17 C.F.R. § 270.3a-3

Current through October 31, 2024

Section 270.3a-3 - Certain investment companies owned by companies which are not investment companies

Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C) ), an issuer will be deemed not to be an investment company for purposes of the Act; Provided, That all of the outstanding securities of the issuer (other than short-term paper, directors' qualifying shares, and debt securities owned by the Small Business Administration) are directly or indirectly owned by a company which satisfies the conditions of § 270.3a-1(a) and which is:

(a) A company that is not an investment company as defined in section 3(a) of the Act;

(b) A company that is an investment company as defined in section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(C) ), but which is excluded from the definition of the term "investment company" by section 3(b)(1) or 3(b)(2) of the Act (15 U.S.C. 80a-3(b)(1) or 80a-3(b)(2) ) ; or

(c) A company that is deemed not to be an investment company for purposes of the Act by rule 3a-1.

17 C.F.R. §270.3a-3

46 FR 6884, Jan. 22, 1981, as amended at 67 FR 43536 , June 28, 2002