cfr_sections
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194 rows where part_number = 270 and title_number = 17 sorted by section_id
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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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| 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 | ||||||||
| 17:17:5.0.1.1.19.0.36.157 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27f-1 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.158 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27g-1 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.159 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27h-1 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.16 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a-7 Money market funds. | SEC | [79 FR 47958, Aug. 14, 2014, as amended at 80 FR 58153, Sept. 25, 2015; 88 FR 51521, Aug. 3, 2023] | (a) Definitions —(1) Acquisition (or acquire) means any purchase or subsequent rollover (but does not include the failure to exercise a demand feature). (2) Amortized cost method of valuation means the method of calculating an investment company's net asset value whereby portfolio securities are valued at the fund's acquisition cost as adjusted for amortization of premium or accretion of discount rather than at their value based on current market factors. (3) Asset-backed security means a fixed income security (other than a government security) issued by a special purpose entity (as defined in this paragraph (a)(3)), substantially all of the assets of which consist of qualifying assets (as defined in this paragraph (a)(3)). Special purpose entity means a trust, corporation, partnership or other entity organized for the sole purpose of issuing securities that entitle their holders to receive payments that depend primarily on the cash flow from qualifying assets, but does not include a registered investment company. Qualifying assets means financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period, plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to security holders. (4) Business day means any day, other than Saturday, Sunday, or any customary business holiday. (5) Collateralized fully has the same meaning as defined in § 270.5b-3(c)(1) except that § 270.5b-3(c)(1)(iv)(C) shall not apply. (6) Conditional demand feature means a demand feature that is not an unconditional demand feature. A conditional demand feature is not a guarantee. (7) Conduit security means a security issued by a municipal issuer (as defined in this paragraph (a)(7)) involving an arrangement or agreement entered into, directly or indirectly, with a person other than a municipal issuer, which arrangement or agreement provides for or secures repayment of the security. Municipal issuer means a state or territory of the U… | ||||||
| 17:17:5.0.1.1.19.0.36.160 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.27i-1 Exemption from Section 27(i)(2)(A) of the Act during annuity payment period of variable annuity contracts participating in certain registered separate accounts. | SEC | [85 FR 26110, May 1, 2020, as amended at 88 FR 37987, June 12, 2023] | A registered separate account, and any depositor of or underwriter for such account, shall, during the annuity payment period of variable annuity contracts participating in such account, be exempt from the requirement of paragraph (1) of section 27(i)(2)(A) of the Act that a periodic payment plan certificate be a redeemable security with respect to such contracts under which payments are being made based upon life contingencies. | ||||||
| 17:17:5.0.1.1.19.0.36.161 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.28b-1 Investment in loans partially or wholly guaranteed under the Servicemen's Readjustment Act of 1944, as amended. | SEC | [Rule N-28B-1, 11 FR 6483, June 13, 1946] | (a) The term qualified investments as used in section 28(b) of the Investment Company Act of 1940 shall include: (1) Any loan, any portion of which is guaranteed under Title III of the Servicemen's Readjustment Act of 1944, as amended, and which is secured by a first lien on real estate: Provided, The amount of the loan not so guaranteed does not exceed 66 2/3 percent of the reasonable value of such real estate as determined by proper appraisal made by an appraiser designated by the Administrator of Veterans' Affairs; (2) Any secondary loan the full amount of which is guaranteed under section 505(a) of Title III of the above mentioned act and which is secured by a second lien on real estate: Provided, however, That any such loan shall be deemed a qualified investment only so long as (i) insurance policies are required to be procured and maintained in an amount sufficient to protect the security against the risks or hazards to which it may be subjected to the extent customary in the locality, and (ii) the loan shall remain guaranteed under Title III of the Servicemen's Readjustment Act of 1944, as amended, to the extent specified in paragraph (a) (1) or (2) of this section, as the case may be. (b) Loans made pursuant to this section shall be valued at the original principal amount of the loan less all payments made thereon which have been applied to the reduction of such principal amount. | ||||||
| 17:17:5.0.1.1.19.0.36.162 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30a-1 Annual report for registered investment companies. | SEC | [81 FR 82020, Nov. 18, 2016] | Every management investment company must file an annual report on Form N-CEN (§ 274.101 of this chapter) at least every twelve months and not more than seventy-five calendar days after the close of each fiscal year. Every unit investment trust must file an annual report on Form N-CEN (§ 274.101 of this chapter) at least every twelve months and not more than seventy-five calendar days after the close of each calendar year. A registered investment company that has filed a registration statement with the Commission registering its securities for the first time under the Securities Act of 1933 is relieved of this reporting obligation with respect to any reporting period or portion thereof prior to the date on which that registration statement becomes effective or is withdrawn. | ||||||
| 17:17:5.0.1.1.19.0.36.163 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30a-2 Certification of Form N-CSR. | SEC | [87 FR 73141, Nov. 27, 2022] | (a) Each report filed on Form N-CSR (§§ 249.331 and 274.128 of this chapter) by a registered management investment company must include certifications in the form specified in Item 19(a)(3) of Form N-CSR, and such certifications must be filed as an exhibit to such report. Each principal executive and principal financial officer of the investment company, or persons performing similar functions, at the time of filing of the report must sign a certification. (b) Each report on Form N-CSR filed by a registered management investment company under Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that contains financial statements must be accompanied by the certifications required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) and such certifications must be furnished as an exhibit to such report as specified in Item 19(b) of Form N-CSR. Each principal executive and principal financial officer of the investment company (or equivalent thereof) must sign a certification. This requirement may be satisfied by a single certification signed by an investment company's principal executive and principal financial officers. | ||||||
| 17:17:5.0.1.1.19.0.36.164 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30a-3 Controls and procedures. | SEC | [68 FR 36671, June 18, 2003, as amended at 69 FR 11264, Mar. 9, 2004; 81 FR 82021, Nov. 18, 2016] | (a) Every registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), must maintain disclosure controls and procedures (as defined in paragraph (c) of this section) and internal control over financial reporting (as defined in paragraph (d) of this section). (b) Each such registered management investment company's management must evaluate, with the participation of the company's principal executive and principal financial officers, or persons performing similar functions, the effectiveness of the company's disclosure controls and procedures, within the 90-day period prior to the filing date of each report on Form N-CSR (§§ 249.331 and 274.128 of this chapter). (c) For purposes of this section, the term disclosure controls and procedures means controls and other procedures of a registered management investment company that are designed to ensure that information required to be disclosed by the investment company on Form N-CSR (§§ 249.331 and 274.128 of this chapter) is recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an investment company in the reports that it files or submits on Form N-CSR is accumulated and communicated to the investment company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. (d) The term internal control over financial reporting is defined as a process designed by, or under the supervision of, the registered management investment company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel, to provide reasonable assu… | ||||||
| 17:17:5.0.1.1.19.0.36.165 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30a-4 Annual report for wholly-owned registered management investment company subsidiary of registered management investment company. | SEC | [81 FR 82021, Nov. 18, 2016] | Notwithstanding the provisions of § 270.30a-1, a registered management investment company that is a wholly-owned subsidiary of a registered management investment company need not file an annual report on Form N-CEN if financial information with respect to that subsidiary is reported in the parent's annual report on Form N-CEN. | ||||||
| 17:17:5.0.1.1.19.0.36.166 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | §§ 270.30b1-1--270.b1-3 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.167 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-4 Report of proxy voting record. | SEC | [68 FR 6581, Feb. 7, 2003, as amended at 87 FR 78809, Dec. 22, 2022] | Every registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), shall file an annual report on Form N-PX (§§ 249.326 and 274.129 of this chapter) not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30. | ||||||
| 17:17:5.0.1.1.19.0.36.168 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-5 [Reserved] | SEC | ||||||||
| 17:17:5.0.1.1.19.0.36.169 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-7 Monthly report for money market funds. | SEC | [79 FR 47967, Aug. 14, 2014] | Every registered open-end management investment company, or series thereof, that is regulated as a money market fund under § 270.2a-7 must file with the Commission a monthly report of portfolio holdings on Form N-MFP (§ 274.201 of this chapter), current as of the last business day or any subsequent calendar day of the preceding month, no later than the fifth business day of each month. | ||||||
| 17:17:5.0.1.1.19.0.36.17 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a19-2 Investment company general partners not deemed interested persons. | SEC | [58 FR 45838, Aug. 31, 1993; 58 FR 64353, Dec. 6, 1993; 59 FR 15501, Apr. 1, 1994] | This § 270.2a19-2 conditionally excepts from the definition of interested person in section 2(a)(19) (15 U.S.C. 80a-2(a)(19)) general partners of investment companies organized in limited partnership form. Compliance with the conditions of this § 270.2a19-2 does not relieve an investment company of any other requirement of this Act, or except a general partner that is an interested person by virtue of any other provision. (a) Director General Partners Not Deemed Interested Persons. A general partner serving as a director of a limited partnership investment company shall not be deemed to be an interested person of such company, or of any investment adviser of, or principal underwriter for, such company, solely by reason of being a partner of the limited partnership investment company, or a copartner in the limited partnership investment company with any investment adviser of, or principal underwriter for, the company, provided that the Limited Partnership Agreement contains in substance the following: (1) Only general partners who are natural persons shall serve as, and perform the functions of, directors of the limited partnership investment company, except that any general partner may act as provided in paragraph (a)(2)(iii) of this section. (2) A general partner shall not have the authority to act individually on behalf of, or to bind, the Limited Partnership Investment Company, except: (i) In such person's capacity as investment adviser, principal underwriter, or administrator; (ii) Within the scope of such person's authority as delegated by the board of directors; or (iii) In the event that no director of the company remains, to the extent necessary to continue the Limited Partnership Investment Company, for such limited periods as are permitted under the Act to fill director vacancies. (3) Limited partners shall have all of the rights afforded shareholders under the Act. If a limited partnership interest is transferred in a manner that is effective under the Partnership Agreement, the transferee s… | ||||||
| 17:17:5.0.1.1.19.0.36.170 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-8 Current report for money market funds. | SEC | [79 FR 47967, Aug. 14, 2014] | Every registered open-end management investment company, or series thereof, that is regulated as a money market fund under § 270.2a-7, that experiences any of the events specified on Form N-CR (274.222 of this chapter), must file with the Commission a current report on Form N-CR within the period specified in that form. | ||||||
| 17:17:5.0.1.1.19.0.36.171 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-9 Monthly report. | SEC | [84 FR 7987, Mar. 6, 2019] | Each registered management investment company or exchange-traded fund organized as a unit investment trust, or series thereof, other than a registered open-end management investment company that is regulated as a money market fund under § 270.2a-7 or a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), must file a monthly report of portfolio holdings on Form N-PORT (§ 274.150 of this chapter), current as of the last business day, or last calendar day, of the month. A registered investment company that has filed a registration statement with the Commission registering its securities for the first time under the Securities Act of 1933 is relieved of this reporting obligation with respect to any reporting period or portion thereof prior to the date on which that registration statement becomes effective or is withdrawn. Each registered investment company that is required to file reports on Form N-PORT must maintain in its records the information that is required to be included on Form N-PORT no later than 30 days after the end of each month. Such information shall be treated as a record under section 31(a)(1) of the Act [15 U.S.C. 80a-30(a)(1)] and § 270.31a-1(b) of this chapter subject to the requirements of § 270.31a-2(a)(2) of this chapter. Reports on Form N-PORT for each month in each fiscal quarter of a registered investment company must be filed with the Commission no later than 60 days after the end of such fiscal quarter. | ||||||
| 17:17:5.0.1.1.19.0.36.173 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-9(T) Temporary rule regarding monthly report. | SEC | [82 FR 58739, Dec. 14, 2017] | (a) Until April 1, 2019, each registered management investment company subject to § 270.30b1-9 of this chapter must satisfy its reporting obligation under that section by maintaining in its records the information that is required to be included in Form N-PORT (§ 274.150 of this chapter). (b) The information maintained in the registered management investment company's records under paragraph (a) of this section shall be treated as a record under section 31(a)(1) of the Act [15 U.S.C. 80a-30(a)(1)] and § 270.31a-1(b) of this chapter subject to the requirements of § 270.31a-2(a)(2) of this chapter. (c) This section will expire and no longer be effective on March 31, 2026. | ||||||
| 17:17:5.0.1.1.19.0.36.174 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b1-10 Current report for open-end and closed-end management investment companies. | SEC | [85 FR 83295, Dec. 21, 2020] | Every registered open-end management investment company, or series thereof, and every registered closed-end management investment company, but not a fund that is regulated as a money market fund under § 270.2a-7, that experiences an event specified on Form N-RN, must file with the Commission a current report on Form N-RN within the period and according to the instructions specified in that form. | ||||||
| 17:17:5.0.1.1.19.0.36.175 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30b2-1 Filing of reports to stockholders. | SEC | [68 FR 5366, Feb. 3, 2003] | (a) Every registered management investment company shall file a report on Form N-CSR (§§ 249.331 and 274.128 of this chapter) not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under § 270.30e-1. (b) A registered investment company shall file with the Commission a copy of every periodic or interim report or similar communication containing financial statements that is transmitted by or on behalf of such registered investment company to any class of such company's security holders and that is not required to be filed with the Commission under paragraph (a) of this section. The filing shall be made not later than 10 days after the transmission to security holders. | ||||||
| 17:17:5.0.1.1.19.0.36.176 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30d-1 Filing of copies of reports to shareholders. | SEC | [69 FR 11264, Mar. 9, 2004, as amended at 81 FR 82021, Nov. 18, 2016] | A registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), that is required to file annual and quarterly reports pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) shall satisfy its requirement to file such reports by the filing, in accordance with the rules and procedures specified therefor, of reports on Form N-CSR (§§ 249.331 and 274.128 of this chapter). A registered unit investment trust or a small business investment company registered on Form N-5 that is required to file annual and quarterly reports pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 shall satisfy its requirement to file such reports by the filing, in accordance with the rules and procedures specified therefor, of reports on Form N-CEN (§§ 249.330 and 274.101 of this chapter). | ||||||
| 17:17:5.0.1.1.19.0.36.177 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30e-1 Reports to stockholders of management companies. | SEC | [46 FR 36126, July 14, 1981, as amended at 48 FR 37940, Aug. 22, 1983; 48 FR 44477, Sept. 29, 1983; 50 FR 26160, June 25, 1985; 57 FR 56836, Dec. 1, 1992; 59 FR 52700, Oct. 19, 1994; 61 FR 24657, May 15, 1996; 64 FR 62547, Nov. 16, 1999. Redesignated and amended at 66 FR 3759, Jan. 16, 2001; 87 FR 72847, Nov. 25, 2022] | (a) Every registered management company shall transmit to each stockholder of record, at least semi-annually, a report containing the information required to be included in such reports by the company's registration statement form under the 1940 Act, except that the initial report of a newly registered company shall be made as of a date not later than the close of the fiscal year or half-year occurring on or after the date on which the company's notification of registration under the 1940 Act is filed with the Commission. (b)(1) To satisfy its obligations under section 30(e) of the 1940 Act, an open-end management investment company registered on Form N-1A (§§ 239.15A and 274.11A of this chapter) also must: (i) Make certain materials available on a website, as described under paragraph (b)(2) of this section; and (ii) Deliver certain materials upon request, as described under paragraph (b)(3) of this section. (2) The following website availability requirements are applicable to an open-end management investment company registered on Form N-1A (§§ 239.15A and 274.11A of this chapter). (i) The company must make the disclosures required by Items 7 through 11 of Form N-CSR (§§ 249.331 and 274.128 of this chapter) publicly accessible, free of charge, at the website address specified at the beginning of the report to stockholders under paragraph (a) of this section, no later than 60 days after the end of the fiscal half-year or fiscal year of the company until 60 days after the end of the next fiscal half-year or fiscal year of the company, respectively. The company may satisfy the requirement in this paragraph (b)(2)(i) by making its most recent report on Form N-CSR publicly accessible, free of charge, at the specified website address for the time period that this paragraph (b)(2)(i) specifies. (ii) Unless the company is a money market fund under § 270.2a-7, the company must make the company's complete portfolio holdings, if any, as of the close of the company's most recent first and third fiscal quarters, after… | ||||||
| 17:17:5.0.1.1.19.0.36.178 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30e-2 Reports to shareholders of unit investment trusts. | SEC | [64 FR 62547, Nov. 16, 1999. Redesignated and amended at 66 FR 3759, Jan. 16, 2001; 90 FR 59045, Dec. 18, 2025] | (a) At least semiannually every registered unit investment trust substantially all the assets of which consist of securities issued by a management company must transmit to each shareholder of record (including record holders of periodic payment plan certificates), a report containing all the applicable information and financial statements or their equivalent, required by § 270.30e-1 to be included in reports of the management company for the same fiscal period. Each of these reports must be transmitted within the period allowed the management company by § 270.30e-1 for transmitting reports to its shareholders. (b) Any report required by this section will be considered transmitted to a shareholder of record if the unit investment trust satisfies the conditions set forth in § 270.30e-1(f) with respect to that shareholder. | ||||||
| 17:17:5.0.1.1.19.0.36.179 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30e-3 Internet availability of reports to shareholders. | SEC | [87 FR 72848, Nov. 25, 2022] | (a) General. A Fund may satisfy its obligation to transmit a report required by § 270.30e-1 (“Report”) to a shareholder of record if all of the conditions set forth in paragraphs (b) through (e) of this section are satisfied. (b) Availability of report to shareholders and other materials. (1) The following materials are publicly accessible, free of charge, at the website address specified in the Notice from the date the Fund transmits the Report as required by § 270.30e-1 until the Fund next transmits a report required by § 270.30e-1 with respect to the Fund: (i) Current report to shareholders. The Report. (ii) Prior report to shareholders. Any report with respect to the Fund for the prior reporting period that was transmitted to shareholders of record pursuant to § 270.30e-1. (iii) Complete portfolio holdings from reports containing a summary schedule of investments. If a report specified in paragraph (b)(1)(i) or (ii) of this section includes a summary schedule of investments (§ 210.12-12B of this chapter) in lieu of Schedule I—Investments in securities of unaffiliated issuers (§ 210.12-12 of this chapter), the Fund's complete portfolio holdings as of the close of the period covered by the report, presented in accordance with the schedules set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X (§§ 210.12-12 through 210.12-14 of this chapter), which need not be audited. (iv) Portfolio holdings for most recent first and third fiscal quarters. The Fund's complete portfolio holdings as of the close of the Fund's most recent first and third fiscal quarters, if any, after the date on which the Fund's registration statement became effective, presented in accordance with the schedules set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [§§ 210.12-12 through 210.12-14 of this chapter], which need not be audited. The complete portfolio holdings required by this paragraph (b)(1)(iv) must be made publicly available not later than 60 days after the close of the fiscal quarter. (2) The webs… | ||||||
| 17:17:5.0.1.1.19.0.36.18 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a19-3 Certain investment company directors not considered interested persons because of ownership of index fund securities. | SEC | [66 FR 3758, Jan. 16, 2001] | If a director of a registered investment company (“Fund”) owns shares of a registered investment company (including the Fund) with an investment objective to replicate the performance of one or more broad-based securities indices (“Index Fund”), ownership of the Index Fund shares will not cause the director to be considered an “interested person” of the Fund or of the Fund's investment adviser or principal underwriter (as defined by section 2(a)(19)(A)(iii) and (B)(iii) of the Act (15 U.S.C. 80a-2(a)(19)(A)(iii) and (B)(iii)). | ||||||
| 17:17:5.0.1.1.19.0.36.180 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.30h-1 Applicability of section 16 of the Exchange Act to section 30(h). | SEC | [67 FR 43537, June 28, 2002] | (a) The filing of any statement prescribed under section 16(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78p(a)) shall satisfy the corresponding requirements of section 30(h) of the Act (15 U.S.C. 80a-29(h)). (b) The rules under section 16 of the Securities Exchange Act of 1934 (15 U.S.C. 78p) shall apply to any duty, liability or prohibition imposed with respect to a transaction involving any security of a registered closed-end company under section 30(h) of the Act (15 U.S.C. 80a-29(h)). (c) No statements need be filed pursuant to section 30(h) of the Act (15 U.S.C. 80a-29(h)) by an affiliated person of an investment adviser in his or her capacity as such if such person is solely an employee, other than an officer, of such investment adviser. | ||||||
| 17:17:5.0.1.1.19.0.36.181 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.31a-1 Records to be maintained by registered investment companies, certain majority-owned subsidiaries thereof, and other persons having transactions with registered investment companies. | SEC | [27 FR 11993, Dec. 5, 1962, as amended at 61 FR 13983, Mar. 28, 1996; 62 FR 64986, Dec. 9, 1997; 79 FR 47968, Aug. 14, 2014; 80 FR 58155, Sept. 25, 2015; 89 FR 47789, June 3, 2024] | (a) Every registered investment company, and every underwriter, broker, dealer, or investment adviser which is a majority-owned subsidiary of such a company, shall maintain and keep current the accounts, books, and other documents relating to its business which constitute the record forming the basis for financial statements required to be filed pursuant to section 30 of the Investment Company Act of 1940 and of the auditor's certificates relating thereto. (b) Every registered investment company shall maintain and keep current the following books, accounts, and other documents: (1) Journals (or other records of original entry) containing an itemized daily record in detail of all purchases and sales of securities (including sales and redemptions of its own securities), all receipts and deliveries of securities (including certificate numbers if such detail is not recorded by custodian or transfer agent), all receipts and disbursements of cash and all other debits and credits. Such records shall show for each such transaction the name and quantity of securities, the unit and aggregate purchase or sale price, commission paid, the market on which effected, the trade date, the settlement date, and the name of the person through or from whom purchased or received or to whom sold or delivered. In the case of a money market fund, also identify the provider of any Demand Feature or Guarantee (as defined in § 270.2a-7(a)(9) or § 270.2a-7(a)(16) respectively) and give a brief description of the nature of the Demand Feature or Guarantee (e.g., unconditional demand feature, conditional demand feature, letter of credit, or bond insurance) and, in a subsidiary portfolio investment record, provide the complete legal name and accounting and other information (including sufficient information to calculate coupons, accruals, maturities, puts, and calls) necessary to identify, value, and account for each investment. (2) General and auxiliary ledgers (or other records) reflecting all assets, liability, reserve, capital, income and … | ||||||
| 17:17:5.0.1.1.19.0.36.182 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.31a-2 Records to be preserved by registered investment companies, certain majority-owned subsidiaries thereof, and other persons having transactions with registered investment companies. | SEC | [27 FR 11994, Dec. 5, 1962, as amended at 38 FR 7797, Mar. 26, 1973; 51 FR 42209, Nov. 24, 1986; 53 FR 3880, Feb. 10, 1988; 66 FR 3759, Jan. 16, 2001; 66 FR 29228, May 30, 2001; 69 FR 46390, Aug. 2, 2004; 81 FR 82138, Nov. 18, 2016; 87 FR 72850, Nov. 25, 2022; 88 FR 51523, Aug. 3, 2023; 89 FR 47789, June 3, 2024] | (a) Every registered investment company shall: (1) Preserve permanently, the first two years in an easily accessible place, all books and records required to be made pursuant to paragraphs (1) through (4) of § 270.31a-1(b); (2) Preserve for a period not less than six years from the end of the fiscal year in which any transaction occurred, the first two years in an easily accessible place, all books and records required to be made pursuant to § 270.31a-1(b)(5) through (12) and all vouchers, memoranda, correspondence, checkbooks, bank statements, cancelled checks, cash reconciliation, cancelled stock certificates, and all schedules evidencing and supporting each computation of net asset value of the investment company shares, including schedules evidencing and supporting each computation of an adjustment to net asset value of the investment company shares based on swing pricing policies and procedures established and implemented pursuant to § 270.22c-1(a)(3), all schedules evidencing and supporting each computation of a liquidity fee by a money market fund pursuant to § 270.2a-7(c)(2), and other documents required to be maintained by § 270.31a-1(a) and not enumerated in § 270.31a-1(b). (3) Preserve for a period not less than 6 years from the end of the fiscal year last used, the first 2 years in an easily accessible place, any advertisement, pamphlet, circular, form letter or other sales literature addressed to or intended for distribution to prospective investors; (4) Preserve for a period not less than six years, the first two years in an easily accessible place, any record of the initial determination that a director is not an interested person of the investment company, and each subsequent determination that the director is not an interested person of the investment company. These records must include any questionnaire and any other document used to determine that a director is not an interested person of the company; (5) Preserve for a period not less than six years, the first two years in an easily acces… | ||||||
| 17:17:5.0.1.1.19.0.36.183 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.31a-3 Records prepared or maintained by other than person required to maintain and preserve them. | SEC | [27 FR 11994, Dec. 5, 1962] | (a) If the records required to be maintained and preserved pursuant to the provisions of §§ 270.31a-1 and 270.31a-2 are prepared or maintained by others on behalf of the person required to maintain and preserve such records, the person required to maintain and preserve such records shall obtain from such other person an agreement in writing to the effect that such records are the property of the person required to maintain and preserve such records and will be surrendered promptly on request. (b) In cases where a bank or member of a national securities exchange acts as custodian, transfer agent, or dividend disbursing agent, compliance with this section shall be considered to have been met if such bank or exchange member agrees in writing to make any records relating to such service available upon request and to preserve for the periods prescribed in § 270.31a-2 any such records as are required to be maintained by § 270.31a-1. | ||||||
| 17:17:5.0.1.1.19.0.36.184 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.31a-4 Records to be maintained and preserved by registered investment companies relating to fair value determinations. | SEC | [86 FR 808, Jan. 6, 2021] | (a) Appropriate documentation. Every registered investment company shall maintain appropriate documentation to support fair value determinations made pursuant to § 270.2a-5 for at least six years from the time that the determination was made, the first two years in an easily accessible place. (b) Records when designating. If the board of a registered investment company has designated performance of fair value determinations to a valuation designee under § 270.2a-5(b), in addition to the records required in paragraph (a) of this section, the registered investment company must maintain copies of: (1) The reports and other information provided to the board as required under § 270.2a-5(b)(1) for at least six years after the end of the fiscal year in which the documents were provided to the board, the first two years in an easily accessible place; and (2) A specified list of the investments or investment types whose fair value determination has been designated to the valuation designee to perform pursuant to § 270.2a-5(b) for a period beginning with the designation and ending at least six years after the end of the fiscal year in which the designation was terminated, in an easily accessible place until two years after such termination. (c) Party to maintain. If the board of a registered investment company has designated performance of fair value determinations to its investment adviser under § 270.2a-5(b), such investment adviser shall maintain the records required by this section. If the investment adviser is not so designated, the fund shall maintain such records. | ||||||
| 17:17:5.0.1.1.19.0.36.185 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a). | SEC | [Rule N-32A-1, 6 FR 6631, Dec. 23, 1941, as amended at 87 FR 22446, Apr. 15, 2022] | A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31), insofar as said paragraph requires that independent public accountants for such company be selected by a majority of certain members of the board of directors, if: (a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10); and (b) Such accountants are selected by a majority of all the members of the board of directors. | ||||||
| 17:17:5.0.1.1.19.0.36.186 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.32a-2 Exemption for initial period from vote of security holders on independent public accountant for certain registered separate accounts. | SEC | [34 FR 12696, Aug. 5, 1969] | (a) A registered separate account shall be exempt from the requirement under paragraph (2) of section 32(a) of the Act that selection of an independent public accountant shall have been submitted for ratification or rejection at the next succeeding annual meeting of security owners, subject to the following conditions: (1) Such registered separate account qualifies for exemption from section 14(a) of the Act pursuant to § 270.14a-2, or is exempt therefrom by order of the Commission upon application; and (2) The selection of such accountant shall be submitted for ratification or rejection to variable annuity contract owners at their first meeting 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. | ||||||
| 17:17:5.0.1.1.19.0.36.187 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.32a-3 Exemption from provision of section 32(a)(1) regarding the time period during which a registered management investment company must select an independent public accountant. | SEC | [54 FR 31332, July 28, 1989] | (a) A registered management investment company (“company”) organized in a jurisdiction that does not require it to hold regular annual meetings of its stockholders, and which does not hold a regular annual stockholders' meeting in a given fiscal year, shall be exempt in that fiscal year from the requirement of section 32(a)(1) of the Act (15 U.S.C. 80a-31(a)(1)) that the independent public accountant (“accountant”) be selected at a board of directors meeting held within 30 days before or after the beginning of the fiscal year or before the annual meeting of stockholders in that year, provided, that such company is either: (1) In a set of investment companies as defined in paragraph (b) of this section, if not all the members of such set have an identical fiscal year end and if such company selects an accountant at a board of directors meeting held within 90 days before or after the beginning of that fiscal year; or (2) Not in a set of investment companies, or is in a set, each of whose members has the same fiscal year end, and if such company selects an accountant at a board of directors meeting held within 30 days before or 90 days after the beginning of that fiscal year. (b) For purposes of this rule, “set of investment companies” means any two or more registered management investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, and (1) That have a common investment adviser or principal underwriter, or (2) If the investment adviser or principal underwriter of one of the companies is an affiliated person as defined in section 2(a)(3)(C) of the Act (15 U.S.C. 80a-2(a)(3)(C)) of the investment adviser or principal underwriter of each of the other companies. | ||||||
| 17:17:5.0.1.1.19.0.36.188 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.32a-4 Independent audit committees. | SEC | [66 FR 3759, Jan. 16, 2001] | A registered management investment company or a registered face-amount certificate company is exempt from the requirement of section 32(a)(2) of the Act (15 U.S.C. 80a-32(a)(2)) that the selection of the company's independent public accountant be submitted for ratification or rejection at the next succeeding annual meeting of shareholders, if: (a) The company's board of directors has established a committee, composed solely of directors who are not interested persons of the company, that has responsibility for overseeing the fund's accounting and auditing processes (“audit committee”); (b) The company's board of directors has adopted a charter for the audit committee setting forth the committee's structure, duties, powers, and methods of operation or set forth such provisions in the fund's charter or bylaws; and (c) The company maintains and preserves permanently in an easily accessible place a copy of the audit committee's charter and any modification to the charter. | ||||||
| 17:17:5.0.1.1.19.0.36.189 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.34b-1 Sales literature deemed to be misleading. | SEC | [58 FR 19055, Apr. 12, 1993; 58 FR 21927, Apr. 26, 1993, as amended at 62 FR 64986, Dec. 9, 1997; 63 FR 13987, Mar. 23, 1998; 66 FR 9018, Feb. 5, 2001; 68 FR 57779, Oct. 6, 2003; 87 FR 72850, Nov. 25, 2022] | Any advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors that is required to be filed with the Commission by section 24(b) of the Act [15 U.S.C. 80a-24(b)] (for purposes of paragraph (a) and (b) of this section, “sales literature”) will have omitted to state a fact necessary in order to make the statements made therein not materially misleading unless the sales literature includes the information specified in paragraphs (a) and (b) of this section. Any registered investment company or business development company advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors in connection with a public offering (for purposes of paragraph (c) of this section, “sales literature”) will have omitted to state a fact necessary in order to make the statements therein not materially misleading unless the sales literature includes the information specified in paragraph (c) of this section. The fact that the sales literature includes the information specified in paragraphs (a) and (b) of this section does not relieve the investment company, underwriter, or dealer of any obligations with respect to the sales literature under the antifraud provisions of the Federal securities laws. For guidance about factors to be weighed in determining whether statements, representations, illustrations, and descriptions contained in investment company sales literature are misleading, see § 230.156 of this chapter. (a) Sales literature for a money market fund shall contain the information required by paragraph (b)(4) of § 230.482 of this chapter, presented in the manner required by paragraph (b)(5) of § 230.482 of this chapter. (b)(1) Except as provided in paragraph (b)(3) of this section: (i) In any sales literature that contains performance data for an investment company, include the disclosure required by paragraph (b)(3) of § 230.482 of this chapter, presented in the m… | ||||||
| 17:17:5.0.1.1.19.0.36.19 | 17 | Commodity and Securities Exchanges | II | 270 | PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 | § 270.2a41-1 Valuation of standby commitments by registered investment companies. | SEC | [51 FR 9779, Mar. 21, 1986, as amended at 56 FR 8128, Feb. 27, 1991; 61 FR 13982, Mar. 28, 1996; 62 FR 64986, Dec. 9, 1997] | (a) A standby commitment means a right to sell a specified underlying security or securities within a specified period of time and at an exercise price equal to the amortized cost of the underlying security or securities plus accrued interest, if any, at the time of exercise, that may be sold, transferred or assigned only with the underlying security or securities. A standby commitment entitles the holder to receive same day settlement, and will be considered to be from the party to whom the investment company will look for payment of the exercise price. A standby commitment may be assigned a fair value of zero, Provided, That: (1) The standby commitment is not used to affect the company's valuation of the security or securities underlying the standby commitment; and (2) Any consideration paid by the company for the standby commitment, whether paid in cash or by paying a premium for the underlying security or securities, is accounted for by the company as unrealized depreciation until the standby commitment is exercised or expires. (b) [Reserved] |
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title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
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agency TEXT,
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CREATE INDEX idx_cfr_agency ON cfr_sections(agency);