# baseURI: http://finregont.com/fro/usc/FRO_USC_Title_15_Chapter_2D.ttl
# imports: http://finregont.com/fro/usc/United_States_Code.ttl
# prefix: usc-t15-ch2D
@prefix dct: .
@prefix fro-leg-ref: .
@prefix fro-ref: .
@prefix fro-usc: .
@prefix fro-usc-t15-ch2D: .
@prefix lkif-expr: .
@prefix lkif-leg-role: .
@prefix lkif-mereo: .
@prefix lkif-place: .
@prefix lkif-proc: .
@prefix lkif-rel-places: .
@prefix lkif-role: .
@prefix lkif-rules: .
@prefix lkif-time: .
@prefix lkif-time-mod: .
@prefix lkif-top: .
@prefix owl: .
@prefix rdf: .
@prefix rdfs: .
@prefix skos: .
@prefix sm: .
@prefix usc-t15-ch2D: .
@prefix xsd: .
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Every registered investment company shall file with the Commission, within such reasonable time after registration as the Commission shall fix by rules and regulations, an original and such copies of a registration statement, in such form and containing such of the following information and documents as the Commission shall by rules and regulations prescribe as necessary or appropriate in the public interest or for the protection of investors:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The Commission shall make provision, by permissive rules and regulations or order, for the filing of the following, or so much of the following as the Commission may designate, in lieu of the information and documents required pursuant to subsection (b):" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "If it appears to the Commission that a registered investment company has failed to file the registration statement required by this section or a report required pursuant to section 80a–29 (a) or (b) of this title, or has filed such a registration statement or report but omitted therefrom material facts required to be stated therein, or has filed such a registration statement or report in violation of section 80a–33(b) of this title , the Commission shall notify such company by registered mail or by certified mail of the failure to file such registration statement or report, or of the respects in which such registration statement or report appears to be materially incomplete or misleading, as the case may be, and shall fix a date (in no event earlier than thirty days after the mailing of such notice) prior to which such company may file such registration statement or report or correct the same. If such registration statement or report is not filed or corrected within the time so fixed by the Commission or any extension thereof, the Commission, after appropriate notice and opportunity for hearing, and upon such conditions and with such exemptions as it deems appropriate for the protection of investors, may by order suspend the registration of such company until such statement or report is filed or corrected, or may by order revoke such registration, if the evidence establishes—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–33/b" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any of the following persons to serve or act in the capacity of employee, officer, director, member of an advisory board, investment adviser, or depositor of any registered investment company, or principal underwriter for any registered open-end company, registered unit investment trust, or registered face-amount certificate company:" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "For the purposes of paragraphs (1) to (3) of this subsection, the term “investment adviser” shall include an investment adviser as defined in subchapter II of this chapter." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The Commission may, after notice and opportunity for hearing, by order prohibit, conditionally or unconditionally, either permanently or for such period of time as it in its discretion shall deem appropriate in the public interest, any person from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter, if such person—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "has been found by a foreign financial regulatory authority to have—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In any proceeding instituted pursuant to subsection (b) against any person, the Commission may impose a civil penalty if it finds, on the record after notice and opportunity for hearing, that such penalty is in the public interest, and that such person—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In any proceeding instituted pursuant to subsection (f) against any person, the Commission may impose a civil penalty if the Commission finds, on the record, after notice and opportunity for hearing, that such person—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subparagraphs (A) and (B), the maximum amount of penalty for each such act or omission shall be $100,000 for a natural person or $500,000 for any other person if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In considering under this section whether a penalty is in the public interest, the Commission may consider—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Within—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "the respondent may apply to the United States district court for the district in which the respondent resides or has its principal place of business, or for the District of Columbia, for an order setting aside, limiting, or suspending the effectiveness or enforcement of the order, and the court shall have jurisdiction to enter such an order. A respondent served with a temporary cease-and-desist order entered without a prior Commission hearing may not apply to the court except after hearing and decision by the Commission on the respondent’s application under subparagraph (A) of this paragraph." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered investment company shall—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subsections (a) and (b)(2) of this section, a registered investment company may have a board of directors all the members of which, except one, are interested persons of the investment adviser of such company, or are officers or employees of such company, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "If by reason of the death, disqualification, or bona fide resignation of any director or directors, the requirements of the foregoing provisions of this section or of section 80a–15(f)(1) of this title in respect of directors shall not be met by a registered investment company, the operation of such provision shall be suspended as to such registered company—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–15/f/1" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd043747c-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In the case of a registered management company which is an unincorporated company not having a board of directors, the provisions of this section shall apply as follows:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered investment company, in contravention of such rules and regulations or orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered investment company (the “acquiring company”) and any company or companies controlled by such acquiring company to purchase or otherwise acquire any security issued by any other investment company (the “acquired company”), and for any investment company (the “acquiring company”) and any company or companies controlled by such acquiring company to purchase or otherwise acquire any security issued by any registered investment company (the “acquired company”), if the acquiring company and any company or companies controlled by it immediately after such purchase or acquisition own in the aggregate—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered open-end investment company (the “acquired company”), any principal underwriter therefor, or any broker or dealer registered under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.], knowingly to sell or otherwise dispose of any security issued by the acquired company to any other investment company (the “acquiring company”) or any company or companies controlled by the acquiring company, if immediately after such sale or disposition—" ;
fro-usc:hasReferenceText "/us/usc/t15/s78a" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The provisions of this paragraph shall not apply to a security (or securities) purchased or acquired by an investment company if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "the purchase or acquisition is made pursuant to an arrangement with the issuer of, or principal underwriter for the issuer of, the security whereby such investment company is obligated—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The provisions of this paragraph shall not apply to securities purchased or otherwise acquired by a registered investment company if—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 4 ;
fro-usc:hasContinuationText "No issuer of any security purchased or acquired by a registered investment company pursuant to this subparagraph shall be obligated to redeem such security in an amount exceeding 1 per centum of such issuer’s total outstanding securities during any period of less than thirty days. Such investment company shall exercise voting rights by proxy or otherwise with respect to any security purchased or acquired pursuant to this subparagraph in the manner prescribed by subparagraph (E) of this subsection." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "This paragraph does not apply to securities of a registered open-end investment company or a registered unit investment trust (hereafter in this subparagraph referred to as the “acquired company”) purchased or otherwise acquired by a registered open-end investment company or a registered unit investment trust (hereafter in this subparagraph referred to as the “acquiring company”) if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "with respect to—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding any provisions of this subchapter, any registered investment company may hereafter purchase or otherwise acquire any security issued by any one corporation engaged or proposing to engage in the business of underwriting, furnishing capital to industry, financing promotional enterprises, purchasing securities of issuers for which no ready market is in existence, and reorganizing companies or similar activities; provided—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "For the purpose of paragraph (1) of section 80a–5(b) of this title any investment in any such corporation shall be deemed to be an investment in an investment company." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered investment company shall, unless authorized by the vote of a majority of its outstanding voting securities—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding any other provision of Federal or State law, no person may bring any civil, criminal, or administrative action against any registered investment company, or any employee, officer, director, or investment adviser thereof, based solely upon the investment company divesting from, or avoiding investing in, securities issued by persons that the investment company determines, using credible information available to the public—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“The amendment made by paragraph (1) [amending this section] shall apply as if included in the Sudan Accountability and Divestment Act of 2007 ( Public Law 110–174 ; 50 U.S.C. 1701 note).”" ;
fro-usc:hasReferenceText "/us/pl/110/174" ;
fro-usc:hasReferenceText "/us/pl/111/195/tII" ;
fro-usc:hasReferenceText "/us/usc/t50/s1701" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Not later than 120 days after the date of the enactment of this Act [ July 1, 2010 ], the Securities and Exchange Commission shall issue any revisions the Commission determines to be necessary to the regulations requiring disclosure by each registered investment company that divests itself of securities in accordance with section 13(c) of the Investment Company Act of 1940 [ 15 U.S.C. 80a–13(c) ] to include divestments of securities in accordance with paragraph (1)(B) of such section, as added by subsection (a) of this section.”" ;
fro-usc:hasReferenceText "/us/pl/111/195/tII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–13/c" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1940-08-22"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered investment company organized after August 22, 1940 , and no principal underwriter for such a company, shall make a public offering of securities of which such company is the issuer, unless—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "At any time after the occurrence of the event specified in clause (C) of paragraph (3) of this subsection the Commission may issue a stop order suspending the effectiveness of the registration statement of such securities under the Securities Act of 1933 [ 15 U.S.C. 77a et seq.] and may suspend or revoke the registration of such company under this subchapter." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any person to serve or act as investment adviser of a registered investment company, except pursuant to a written contract, which contract, whether with such registered company or with an investment adviser of such registered company, has been approved by the vote of a majority of the outstanding voting securities of such registered company, and—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any principal underwriter for a registered open-end company to offer for sale, sell, or deliver after sale any security of which such company is the issuer, except pursuant to a written contract with such company, which contract—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "An investment adviser, or a corporate trustee performing the functions of an investment adviser, of a registered investment company or an affiliated person of such investment adviser or corporate trustee may receive any amount or benefit in connection with a sale of securities of, or a sale of any other interest in, such investment adviser or corporate trustee which results in an assignment of an investment advisory contract with such company or the change in control of or identity of such corporate trustee, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "If—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 4 ;
fro-usc:hasContinuationText "such discrepancy in size of assets shall be considered by the Commission in determining whether or to what extent an application under section 80a–6(c) of this title for exemption from the provisions of paragraph (1)(A) of this subsection should be granted." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Paragraph (1)(A) of this subsection shall not apply to a transaction in which a controlling block of outstanding voting securities of an investment adviser to a registered investment company or of a corporate trustee performing the functions of an investment adviser to a registered investment company is—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1940-08-22"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The foregoing provisions of this section shall not apply to a common-law trust existing on August 22, 1940 , under an indenture of trust which does not provide for the election of trustees by the shareholders. No natural person shall serve as trustee of such a trust, which is registered as an investment company, after the holders of record of not less than two-thirds of the outstanding shares of beneficial interests in such trust have declared that he be removed from that office either by declaration in writing filed with the custodian of the securities of the trust or by votes cast in person or by proxy at a meeting called for the purpose. Solicitation of such a declaration shall be deemed a solicitation of a proxy within the meaning of section 80a–20(a) of this title ." ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–20/a" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 3 ;
fro-usc:hasChapeauText "The trustees of such a trust shall promptly call a meeting of shareholders for the purpose of voting upon the question of removal of any such trustee or trustees when requested in writing so to do by the record holders of not less than 10 per centum of the outstanding shares." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 4 ;
fro-usc:hasChapeauText "Whenever ten or more shareholders of record who have been such for at least six months preceding the date of application, and who hold in the aggregate either shares having a net asset value of at least $25,000 or at least 1 per centum of the outstanding shares, whichever is less, shall apply to the trustees in writing, stating that they wish to communicate with other shareholders with a view to obtaining signatures to a request for a meeting pursuant to this subsection and accompanied by a form of communication and request which they wish to transmit, the trustees shall within five business days after receipt of such application either—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 7 ;
fro-usc:hasContinuationText "If the trustees elect to follow the course specified in paragraph (2) of this subsection the trustees, upon the written request of such applicants, accompanied by a tender of the material to be mailed and of the reasonable expenses of mailing, shall, with reasonable promptness, mail such material to all shareholders of record at their addresses as recorded on the books, unless within five business days after such tender the trustees shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement signed by at least a majority of the trustees to the effect that in their opinion either such material contains untrue statements of fact or omits to state facts necessary to make the statements contained therein not misleading, or would be in violation of applicable law, and specifying the basis of such opinion." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 8 ;
fro-usc:hasContinuationText "After opportunity for hearing upon the objections specified in the written statement so filed, the Commission may, and if demanded by the trustees or by such applicants shall, enter an order either sustaining one or more of such objections or refusing to sustain any of them. If the Commission shall enter an order refusing to sustain any of such objections, or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all objections so sustained have been met, and shall enter an order so declaring, the trustees shall mail copies of such material to all shareholders with reasonable promptness after the entry of such order and the renewal of such tender." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any affiliated person or promoter of or principal underwriter for a registered investment company (other than a company of the character described in section 80a–12(d)(3)(A) and (B) of this title), or any affiliated person of such a person, promoter, or principal underwriter, acting as principal—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subsection (a), any person may file with the Commission an application for an order exempting a proposed transaction of the applicant from one or more provisions of said subsection. The Commission shall grant such application and issue such order of exemption if evidence establishes that—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any affiliated person of a registered investment company, or any affiliated person of such person—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-leg-ref:refers_toNote usc-t15-ch2D:fn002110 ;
fro-usc:hasChapeauText "Upon the basis of facts disclosed by the record and reports of the Securities and Exchange Commission made pursuant to section 79z–4 1 of this title, and facts otherwise disclosed and ascertained, it is found that investment companies are affected with a national public interest in that, among other things—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 11 ;
fro-usc:hasContinuationText "It is declared that the policy and purposes of this subchapter, in accordance with which the provisions of this subchapter shall be interpreted, are to mitigate and, so far as is feasible, to eliminate the conditions enumerated in this section which adversely affect the national public interest and the interest of investors." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Upon the basis of facts disclosed by the record and reports of the Securities and Exchange Commission made pursuant to section 79z–4 of this title, and facts otherwise disclosed and ascertained, it is declared that the national public interest and the interest of investors are adversely affected—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1940-08-22"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding any provision of this subchapter, it shall be unlawful, after August 22, 1940 , for any registered face-amount certificate company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered closed-end company to issue any class of senior security, or to sell any such security of which it is the issuer, unless—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "if such class of senior security represents an indebtedness—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "provision is made either—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "if such class of senior security is a stock—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of this section shall not apply to any senior securities issued or sold by any registered closed-end company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "pursuant to any plan of reorganization (other than for refunding as referred to in paragraph (1) of this subsection), provided—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered investment company to pay any dividend, or to make any distribution in the nature of a dividend payment, wholly or partly from any source other than—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "unless such payment is accompanied by a written statement which adequately discloses the source or sources of such payment. The Commission may prescribe the form of such statement by rules and regulations in the public interest and for the protection of investors." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered investment company shall purchase any voting security if, to the knowledge of such registered company, cross-ownership or circular ownership exists, or after such acquisition will exist, between such registered company and the issuer of such security. Cross-ownership shall be deemed to exist between two companies when each of such companies beneficially owns more than 3 per centum of the outstanding voting securities of the other company. Circular ownership shall be deemed to exist between two companies if such companies are included within a group of three or more companies, each of which—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "A securities association registered under section 78 o –3 of this title may prescribe, by rules adopted and in effect in accordance with said section and subject to all provisions of said section applicable to the rules of such an association—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "in each case for the purpose of eliminating or reducing so far as reasonably practicable any dilution of the value of other outstanding securities of such company or any other result of such purchase, redemption, or sale which is unfair to holders of such other outstanding securities; and said rules may prohibit the members of the association from purchasing, selling, or surrendering for redemption any such redeemable securities in contravention of said rules." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of such security to the company or its agent designated for that purpose for redemption, except—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "The Commission shall by rules and regulations determine the conditions under which (i) trading shall be deemed to be restricted and (ii) an emergency shall be deemed to exist within the meaning of this subsection." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No registered closed-end company shall purchase any securities of any class of which it is the issuer except—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“The amendments made by this section [amending this section] shall become effective on the earlier of—" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In registering under the Securities Act of 1933 [ 15 U.S.C. 77a et seq.], any security of which it is the issuer, a registered investment company, in lieu of furnishing a registration statement containing the information and documents specified in schedule A of said Act [ 15 U.S.C. 77aa ], may file a registration statement containing the following information and documents:" ;
fro-usc:hasReferenceText "/us/usc/t15/s77a" ;
fro-usc:hasReferenceText "/us/usc/t15/s77aa" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any of the following companies, or for any underwriter for such a company, in connection with a public offering of any security of which such company is the issuer, to make use of the mails or any means or instrumentalities of interstate commerce, to transmit any advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors unless three copies of the full text thereof have been filed with the Commission or are filed with the Commission within ten days thereafter:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Not later than 90 days after the end of the fiscal year of a company or trust referred to in paragraph (1), the company or trust, as applicable, shall pay a registration fee to the Commission, calculated in the manner specified in section 6(b) of the Securities Act of 1933 [ 15 U.S.C. 77f(b) ], based on the aggregate sales price for which its securities (including, for purposes of this paragraph, all securities issued pursuant to a dividend reinvestment plan) were sold pursuant to a registration of an indefinite amount of securities under this subsection during the previous fiscal year of the company or trust, reduced by—" ;
fro-usc:hasReferenceText "/us/usc/t15/s77f/b" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No principal underwriter for or depositor of a registered unit investment trust shall sell, except by surrender to the trustee for redemption, any security of which such trust is the issuer (other than short-term paper), unless the trust indenture, agreement of custodianship, or other instrument pursuant to which such security is issued—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered separate account funding variable insurance contracts, or for the sponsoring insurance company of such account, to sell any such contract—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "unless the insurance company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered separate account funding variable insurance contracts, or for the sponsoring insurance company of such account, to sell any such contract unless—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "2006-09-29"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Effective 30 days after September 29, 2006 , it shall be unlawful, subject to subsection (i)—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered investment company issuing periodic payment plan certificates, or for any depositor of or underwriter for such company, to sell any such certificate, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered investment company issuing periodic payment plan certificates, or for any depositor of or underwriter for such company, to sell any such certificate, unless—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Upon making the election specified in subsection (g), it shall be unlawful for any such electing registered investment company issuing periodic payment plan certificates, or for any depositor of or underwriter for such company, to sell any such certificate, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "When used in this subchapter, unless the context otherwise requires—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Interested person” of another person means—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "when used with respect to an investment company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "any person or any affiliated person of a person (other than a registered investment company) that, at any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has executed any portfolio transactions for, engaged in any principal transactions with, or distributed shares for—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "any person or any affiliated person of a person (other than a registered investment company) that, at any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has loaned money or other property to—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "when used with respect to an investment adviser of or principal underwriter for any investment company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "any person or any affiliated person of a person (other than a registered investment company) that, at any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has executed any portfolio transactions for, engaged in any principal transactions with, or distributed shares for—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "any person or any affiliated person of a person (other than a registered investment company) that, at any time during the 6-month period preceding the date of the determination of whether that person or affiliated person is an interested person, has loaned money or other property to—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 4 ;
fro-usc:hasContinuationText "For the purposes of this paragraph (19), “member of the immediate family” means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships. The Commission may modify or revoke any order issued under clause (vii) of subparagraph (A) or (B) of this paragraph whenever it finds that such order is no longer consistent with the facts. No order issued pursuant to clause (vii) of subparagraph (A) or (B) of this paragraph shall become effective until at least sixty days after the entry thereof, and no such order shall affect the status of any person for the purposes of this subchapter or for any other purpose for any period prior to the effective date of such order." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Value”, with respect to assets of registered investment companies, except as provided in subsection (b) of section 80a–28 of this title , means—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–28" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd0485683-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 4 ;
fro-usc:hasContinuationText "in each case as of such time or times as determined pursuant to this subchapter, and the rules and regulations issued by the Commission hereunder. Notwithstanding the fact that market quotations for securities issued by controlled companies are available, the board of directors may in good faith determine the value of such securities: Provided , That the value so determined is not in excess of the higher of market value or asset value of such securities in the case of majority-owned subsidiaries, and is not in excess of market value in the case of other controlled companies." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "For purposes of the valuation of those assets of a registered diversified company which are not subject to the limitations provided for in section 80a–5(b)(1) of this title , the Commission may, by rules and regulations or orders, permit any security to be carried at cost, if it shall determine that such procedure is consistent with the general intent and purposes of this subchapter. For purposes of sections 80a–5 and 80a–12 of this title in lieu of values determined as provided in clause (A) above, the Commission shall by rules and regulations permit valuation of securities at cost or other basis in cases where it may be more convenient for such company to make its computations on such basis by reason of the necessity or desirability of complying with the provisions of any United States revenue laws or rules and regulations issued thereunder, or the laws or the rules and regulations issued thereunder of any State in which the securities of such company may be qualified for sale." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "The foregoing definition shall not derogate from the authority of the Commission with respect to the reports, information, and documents to be filed with the Commission by any registered company, or with respect to the accounting policies and principles to be followed by any such company, as provided in sections 80a–8, 80a–29, and 80a–30 of this title." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Eligible portfolio company” means any issuer which—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "satisfies one of the following:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Making available significant managerial assistance” by a business development company means—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "For purposes of subparagraph (A), the requirement that a business development company make available significant managerial assistance shall be deemed to be satisfied with respect to any particular portfolio company where the business development company purchases securities of such portfolio company in conjunction with one or more other persons acting together, and at least one of the persons in the group makes available significant managerial assistance to such portfolio company, except that such requirement will not be deemed to be satisfied if the business development company, in all cases, makes available significant managerial assistance solely in the manner described in this sentence." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Business development company” means any closed-end company which—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Qualified purchaser” means—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Not later than 180 days after the date of enactment of this Act [ Oct. 11, 1996 ], the Commission shall prescribe rules defining the term, or otherwise identifying, ‘investments’ for purposes of section 2(a)(51) of the Investment Company Act of 1940 [ 15 U.S.C. 80a–2(a)(51) ], as added by this Act.”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–2/a/51" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“The amendments made by this section [amending this section and ] shall take effect on the earlier of—" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The foregoing provisions of this section shall apply to all face-amount certificates issued prior to the effective date of this subsection; to the collection or acceptance of any payment on such certificates; to the issuance of face-amount certificates to the holders of such certificates pursuant to an obligation expressed or implied in such certificates; to the provisions of such certificates; to the minimum certificate reserves and deposits maintained with respect thereto; and to the assets that the issuer of such certificate was and is required to have with respect to such certificates. With respect to all face-amount certificates issued after the effective date of this subsection, the provisions of this section shall apply except as hereinafter provided." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered face-amount certificate company to issue or sell any face-amount certificate, or to collect or accept any payment on any such certificate issued by such company on or after the effective date of this subchapter, unless—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "such company maintains at all times minimum certificate reserves on all its outstanding face-amount certificates in an aggregate amount calculated and adjusted as follows:" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "At no time shall the aggregate certificate reserves herein required by subparagraphs (A) to (F) of this paragraph, be less than the aggregate surrender values and other amounts to which all certificate holders may be then entitled." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "For the purpose of this subsection, no certificate of the installment type shall be deemed to be outstanding if before a surrender value has been attained the holder thereof has been in continuous default in making his payments thereon for a period of one year." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 10 ;
fro-usc:hasContinuationText "Any certificate may provide that the company at its option may, prior to the maturity thereof, defer any payment or payments to the certificate holder to which he may be entitled under this subsection, for a period of not more than thirty days: Provided , That in the event such option is exercised by the company, interest shall accrue on any payment or payments due to the holder, for the period of such deferment at a rate equal to that used in accumulating the reserves for such certificate: And provided further , That the Commission may, by rules and regulations or orders in the public interest or for the protection of investors, make provision for any other deferment upon such terms and conditions as it shall prescribe." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered face-amount certificate company to issue or sell any face-amount certificate, or to collect or accept any payment on any such certificate issued by such company on or after the effective date of this subchapter, unless such certificate contains a provision or provisions to the effect—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 8 ;
fro-usc:hasContinuationText "The term “certificate year” as used in this section in respect of any certificate of the installment type means a period or periods for which one year’s payment or payments as provided by the certificate have been made thereon by the holder and the certificate maintained in force by such payments for the time for which the same have been made, and in respect of any certificate which is fully paid or paid-up means any year ending on the anniversary of the date of issuance of the certificate." ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 9 ;
fro-usc:hasContinuationText "Any certificate may provide for loans or advances by the company to the certificate holder on the security of such certificate upon terms prescribed therein but at an interest rate not exceeding 6 per centum per annum. The amount of the required reserves, deposits, and the surrender values thereof available to the holder may be adjusted to take into account any unpaid balance on such loans or advances and interest thereon, for the purposes of this subsection and subsections (b) and (c) hereof." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1996-05-31"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "A person that maintains a church plan that is excluded from the definition of an investment company solely by reason of section 80a–3(c)(14) of this title shall provide disclosure to plan participants, in writing, and not less frequently than annually, and for new participants joining such a plan after May 31, 1996 , as soon as is practicable after joining such plan, that—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3/c/14" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb936-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Every registered investment company shall file with the Commission—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "Any information or documents contained in a report or other communication to security holders filed pursuant to paragraph (2) of this subsection may be incorporated by reference in any report subsequently or concurrently filed pursuant to paragraph (1) of this subsection." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The Commission shall take such action as it deems necessary or appropriate, consistent with the public interest and the protection of investors, to avoid unnecessary reporting by, and minimize the compliance burdens on, registered investment companies and their affiliated persons in exercising its authority—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Action taken by the Commission under paragraph (1) shall include considering, and requesting public comment on—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Every registered investment company shall transmit to its stockholders, at least semiannually, reports containing such of the following information and financial statements or their equivalent, as of a reasonably current date, as the Commission may prescribe by rules and regulations for the protection of investors, which reports shall not be misleading in any material respect in the light of the reports required to be filed pursuant to subsections (a) and (b):" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "In exercising its authority under this subsection, the Commission shall take such steps as it deems necessary or appropriate, consistent with the public interest and for the protection of investors, to avoid unnecessary recordkeeping by, and minimize the compliance burden on, persons required to maintain records under this subsection (hereafter in this section referred to as “subject persons”). Such steps shall include considering, and requesting public comment on—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any registered management company or registered face-amount certificate company to file with the Commission any financial statement signed or certified by an independent public accountant, unless—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 7 ;
fro-usc:hasContinuationText "If the selection of an accountant has been rejected pursuant to paragraph (2) or his employment terminated pursuant to paragraph (3), the vacancy so occurring may be filled by a vote of a majority of the outstanding voting securities, either at the meeting at which the rejection or termination occurred or, if not so filled, at a subsequent meeting which shall be called for the purpose. In the case of a common-law trust of the character described in section 80a–16(c) of this title , no ratification of the employment of such accountant shall be required but such employment may be terminated and such accountant removed by action of the holders of record of a majority of the outstanding shares of beneficial interest in such trust in the same manner as is provided in section 80a–16(c) of this title in respect of the removal of a trustee, and all the provisions therein contained as to the calling of a meeting shall be applicable. In the event of such termination and removal, the vacancy so occurring may be filled by action of the holders of record of a majority of the shares of beneficial interest either at the meeting, if any, at which such termination and removal occurs, or by instruments in writing filed with the custodian, or if not so filed within a reasonable time then at a subsequent meeting which shall be called by the trustees for the purpose. The provisions of paragraph (42) of section 80a–2(a) of this title as to a majority shall be applicable to the vote cast at any meeting of the shareholders of such a trust held pursuant to this subsection." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Every registered investment company which is a party and every affiliated person of such company who is a party defendant to any action or claim by a registered investment company or a security holder thereof in a derivative or representative capacity against an officer, director, investment adviser, trustee, or depositor of such company, shall file with the Commission, unless already so filed, (1) a copy of all pleadings, verdicts, or judgments filed with the court or served in connection with such action or claim, (2) a copy of any proposed settlement, compromise, or discontinuance of such action, and (3) a copy of such motions, transcripts, or other documents filed in or issued by the court or served in connection with such action or claim as may be requested in writing by the Commission. If any document referred to in clause (1) or (2)—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any person, issuing or selling any security of which a registered investment company is the issuer, to represent or imply in any manner whatsoever that such security or company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The Commission is authorized to bring an action in the proper district court of the United States, or in the United States court of any territory or other place subject to the jurisdiction of the United States, alleging that a person who is, or at the time of the alleged misconduct was, serving or acting in one or more of the following capacities has engaged within five years of the commencement of the action or is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "If such allegations are established, the court may enjoin such persons from acting in any or all such capacities either permanently or temporarily and award such injunctive or other relief against such person as may be reasonable and appropriate in the circumstances, having due regard to the protection of investors and to the effectuation of the policies declared in section 80a–1(b) of this title ." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "For the purposes of this subsection, the investment adviser of a registered investment company shall be deemed to have a fiduciary duty with respect to the receipt of compensation for services, or of payments of a material nature, paid by such registered investment company or by the security holders thereof, to such investment adviser or any affiliated person of such investment adviser. An action may be brought under this subsection by the Commission, or by a security holder of such registered investment company on behalf of such company, against such investment adviser, or any affiliated person of such investment adviser, or any other person enumerated in subsection (a) of this section who has a fiduciary duty concerning such compensation or payments, for breach of fiduciary duty in respect of such compensation or payments paid by such registered investment company or by the security holders thereof to such investment adviser or person. With respect to any such action the following provisions shall apply:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "When used in this subchapter, “investment company” means any issuer which—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding paragraph (1)(C) of subsection (a), none of the following persons is an investment company within the meaning of this subchapter:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Any company organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "For the purposes of subparagraph (A)(ii), a fund is described in this subparagraph if such fund is a pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of one or more of the following:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "assets of a trust, the remainder interests of which are revocably dedicated to or for the benefit of 1 or more charitable organizations, if the ability to revoke the dedication is limited to circumstances involving—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1995-12-08"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "A fund that contains assets described in clause (vii) of subparagraph (B) shall be excluded from the definition of an investment company for a period of 3 years after December 8, 1995 , but only if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "For purposes of this paragraph—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Any church plan described in section 414(e) of title 26 , if, under any such plan, no part of the assets may be used for, or diverted to, purposes other than the exclusive benefit of plan participants or beneficiaries, or any company or account that is—" ;
fro-usc:hasReferenceText "/us/usc/t26/s414/e" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "substantially all of the activities of which consist of—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subsection (a), none of the following persons is an investment company within the meaning of this subchapter:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Any issuer whose outstanding securities (other than short-term paper) are beneficially owned by not more than one hundred persons and which is not making and does not presently propose to make a public offering of its securities. Such issuer shall be deemed to be an investment company for purposes of the limitations set forth in subparagraphs (A)(i) and (B)(i) of section 80a–12(d)(1) of this title governing the purchase or other acquisition by such issuer of any security issued by any registered investment company and the sale of any security issued by any registered open-end investment company to any such issuer. For purposes of this paragraph:" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–12/d/1" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "For purposes of this paragraph—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "the term “financial contract” means any arrangement that—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Any bank or insurance company; any savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, or any receiver, conservator, liquidator, liquidating agent, or similar official or person thereof or therefor; or any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "except in connection with the ordinary advertising of the bank’s fiduciary services, interests in such fund are not—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Notwithstanding subparagraph (A), an issuer is within the exception provided by this paragraph if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "in addition to qualified purchasers, outstanding securities of that issuer are beneficially owned by not more than 100 persons who are not qualified purchasers, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "prior to availing itself of the exception provided by this paragraph—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasReferenceText "/us/pl/104/290/tV" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasReferenceText "/us/pl/94/555/tII" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "The amendments made by this section [to this section and sections 22, 23, and 165 of Title 26, I.R.C. 1939] shall be applicable as to both the employer and employees only with respect to taxable years of the employer beginning after , except that— “" ;
fro-usc:hasReferenceText "/us/act/1943-12-17/ch346" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasDate "1942-09-01"^^xsd:date ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "In the case of a stock bonus, pension, profit-sharing, or annuity plan in effect on or before September 1, 1942 ," ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "if the contribution of an employer to such a plan in the employer’s taxable year beginning in 1942 exceeds the maximum amount deductible for such year under section 23(p)(1), as amended by this section, the amount deductible in such year shall be not less than the sum of—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Not later than 1 year after the date of enactment of this Act [ Oct. 11, 1996 ], the Commission shall prescribe rules to implement the requirements of section 3(c)(1)(B) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1)(B) ), as amended by this section.”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3/c/1/B" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Not later than 1 year after the date of enactment of this Act [ Oct. 11, 1996 ], the Commission shall prescribe rules pursuant to its authority under section 6 of the Investment Company Act of 1940 [ 15 U.S.C. 80a–6 ] to permit the ownership of securities by knowledgeable employees of the issuer of the securities or an affiliated person without loss of the exception of the issuer under paragraph (1) or (7) of section 3(c) of that Act [ 15 U.S.C. 80a–3(c) ] from treatment as an investment company under that Act [ 15 U.S.C. 80a–1 et seq.].”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–1" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3/c" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–6" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Not later than 180 days after the date of enactment of this Act [ Oct. 11, 1996 ], the Commission shall prescribe rules defining the term ‘beneficial owner’ for purposes of section 3(c)(7)(B) of the Investment Company Act of 1940 [ 15 U.S.C. 80a–3(c)(7)(B) ], as amended by this Act.”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3/c/7/B" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the greater of (i) $100,000 for a natural person or $500,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of section 78d(b) of this title shall be applicable with respect to the power of the Commission—" ;
fro-usc:hasReferenceText "/us/usc/t15/s78d/b" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No charitable organization, or any trustee, director, officer, employee, or volunteer of a charitable organization acting within the scope of such person’s employment or duties, shall be required to register as, or be subject to regulation as, a dealer, broker, agent, or investment adviser under the securities laws of any State because such organization or person buys, holds, sells, or trades in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of or for the account of one or more of the following:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "For purposes of this section—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This title [amending sections 80a–2, 80a–3, 80a–12, 80a–24, 80a–26, 80a–27, 80a–29, 80a–30, 80a–34, and 80b–5 of this title and enacting provisions set out as notes under sections 80a–2, 80a–3, and 80a–24 of this title] may be cited as the ‘Investment Company Act Amendments of 1996’.”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tII" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This Act [enacting section 80a–3a of this title , amending sections 77c, 78c, 78 l , 80a–3, 80a–7, and 80b–3 of this title, and enacting provisions set out as a note under section 77c of this title ] may be cited as the ‘Philanthropy Protection Act of 1995’.”" ;
fro-usc:hasReferenceText "/us/pl/104/62" ;
fro-usc:hasReferenceText "/us/usc/t15/s77c" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3a" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“That this Act [enacting sections 80a–53 to 80a–64 and 80c to 80c–3 of this title, amending sections 77b, 77c, 77d, 77s, 77ddd, 78c, 78kk, 80a–2, 80a–3, 80a–6, 80a–46, 80b–2, 80b–3, and 80b–5 of this title, and enacting provisions set out as notes under sections 77a and 80c of this title] may be cited as the ‘Small Business Investment Incentive Act of 1980’.”" ;
fro-usc:hasReferenceText "/us/pl/96/477" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“That this Act [enacting section 80b–6a of this title , amending sections 77b, 77c, 78c, 78 l , 80a–2, 80a–3, 80a–8 to 80a–13, 80a–15, 80a–17 to 80a–19, 80a–22, 80a–24 to 80a–28, 80a–31, 80a–32, 80a–35, 80a–42, 80a–43, 80b–2, 80b–3, and 80b–5 of this title, and enacting provisions set out as notes under sections 77c and 80a–2 of this title] may be cited as the ‘Investment Company amendments Act of 1970’.”" ;
fro-usc:hasReferenceText "/us/pl/91/547" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–6a" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This Act [see Short Title note set out under ], except that— ] shall take effect on the date of its enactment [" ;
fro-usc:hasReferenceText "/us/pl/91/547" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Any company defined in section 80a–2(a)(48)(A) and (B) of this title may elect to be subject to the provisions of sections 80a–54 through 80a–64 of this title by filing with the Commission a notification of election, if such company—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for a business development company to acquire any assets (other than those described in paragraphs (1) through (7) of this subsection) unless, at the time the acquisition is made, assets described in paragraphs (1) through (6) below represent at least 70 per centum of the value of its total assets (other than assets described in paragraph (7) below):" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "securities purchased, in transactions not involving any public offering or in such other transactions as the Commission may, by rule, prescribe if it finds that enforcement of this subchapter and of the Securities Act of 1933 [ 15 U.S.C. 77a et seq.] with respect to such transactions is not necessary in the public interest or for the protection of investors by reason of the small amount, or the limited nature of the public offering, involved in such transactions—" ;
fro-usc:hasReferenceText "/us/usc/t15/s77a" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "from the issuer of such securities, which issuer is described in section 80a–2(a)(46)(A) and (B) of this title but is not an eligible portfolio company because it has issued a class of securities with respect to which a member of a national securities exchange, broker, or dealer may extend or maintain credit to or for a customer pursuant to rules or regulations adopted by the Board of Governors of the Federal Reserve System under section 78g of this title , or from any person who is an officer or employee of such issuer, if—" ;
fro-usc:hasReferenceText "/us/usc/t15/s78g" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "at the time of the purchase, the business development company owns at least 50 per centum of—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 3 ;
fro-usc:hasContinuationText " held by such business development company at any point in time during the period when such issuer was an eligible portfolio company, except that options, warrants, and similar securities which have by their terms expired and debt securities which have been converted, or repaid or prepaid in the ordinary course of business or incident to a public offering of securities of such issuer, shall not be considered to have been held by such business development company for purposes of this requirement; and" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "securities purchased in transactions not involving any public offering from an issuer described in sections 80a–2(a)(46)(A) and (B) of this title or from a person who is, or who within the preceding thirteen months has been, an affiliated person of such issuer, or from any person in transactions incident thereto, if such securities were—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subsections (a) and (d) of this section, any director, officer, or employee of, or general partner in, a business development company may—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "borrow money from such business development company for the purpose of purchasing securities issued by such company pursuant to an executive compensation plan, if each such loan—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any person described in subsection ( l )—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "acting as broker, in connection with the sale of securities to or by the business development company or any controlled company thereof, to receive from any source a commission, fee, or other remuneration for effecting such transaction which exceeds—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "unless the Commission, by rules and regulations or order in the public interest and consistent with the protection of investors, permits a larger commission." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of subsection (k) of this section shall apply to the following persons:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Notwithstanding subsection (a)(4) of this section, a business development company may establish and maintain a profit-sharing plan for its directors, officers, employees, and general partners and such directors, officers, employees, and general partners may participate in such profit-sharing plan, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any person who is related to a business development company in a manner described in subsection (b) of this section, acting as principal—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of subsection (a) of this section shall apply to the following persons:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding paragraphs (1), (2), and (3) of subsection (a), any person may file with the Commission an application for an order exempting a proposed transaction of the applicant from one or more provisions of such paragraphs. The Commission shall grant such application and issue such order of exemption if evidence establishes that—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "It shall be unlawful for any person who is related to a business development company in the manner described in subsection (e) of this section and who is not subject to the prohibitions of subsection (a) of this section, acting as principal—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of subsection (d) of this section shall apply to the following persons:" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "For purposes of this subsection, the term “executive officer” means the president, secretary, treasurer, any vice president in charge of a principal business function, and any other person who performs similar policymaking functions." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subsection (d) of this section, a person described in subsection (e) may engage in a proposed transaction described in subsection (d) if such proposed transaction is approved by the required majority (as defined in subsection ( o )) of the directors of or general partners in the business development company on the basis that—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "For the purposes of this subchapter, investment companies are divided into three principal classes, defined as follows:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding the exemption set forth in section 80a–6(f) of this title , section 80a–18 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except as follows:" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–18" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–6/f" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb983-0c74-11e6-aa53-e455a13f2ad9 ;
fro-usc:refers_toLevel usc-t15-ch2D:idd045e5ba-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Notwithstanding section 80a–18(d) of this title —" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–18/d" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "a business development company may issue warrants, options, or rights to subscribe or convert to voting securities of such company, accompanied by securities, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "a business development company may issue, to its directors, officers, employees, and general partners, warrants, options, and rights to purchase voting securities of such company pursuant to an executive compensation plan, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "a business development company may issue warrants, options, or rights to subscribe to, convert to, or purchase voting securities not accompanied by securities, if—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "Notwithstanding this paragraph, the amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights at the time of issuance shall not exceed 25 per centum of the outstanding voting securities of the business development company, except that if the amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights issued to such company’s directors, officers, employees, and general partners pursuant to any executive compensation plan meeting the requirements of subparagraph (B) of this paragraph would exceed 15 per centum of the outstanding voting securities of such company, then the total amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights at the time of issuance shall not exceed 20 per centum of the outstanding voting securities of such company." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding the exemption set forth in section 80a–6(f) of this title , section 80a–21 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that nothing in that section shall be deemed to prohibit—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–21" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–6/f" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb983-0c74-11e6-aa53-e455a13f2ad9 ;
fro-usc:refers_toLevel usc-t15-ch2D:idd045e5f7-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding the exemption set forth in section 80a–6(f) of this title , section 80a–23 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except as follows:" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–23" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–6/f" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb983-0c74-11e6-aa53-e455a13f2ad9 ;
fro-usc:refers_toLevel usc-t15-ch2D:idd045e612-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Notwithstanding the provisions of section 80a–23(b) of this title , a business development company may sell any common stock of which it is the issuer at a price below the current net asset value of such stock, and may sell warrants, options, or rights to acquire any such common stock at a price below the current net asset value of such stock, if—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–23/b" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "For the purposes of this subchapter, management companies are divided into open-end and closed-end companies, defined as follows:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Management companies are further divided into diversified companies and non-diversified companies, defined as follows:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The following investment companies are exempt from the provisions of this subchapter:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "Any company that is not engaged in the business of issuing redeemable securities, the operations of which are subject to regulation by the State in which the company is organized under a statute governing entities that provide financial or managerial assistance to enterprises doing business, or proposing to do business, in that State if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "the company does not purchase any security issued by an investment company or by any company that would be an investment company except for the exclusions from the definition of the term “investment company” under paragraph (1) or (7) of section 80a–3(c) of this title , other than—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–3/c" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03c7006-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The Commission, by rules and regulations or order, shall exempt a closed-end investment company from any or all provisions of this subchapter, but subject to such terms and conditions as may be necessary or appropriate in the public interest or for the protection of investors, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Any closed-end company which—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "shall be exempt from sections 80a–1 through 80a–52 of this title, except to the extent provided in sections 80a–58 through 80a–64 of this title." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No investment company organized or otherwise created under the laws of the United States or of a State and having a board of directors, unless registered under section 80a–8 of this title , shall directly or indirectly—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–8" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb9a2-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 8 ;
fro-usc:hasContinuationText "The provisions of this subsection shall not apply to transactions of an investment company which are merely incidental to its dissolution." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No depositor or trustee of or underwriter for any investment company, organized or otherwise created under the laws of the United States or of a State and not having a board of directors, unless such company is registered under section 80a–8 of this title or exempt under section 80a–6 of this title , shall directly or indirectly—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–6" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–8" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb96a-0c74-11e6-aa53-e455a13f2ad9 ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03eb9a2-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 6 ;
fro-usc:hasContinuationText "The provisions of this subsection shall not apply to transactions which are merely incidental to the dissolution of an investment company." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the greater of (i) $100,000 for a natural person or $500,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation, if—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "Subject to the provisions of subsections (c) and (d) of section 80b–9 of this title and section 78x(c) of this title , the Commission, or any member, officer, or employee thereof, shall not make public the fact that any examination or investigation under this subchapter is being conducted, or the results of or any facts ascertained during any such examination or investigation; and no member, officer, or employee of the Commission shall disclose to any person other than a member, officer, or employee of the Commission any information obtained as a result of any such examination or investigation except with the approval of the Commission. The provisions of this subsection shall not apply—" ;
fro-usc:hasReferenceText "/us/usc/t15/s78x/c" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–9" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd058f853-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasReferenceText "/us/pl/111/203/tIX" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The study required by subsection (a) shall include an analysis of the advantages and disadvantages of further centralizing access to the information contained in the 2 systems, including—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The appropriate Federal banking agency shall provide the Commission upon request the results of any examination, reports, records, or other information to which such agency may have access—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "with respect to the investment advisory activities of any—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "that is registered under section 80b–3 of this title ; and" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasReferenceText "/us/pl/111/203/tIX" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The study required by this subsection shall examine—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "For purposes of this subsection, the term “retail customer” means a natural person, or the legal representative of such natural person, who—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The Commission shall—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The enforcement authority of the Commission with respect to violations of the standard of conduct applicable to an investment adviser shall include—" ;
.
rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "the Commission shall seek to prosecute and sanction violators of the standard of conduct applicable to an investment adviser under this subchapter to same extent as the Commission prosecutes and sanctions violators of the standard of conduct applicable to a broker or dealer providing personalized investment advice about securities to a retail customer under the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The district courts of the United States and the United States courts of any Territory shall have jurisdiction of an action or proceeding brought or instituted by the Commission or the United States alleging a violation of section 80b–6 of this title involving—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–6" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd0568738-0c74-11e6-aa53-e455a13f2ad9 ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-leg-ref:refers_toNote usc-t15-ch2D:fn002115 ;
fro-usc:hasChapeauText "Upon the basis of facts disclosed by the record and report of the Securities and Exchange Commission made pursuant to section 79z–4 1 of this title, and facts otherwise disclosed and ascertained, it is found that investment advisers are of national concern, in that, among other things—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "The provisions of section 78d(b) of this title shall be applicable with respect to the power of the Commission—" ;
fro-usc:hasReferenceText "/us/usc/t15/s78d/b" ;
.
rdf:type fro-usc:USC_Chapeau ;
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fro-usc:hasChapeauText "No State may enforce any law or regulation that would require an investment adviser to maintain any books or records in addition to those required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No State may enforce any law or regulation that would require an investment adviser to maintain a higher minimum net capital or to post any bond in addition to any that is required under the laws of the State in which it maintains its principal office and place of business, if the investment adviser—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "No law of any State or political subdivision thereof requiring the registration, licensing, or qualification as an investment adviser shall require an investment adviser to register with the securities commissioner of the State (or any agency or officer performing like functions) or to comply with such law (other than any provision thereof prohibiting fraudulent conduct) if the investment adviser—" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This title [enacting sections 80b–18b and 80b–18c of this title, amending sections 80b–2, 80b–3, 80b–3a, 80b–4, 80b–5, 80b–10, and 80b–11 of this title, and enacting provisions set out as notes under sections 77b and 80b–2 of this title] may be cited as the ‘Private Fund Investment Advisers Registration Act of 2010’.”" ;
fro-usc:hasReferenceText "/us/pl/111/203/tIV" ;
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rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This title [enacting section 80b–3a of this title , amending sections 80b–2, 80b–3, and 80b–18a of this title and section 1002 of Title 29 , Labor, and enacting provisions set out as notes under sections 80b–2, 80b–3a, and 80b–10 of this title and section 1002 of Title 29 ] may be cited as the ‘Investment Advisers Supervision Coordination Act’.”" ;
fro-usc:hasReferenceText "/us/pl/104/290/tIII" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–3a" ;
fro-usc:hasReferenceText "/us/usc/t29/s1002" ;
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rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 2 ;
fro-usc:hasChapeauText "When used in this subchapter, unless the context otherwise requires, the following definitions shall apply:" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "“Business development company” means any company which is a business development company as defined in section 80a–2(a)(48) of this title and which complies with section 80a–54 of this title , except that—" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–2/a/48" ;
fro-usc:hasReferenceText "/us/usc/t15/s80a–54" ;
fro-usc:refers_toLevel usc-t15-ch2D:idd03c6fda-0c74-11e6-aa53-e455a13f2ad9 ;
fro-usc:refers_toLevel usc-t15-ch2D:idd04d1198-0c74-11e6-aa53-e455a13f2ad9 ;
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rdf:type fro-usc:USC_Continuation ;
fro-leg-ref:hasSequenceNumber 5 ;
fro-usc:hasContinuationText "For purposes of this paragraph, all terms in sections 80a–2(a)(48) and 80a–54 of this title shall have the same meaning set forth in subchapter I as if such company were a registered closed-end investment company, except that the value of the assets of a business development company which is not subject to the provisions of sections 80a–54 through 80a–64 of this title shall be determined as of the date of the most recent financial statements which it furnished to all holders of its securities, and shall be determined no less frequently than annually." ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The term “separately identifiable department or division” of a bank means a unit—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "The term “foreign private adviser” means any investment adviser who—" ;
.
rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "neither—" ;
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rdf:type fro-usc:USC_Chapeau ;
fro-leg-ref:hasSequenceNumber 1 ;
fro-usc:hasChapeauText "acts as—" ;
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rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“As used in this title [enacting sections 80b–18b and 80b–18c of this title, amending this section and sections 80b–3, 80b–3a, 80b–4, 80b–5, 80b–10, and 80b–11 of this title, and enacting provisions set out as notes under this section and sections 77b and 80b–20 of this title], the terms ‘investment adviser’ and ‘private fund’ have the same meanings as in section 202 of the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–2 ], as amended by this title.”" ;
fro-usc:hasReferenceText "/us/pl/111/203/tIV" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–2" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“Except as otherwise provided in this title [enacting sections 80b–18b and 80b–18c of this title, amending this section and sections 80b–3, 80b–3a, 80b–4, 80b–5, 80b–10, and 80b–11 of this title, and enacting provisions set out as notes under this section and sections 77b and 80b–20 of this title], this title and the amendments made by this title shall become effective 1 year after the date of enactment of this Act [ July 21, 2010 ], except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.] during that 1-year period, subject to the rules of the Commission.”" ;
fro-usc:hasReferenceText "/us/pl/111/203/tIV" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–1" ;
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rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasQuotedContentText "“This title [enacting section 80b–3a of this title , amending this section, sections 80b–3 and 80b–18a of this title, and section 1002 of Title 29 , Labor, and enacting provisions set out as notes under sections 80b–3a, 80b–10, and 80b–20 of this title and section 1002 of Title 29 ] and the amendments made by this title shall take effect 270 days after the date of enactment of this Act [ Oct. 11, 1996 ].”" ;
fro-usc:hasReferenceText "/us/pl/105/8" ;
fro-usc:hasReferenceText "/us/usc/t15/s80b–3a" ;
fro-usc:hasReferenceText "/us/usc/t29/s1002" ;
.
rdf:type fro-usc:USC_QuotedContent ;
fro-usc:hasReferenceText "/us/pl/111/203/tIV" ;
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