in Rule 14a-3(b) (17 CFR 270.14a-3(b)) under this Act); Provided, That: (1) The capital gain distribution is a result of— (i) An issuer's calling or redeeming an eligible trust security held by the Trust, (ii) The sale of an eligible trust security by the Trust to provide funds for redemption of Trust units when the amount received by the Trust for such sale exceeds the amount required to satisfy the redemption distribution, (iii) The sale of an eligible trust security to maintain qualification of the Trust as a “regulated investment company” under section 851 of the Code, (iv) Regular distributions of principal and prepayment of principal on eligible trust securities, or (v) The sale of an eligible trust security in order to maintain the investment stability of the Trust; and (2) Capita… | ||||||
| 17:17:5.0.1.1.19.0.36.133 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.20a-1 Solicitation of proxies, consents and authorizations. | SEC | [25 FR 1865, Mar. 3, 1960, as amended at 37 FR 1472, Jan. 29, 1972; 52 FR 48985, Dec. 29, 1987; 57 FR 1102, Jan. 10, 1992; 59 FR 52700, Oct. 19, 1994; 87 FR 22446, Apr. 15, 2022] | (a) No person shall solicit or permit the use of his or her name to solicit any proxy, consent, or authorization with respect to any security issued by a registered fund, except upon compliance with Regulation 14A (§ 240.14a-1 of this chapter), Schedule 14A (§ 240.14a-101 of this chapter), and all other rules and regulations adopted pursuant to section 14(a) of the Securities Exchange Act of 1934 that would be applicable to such solicitation if it were made in respect of a security registered pursuant to section 12 of the Securities Exchange Act of 1934. Unless the solicitation is made in respect of a security registered on a national securities exchange, none of the soliciting material need be filed with such exchange. (b) If the solicitation is made by or on behalf of the management of the investment company, then the investment adviser or any prospective investment adviser and any affiliated person thereof as to whom information is required in the solicitation shall upon request of the investment company promptly transmit to the investment company all information necessary to enable the management of such company to comply with the rules and regulations applicable to such solicitation. If the solicitation is made by any person other than the management of the investment company, on behalf of and with the consent of the investment adviser or prospective investment adviser, then the investment adviser or prospective investment adviser and any affiliated person thereof as to whom information is required in the solicitation shall upon request of the person making the solicitation promptly transmit to such person all information necessary to enable such person to comply with the rules and regulations applicable to the solicitation. Instruction. Registrants that have made a public offering of securities and that hold security holder votes for which proxies, consents, or authorizations are not being solicited pursuant to the requirements of this section should refer to section 14(c) of the Securities Exchange Act … | ||||||
| 17:17:5.0.1.1.19.0.36.134 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | §§ 270.20a-2--270.20a-4 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.135 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22c-1 Pricing of redeemable securities for distribution, redemption and repurchase. | SEC | [44 FR 29647, May 22, 1979, as amended at 44 FR 48660, Aug. 20, 1979; 45 FR 12409, Feb. 26, 1980; 50 FR 7911, Feb. 27, 1985; 50 FR 24763, June 13, 1985; 50 FR 42682, Oct. 22, 1985; 58 FR 49922, Sept. 24, 1993; 81 FR 82137, Nov. 18, 2016; 87 FR 22446, Apr. 15, 2022] | (a) No registered investment company issuing any redeemable security, no person designated in such issuer's prospectus as authorized to consummate transactions in any such security, and no principal underwriter of, or dealer in, any such security shall sell, redeem, or repurchase any such security except at a price based on the current net asset value of such security which is next computed after receipt of a tender of such security for redemption or of an order to purchase or sell such security: Provided, That: (1) This paragraph shall not prevent a sponsor of a unit investment trust (hereinafter referred to as the “Trust”) engaged exclusively in the business of investing in eligible trust securities (as defined in Rule 14a-3(b) (17 CFR 270.14a-3(b))) from selling or repurchasing Trust units in a secondary market at a price based on the offering side evaluation of the eligible trust securities in the Trust's portfolio, determined at any time on the last business day of each week, effective for all sales made during the following week, if on the days that such sales or repurchases are made the sponsor receives a letter from a qualified evaluator stating, in its opinion, that: (i) In the case of repurchases, the current bid price is not higher than the offering side evaluation, computed on the last business day of the previous week; and (ii) In the case of resales, the offering side evaluation, computed as of the last business day of the previous week, is not more than one-half of one percent ($5.00 on a unit representing $1,000 principal amount of eligible trust securities) greater than the current offering price. (2) This paragraph shall not prevent any registered investment company from adjusting the price of its redeemable securities sold pursuant to a merger, consolidation or purchase of substantially all of the assets of a company which meets the conditions specified in § 270.17a-8. (3) Notwithstanding this paragraph (a), a registered open-end management investment company (but not a registered open-e… | ||||||
| 17:17:5.0.1.1.19.0.36.136 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22c-2 Redemption fees for redeemable securities. | SEC | [71 FR 58272, Oct. 3, 2006] | (a) Redemption fee. It is unlawful for any fund issuing redeemable securities, its principal underwriter, or any dealer in such securities, to redeem a redeemable security issued by the fund within seven calendar days after the security was purchased, unless it complies with the following requirements: (1) Board determination. The fund's board of directors, including a majority of directors who are not interested persons of the fund, must either: (i) Approve a redemption fee, in an amount (but no more than two percent of the value of shares redeemed) and on shares redeemed within a time period (but no less than seven calendar days), that in its judgment is necessary or appropriate to recoup for the fund the costs it may incur as a result of those redemptions or to otherwise eliminate or reduce so far as practicable any dilution of the value of the outstanding securities issued by the fund, the proceeds of which fee will be retained by the fund; or (ii) Determine that imposition of a redemption fee is either not necessary or not appropriate. (2) Shareholder information. With respect to each financial intermediary that submits orders, itself or through its agent, to purchase or redeem shares directly to the fund, its principal underwriter or transfer agent, or to a registered clearing agency, the fund (or on the fund's behalf, the principal underwriter or transfer agent) must either: (i) Enter into a shareholder information agreement with the financial intermediary (or its agent); or (ii) Prohibit the financial intermediary from purchasing in nominee name on behalf of other persons, securities issued by the fund. For purposes of this paragraph, “purchasing” does not include the automatic reinvestment of dividends. (3) Recordkeeping. The fund must maintain a copy of the written agreement under paragraph (a)(2)(i) of this section that is in effect, or at any time within the past six years was in effect, in an easily accessible place. (b) Excepted funds. The requirements of paragraph (a) of this sect… | ||||||
| 17:17:5.0.1.1.19.0.36.137 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22d-1 Exemption from section 22(d) to permit sales of redeemable securities at prices which reflect sales loads set pursuant to a schedule. | SEC | [50 FR 7911, Feb. 27, 1985] | A registered investment company that is the issuer of redeemable securities, a principal underwriter of such securities or a dealer therein shall be exempt from the provisions of section 22(d) to the extent necessary to permit the sale of such securities at prices that reflect scheduled variations in, or elimination of, the sales load. These price schedules may offer such variations in or elimination of the sales load to particular classes of investors or transactions, Provided, That: (a) The company, the principal underwriter and dealers in the company's shares apply any scheduled variation uniformly to all offerees in the class specified; (b) The company furnishes to existing shareholders and prospective investors adequate information concerning any scheduled variation, as prescribed in applicable registration statement form requirements; (c) Before making any new sales load variation available to purchasers of the company's shares, the company revises its prospectus and statement of additional information to describe that new variation; and (d) The company advises existing shareholders of any new sales load variation within one year of the date when that variation is first made available to purchasers of the company's shares. | ||||||
| 17:17:5.0.1.1.19.0.36.138 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22d-2 Exemption from section 22(d) for certain registered separate accounts. | SEC | [40 FR 33970, Aug. 13, 1975. Redesignated at 50 FR 7911, Feb. 27, 1985] | A registered separate account, any principal underwriter for such account, any dealer in contracts or units of interest or participations in such contracts issued by such account and any insurance company maintaining such account shall, with respect to any variable annuity contracts, units, or participations therein issued by such account, be exempted from section 22(d) to the extent necessary to permit the sale of such contracts, units or participations by such persons at prices which reflect variations in the sales load or in any administrative charge or other deductions from the purchase payments; Provided, however, That (a) the prospectus discloses as precisely as possible the amount of the variations and the circumstances, if any, in which such variations shall be available or describes the basis for such variations and the manner in which entitlement shall be determined, and (b) any such variations reflect differences in costs or services and are not unfairly discriminatory against any person. | ||||||
| 17:17:5.0.1.1.19.0.36.139 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22e-1 Exemption from section 22(e) of the Act during annuity payment period of variable annuity contracts participating in certain registered separate accounts. | SEC | [34 FR 12696, Aug. 5, 1969] | (a) A registered separate account, shall during the annuity payment period of variable annuity contracts participating in such account, be exempt from the provisions of section 22(e) of the Act prohibiting the suspension of the right of redemption or postponement of the date of payment or satisfaction upon redemption of any redeemable security, with respect to such contracts under which payments are being made based upon life contingencies. | ||||||
| 17:17:5.0.1.1.19.0.36.14 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-5 Fair value determination and readily available market quotations. | SEC | [86 FR 807, Jan. 6, 2021] | (a) Fair value determination. For purposes of section 2(a)(41) of the Act (15 U.S.C. 80a-2(a)(41)) and § 270.2a-4, determining fair value in good faith with respect to a fund requires: (1) Assess and manage risks. Periodically assessing any material risks associated with the determination of the fair value of fund investments (“valuation risks”), including material conflicts of interest, and managing those identified valuation risks; (2) Establish and apply fair value methodologies. Performing each of the following, taking into account the fund's valuation risks: (i) Selecting and applying in a consistent manner an appropriate methodology or methodologies for determining (and calculating) the fair value of fund investments, provided that a selected methodology may be changed if a different methodology is equally or more representative of the fair value of fund investments, including specifying the key inputs and assumptions specific to each asset class or portfolio holding; (ii) Periodically reviewing the appropriateness and accuracy of the methodologies selected and making any necessary changes or adjustments thereto; and (iii) Monitoring for circumstances that may necessitate the use of fair value; (3) Test fair value methodologies. Testing the appropriateness and accuracy of the fair value methodologies that have been selected, including identifying the testing methods to be used and the minimum frequency with which such testing methods are to be used; and (4) Evaluate pricing services. Overseeing pricing service providers, if used, including establishing the process for approving, monitoring, and evaluating each pricing service provider and initiating price challenges as appropriate. (b) Performance of fair value determinations. The board of the fund must determine fair value in good faith for any or all fund investments by carrying out the functions required in paragraph (a) of this section. The board may choose to designate the valuation designee to perform the fair value determination r… | ||||||
| 17:17:5.0.1.1.19.0.36.140 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22e-2 Pricing of redemption requests in accordance with Rule 22c-1. | SEC | [50 FR 24764, June 13, 1985] | An investment company shall not be deemed to have suspended the right of redemption if it prices a redemption request by computing the net asset value of the investment company's redeemable securities in accordance with the provisions of Rule 22c-1. | ||||||
| 17:17:5.0.1.1.19.0.36.141 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22e-3 Exemption for liquidation of money market funds. | SEC | [75 FR 10117, Mar. 4, 2010, as amended at 79 FR 47967, Aug. 14, 2014; 87 FR 22446, Apr. 15, 2022] | (a) Exemption. A registered open-end management investment company or series thereof (“fund”) that is regulated as a money market fund under § 270.2a-7 is exempt from the requirements of section 22(e) of the Act (15 U.S.C. 80a-22(e)) if: (1) The fund, at the end of a business day, has invested less than ten percent of its total assets in weekly liquid assets or, in the case of a fund that is a government money market fund, as defined in § 270.2a-7(a)(14) or a retail money market fund, as defined in § 270.2a-7(a)(21), the fund's price per share as computed for the purpose of distribution, redemption and repurchase, rounded to the nearest one percent, has deviated from the stable price established by the board of directors or the fund's board of directors, including a majority of directors who are not interested persons of the fund, determines that such a deviation is likely to occur; (2) The fund's board of directors, including a majority of directors who are not interested persons of the fund, irrevocably has approved the liquidation of the fund; and (3) The fund, prior to suspending redemptions, notifies the Commission of its decision to liquidate and suspend redemptions by electronic mail directed to the attention of the Director of the Division of Investment Management or the Director's designee. (b) Conduits. Any registered investment company, or series thereof, that owns, pursuant to section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)), shares of a money market fund that has suspended redemptions of shares pursuant to paragraph (a) of this section also is exempt from the requirements of section 22(e) of the Act (15 U.S.C. 80a-22(e)). A registered investment company relying on the exemption provided in this paragraph must promptly notify the Commission that it has suspended redemptions in reliance on this section. Notification under this paragraph shall be made by electronic mail directed to the attention of the Director of the Division of Investment Management or the Director's designee. (c) … | ||||||
| 17:17:5.0.1.1.19.0.36.142 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.22e-4 Liquidity risk management programs. | SEC | [81 FR 82264, Nov. 18, 2016, as amended at 85 FR 83295, Dec. 21, 2020] | (a) Definitions. For purposes of this section: (1) Acquisition (or acquire) means any purchase or subsequent rollover. (2) Business day means any day, other than Saturday, Sunday, or any customary business holiday. (3) Convertible to cash means the ability to be sold, with the sale settled. (4) Exchange-traded fund or ETF means an open-end management investment company (or series or class thereof), the shares of which are listed and traded on a national securities exchange, and that has formed and operates under an exemptive order under the Act granted by the Commission or in reliance on an exemptive rule adopted by the Commission. (5) Fund means an open-end management investment company that is registered or required to register under section 8 of the Act (15 U.S.C. 80a-8) and includes a separate series of such an investment company, but does not include a registered open-end management investment company that is regulated as a money market fund under § 270.2a-7 or an In-Kind ETF. (6) Highly liquid investment means any cash held by a fund and any investment that the fund reasonably expects to be convertible into cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment, as determined pursuant to the provisions of paragraph (b)(1)(ii) of this section. (7) Highly liquid investment minimum means the percentage of the fund's net assets that the fund invests in highly liquid investments that are assets pursuant to paragraph (b)(1)(iii) of this section. (8) Illiquid investment means any investment that the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of paragraph (b)(1)(ii) of this section. (9) In-Kind Exchange Traded Fund or In-Kind ETF means an ETF that meets redemptions through in-kind trans… | ||||||
| 17:17:5.0.1.1.19.0.36.143 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.23c-1 Repurchase of securities by closed-end companies. | SEC | [Rule N-23C-1, 7 FR 10424, Dec. 15, 1942, as amended at 68 FR 64975, Nov. 17, 2003] | (a) A registered closed-end company may purchase for cash a security of which it is the issuer, subject to the following conditions: (1) If the security is a stock entitled to cumulative dividends, such dividends are not in arrears. (2) If the security is a stock not entitled to cumulative dividends, at least 90 percent of the net income of the issuer for the last preceding fiscal year, determined in accordance with good accounting practice and not including profits or losses realized from the sale of securities or other properties, was distributed to its shareholders during such fiscal year or within 60 days after the close of such fiscal year. (3) If the security to be purchased is junior to any class of outstanding security of the issuer representing indebtedness (except notes or other evidences of indebtedness held by a bank or other person, the issuance of which did not involve a public offering) all securities of such class shall have an asset coverage of at least 300 percent immediately after such purchase; and if the security to be purchased is junior to any class of outstanding senior security of the issuer which is a stock, all securities of such class shall have an asset coverage of at least 200 percent immediately after such purchase, and shall not be in arrears as to dividends. (4) The seller of the security is not to the knowledge of the issuer an affiliated person of the issuer. (5) Payment of the purchase price is accompanied or preceded by a written confirmation of the purchase. (6) The purchase is made at a price not above the market value, if any, or the asset value of such security, whichever is lower, at the time of such purchase. (7) The issuer discloses to the seller or, if the seller is acting through a broker, to the seller's broker, either prior to or at the time of purchase the approximate or estimated asset coverage per unit of the security to be purchased. (8) No brokerage commission is paid by the issuer to any affiliated person of the issuer in connection with the purchase. … | ||||||
| 17:17:5.0.1.1.19.0.36.144 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.23c-2 Call and redemption of securities issued by registered closed-end companies. | SEC | [Rule N-23C-2, 7 FR 6669, Aug. 25, 1942] | (a) Notwithstanding the provisions of § 270.23c-1 (Rule N-23c-1), a registered closed-end investment company may call or redeem any securities of which it is the issuer, in accordance with the terms of such securities or the charter, indenture or other instrument pursuant to which such securities were issued: Provided, That, if less than all the outstanding securities of a class or series are to be called or redeemed the call or redemption shall be made by lot, on a pro rata basis, or in such other manner as will not discriminate unfairly against any holder of the securities of such class or series. (b) A registered closed-end investment company which proposes to call or redeem any securities of which it is the issuer shall file with the Commission notice of its intention to call or redeem such securities at least 30 days prior to the date set for the call or redemption; Provided, however, That if notice of the call or the redemption is required to be published in a newspaper or otherwise, notice shall be given to the Commission at least 10 days in advance of the date of publication. Such notice shall be filed in triplicate and shall include (1) the title of the class of securities to be called or redeemed, (2) the date on which the securities are to be called or redeemed, (3) the applicable provisions of the governing instrument pursuant to which the securities are to be called or redeemed and, (4) if less than all the outstanding securities of a class or series are to be called or redeemed, the principal amount or number of shares and the basis upon which the securities to be called or redeemed are to be selected. | ||||||
| 17:17:5.0.1.1.19.0.36.145 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.23c-3 Repurchase offers by closed-end companies. | SEC | [58 FR 19343, Apr. 14, 1993; 58 FR 29695, May 21, 1993, as amended at 66 FR 3759, Jan. 16, 2001; 69 FR 46390, Aug. 2, 2004; 85 FR 33360, June 1, 2020] | (a) Definitions. For purposes of this section: (1) Periodic interval shall mean an interval of three, six, or twelve months. (2) Repurchase offer shall mean an offer pursuant to this section by an investment company to repurchase common stock of which it is the issuer. (3) Repurchase offer amount shall mean the amount of common stock that is the subject of a repurchase offer, expressed as a percentage of such stock outstanding on the repurchase request deadline, that an investment company offers to repurchase in a repurchase offer. The repurchase offer amount shall not be less than five percent nor more than twenty-five percent of the common stock outstanding on a repurchase request deadline. Before each repurchase offer, the repurchase offer amount for that repurchase offer shall be determined by the directors of the company. (4) Repurchase payment deadline with respect to a tender of common stock shall mean the date by which an investment company must pay securities holders for any stock repurchased. A repurchase payment deadline shall occur seven days after the repurchase pricing date applicable to such tender. (5) Repurchase pricing date with respect to a tender of common stock shall mean the date on which an investment company determines the net asset value applicable to the repurchase of the securities. A repurchase pricing date shall occur no later than the fourteenth day after a repurchase request deadline, or the next business day if the fourteenth day is not a business day. In no event shall an investment company determine the net asset value applicable to the repurchase of the stock before the close of business on the repurchase request deadline. (i) For an investment company making a repurchase offer pursuant to paragraph (b) of this section, the number of days between the repurchase request deadline and the repurchase pricing date for a repurchase offer shall be the maximum number specified by the company pursuant to paragraph (b)(2)(i)(D) of this section. (ii) For an investment co… | ||||||
| 17:17:5.0.1.1.19.0.36.146 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24b-1 Definitions. | SEC | [Rule N-24B-1, 6 FR 3020, June 21, 1941, as amended by 21 FR 1046, Feb. 15, 1956] | (a) The term form letter as used in section 24(b) of the Act includes (1) one of a series of identical sales letters, and (2) any sales letter a substantial portion of which consists of a statement which is in essence identical with similar statements in sales letters sent to 25 or more persons within any period of 90 consecutive days. (b) The term distribution as used in section 24(b) of the Act includes the distribution or redistribution to prospective investors of the content of any written sales literature, whether such distribution or redistribution is effected by means of written or oral representations or statements. (c) The terms rules and regulations as used in section 24 (a) and (c) of the Act shall include the forms for registration of securities under the Securities Act of 1933 and the related instructions thereto. | ||||||
| 17:17:5.0.1.1.19.0.36.147 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24b-2 Filing copies of sales literature. | SEC | [70 FR 43570, July 27, 2005] | Copies of material filed with the Commission for the sole purpose of complying with section 24(b) of the Act (15 U.S.C. 80a-24(b)) either shall be accompanied by a letter of transmittal which makes appropriate references to said section or shall make such appropriate reference on the face of the material. | ||||||
| 17:17:5.0.1.1.19.0.36.148 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24b-3 Sales literature deemed filed. | SEC | [53 FR 3880, Feb. 10, 1988] | Any advertisement, pamphlet, circular, form letter or other sales literature addressed to or intended for distribution to prospective investors shall be deemed filed with the Commission for purposes of section 24(b) of the Act [15 U.S.C. 80a-24(b)] upon filing with a national securities association registered under section 15A of the Securities Exchange Act of 1934 [15 U.S.C. 78 o ] that has adopted rules providing standards for the investment company advertising practices of its members and has established and implemented procedures to review that advertising. | ||||||
| 17:17:5.0.1.1.19.0.36.149 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24b-4 Filing copies of covered investment fund research reports. | SEC | [83 FR 64222, Dec. 13, 2018] | A covered investment fund research report, as defined in paragraph (c)(3) of § 230.139b of this chapter under the Securities Act of 1933 (15 U.S.C. 77a et seq. ), of a covered investment fund registered as an investment company under the Act, shall not be subject to section 24(b) of the Act or the rules and regulations thereunder, except that such report shall be subject to such section and the rules and regulations thereunder to the extent that it is otherwise not subject to the content standards in the rules of any self-regulatory organization related to research reports, including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards. | ||||||
| 17:17:5.0.1.1.19.0.36.15 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-6 Certain transactions not deemed assignments. | SEC | [45 FR 1861, Jan. 9, 1980] | A transaction which does not result in a change of actual control or management of the investment adviser to, or principal underwriter of, an investment company is not an assignment for purposes of section 15(a)(4) or section 15(b)(2) of the act, respectively. | ||||||
| 17:17:5.0.1.1.19.0.36.150 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24e-1 Filing of certain prospectuses as post-effective amendments to registration statements under the Securities Act of 1933. | SEC | [20 FR 2856, Apr. 28, 1955, as amended at 62 FR 47938, Sept. 12, 1997] | Section 24(e) of the Act requires that when a prospectus is revised so that it may be available for use in compliance with section 10(a)(3) of the Securities Act of 1933 for a period extending beyond the time when the previous prospectus would have ceased to be available for such use, such revised prospectus, in order to meet the requirements of section 10 of said Act, must be filed as an amendment to the registration statement under said Act and such amendment must have become effective prior to the use of the revised prospectus. Except as hereinabove provided, section 24(e) of the Act shall not be deemed to govern the times and conditions under which post-effective amendments shall be filed to registration statements under the Securities Act of 1933. | ||||||
| 17:17:5.0.1.1.19.0.36.151 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.24f-2 Registration under the Securities Act of 1933 of certain investment company securities. | SEC | [62 FR 47938, Sept. 12, 1997, as amended at 85 FR 33360, June 1, 2020] | (a) General. Any face-amount certificate company, open-end management company, closed-end management company that makes periodic repurchase offers pursuant to § 270.23c-3(b), or unit investment trust (“issuer”) that is deemed to have registered an indefinite amount of securities pursuant to Section 24(f) of the Act (15 U.S.C. 80a-24(f)) must not later than 90 days after the end of any fiscal year during which it has publicly offered such securities, file Form 24F-2 (17 CFR 274.24) with the Commission. Form 24F-2 must be prepared in accordance with the requirements of that form, and must be accompanied by the payment of a registration fee with respect to the securities sold during the fiscal year in reliance upon registration pursuant to section 24(f) of the Act calculated in the manner specified in section 24(f) of the Act and in the Form. An issuer that pays the registration fee more than 90 days after the end of its fiscal year must pay interest in the manner specified in section 24(f) of the Act and in Form 24F-2. (b) Issuer ceasing operations; mergers and other transactions. For purposes of this section, if an issuer ceases operations, the date the issuer ceases operations will be deemed to be the end of its fiscal year. In the case of a liquidation, merger, or sale of all or substantially all of the assets (“merger”) of the issuer, the issuer will be deemed to have ceased operations for the purposes of this section on the date the merger is consummated; provided, however, that in the case of a merger of an issuer or a series of an issuer (“Predecessor Issuer”) with another issuer or a series of an issuer (“Successor Issuer”), the Predecessor Issuer will not be deemed to have ceased operations and the Successor issuer will assume the obligations, fees, and redemption credits of the Predecessor Issuer incurred pursuant to section 24(f) of the Act and § 270.24e-2 (as in effect prior to October 11, 1997; see 17 CFR part 240 to end, revised as of April 1, 1997) if the Successor Issuer: (1) had no assets … | ||||||
| 17:17:5.0.1.1.19.0.36.152 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.26a-1 Payment of administrative fees to the depositor or principal underwriter of a unit investment trust; exemptive relief for separate accounts. | SEC | [85 FR 26110, May 1, 2020] | For purposes of section 26(a)(2)(C) of the Act, payment of a fee to the depositor of or a principal underwriter for a registered unit investment trust, or to any affiliated person or agent of such depositor or underwriter (collectively, “depositor”), for bookkeeping or other administrative services provided to the trust shall be allowed the custodian or trustee (“trustee”) as an expense, provided that such fee is an amount not greater than the expenses, without profit: (a) Actually paid by such depositor directly attributable to the services provided; and (b) Increased by the services provided directly by such depositor, as determined in accordance with generally accepted accounting principles consistently applied. | ||||||
| 17:17:5.0.1.1.19.0.36.153 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27c-1 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.154 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27d-1 Reserve requirements for principal underwriters and depositors to carry out the obligations to refund charges required by section 27(d) and section 27(f) of the Act. | SEC | [36 FR 13136, July 15, 1971, as amended at 40 FR 50712, Oct. 31, 1975] | (a)(1) Every depositor of or principal underwriter for the issuer of a periodic payment plan certificate sold subject to section 27(d) or section 27(f) of the Act or both, shall deposit and maintain funds in a segregated trust account as a reserve and as security for the purpose of assuring the refund of charges required by sections 27(d) and 27(f) of the Act. (2) The assets of such trust account may be held as cash or invested only in one or more of (i) government securities as defined in section 2(a)(16) of the Act (except equity securities) or (ii) negotiable certificates of deposit issued by a bank, as defined in section 2(a)(5) of the Act and having capital and surplus of at least $10 million: Provided, That no such investment may have a maturity of more than 5 years, no more than 50 percent of the assets may be invested in obligations having a maturity of more than 1 year, and certificates of deposit of a single issuer may not constitute more than 10 percent of the value of the assets in the account. (3) Any income, gains, or losses from assets allocated to such account, whether or not realized, shall be credited to or charged against such account without regard to other income, gains, or losses of the depositor or principal underwriter. (4) The assets of such trust account may be withdrawn only as permitted by paragraph (f) of this section and shall in no event be chargeable with liabilities arising out of any aspect of the business of the depositor or principal underwriter other than assuring the ability of the depositor or principal underwriter to refund the amounts required by such sections. (b) For purposes of this section: (1) “Excess sales load” on any payment is that portion of the sales load in excess of 15 percent of that payment. (2) “Monthly payment” shall be the amount of the smallest monthly installment scheduled to be paid during the life of the plan. If payments are required or permitted to be made on a basis less frequently than monthly, an equivalent monthly payment shall be the am… | ||||||
| 17:17:5.0.1.1.19.0.36.155 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27d-2 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.156 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27e-1 [Reserved] | SEC |
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