17 C.F.R. § 270.32a-1

Current through May 31, 2024

Section 270.32a-1 - Exemption of certain companies from affiliation provisions of section 32(a)

A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31 ), insofar as said paragraph requires that independent public accountants for such company be selected by a majority of certain members of the board of directors, if:

(a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10 ) ; and

(b) Such accountants are selected by a majority of all the members of the board of directors.

17 C.F.R. §270.32a-1

Rule N-32A-1, 6 FR 6631, Dec. 23, 1941, as amended at 87 FR 22446, Apr. 15, 2022

As amended at 87 FR 22446, 4/15/2022