Investment Company Determination Under the 1940 Act

Exemptions and Exceptions, Third Edition

AvRobert H. Rosenblum,Benjamin D. Rosenblum

Engelska, 2026

2 424 kr

Tillfälligt slut

Beskrivning

This best-selling compendium covers every statutoryand regulatory exception and exemption from investment company registration.This updated edition is, in large part, an index of key court cases, Commissionstatements, and Staff no-action letters and other statements. The authorssummarize that material in an easy-to-read format and provide cites to therelevant authorities. This update also provides practice points and commentarythat, at times, takes issue with Commission or Staff positions.This third edition also reflects important changesto the provisions governing status issues, as well as additional updates thatinclude:Section 3(c)(1) was expanded to permit certainventure capital funds to have up to 250 beneficial owners, instead of the 100beneficial owners.The Staff has modified, and may continue tomodify, when lending businesses, including real estate lending businesses, canqualify for the exception in Section 3(c)(5).The Commission adopted a new rule to facilitatecrowd funding offerings.The Commission and the Staff have issued exemptiveorders and no action letters that have more important ramifications for certainissuers considering their investment company status.This valuable resource also examines the investmentcompany status of specific types of entities that may face unique statusissues, including certain crypto-focused companies, SPACs, real-estate lendingcompanies, commodity pools, and healthcare companies.

Produktinformation

Utgivningsdatum:2026-05-12
Mått:178 x 254 x 76 mm
Vikt:2 481 g
Format:Övrigt
Språk:Engelska
Antal sidor:1 472
Förlag:American Bar Association
ISBN:9781639055678

Utforska kategorier

Mer om författaren

Washington, D.C.

Innehållsförteckning

Part One: The Definition of an Investment CompanyChapter 1: Definition of an IssuerChapter 2: Definition of a SecurityChapter 3: Issuers Holding Themselves Out As Investment Companies – Section 3(a)(1)(A)Chapter 4: Issuers Engaged in the Business of Issuing Face-Amount Certificates of the Installment Type – Section 3(a)(1)(B)Chapter 5: Issuers Investing More Than 40 Percent of Their Assets in Investment Securities – Section 3(a)(1)(C)Part Two: Issuers Statutorily Excepted From the Definition of Investment CompanyChapter 6: Self-Determination by Issuers Engaged in a Non-investment Company Business – Section 3(b)(1)Chapter 7: Exception by Commission Order for Industrial Holding Companies – Section 3(b)(2)Chapter 8: Certain Subsidiaries of Issuers That Are Not Investment Companies Under Sections 3(b)(1) or 3(b)(2) – Section 3(b)(3)Chapter 9: Private Investment Companies – Section 3(c)(1)Chapter 10: Underwriters, Brokers, Market Makers, and Market Intermediaries – Section 3(c)(2)Chapter 11: Banks and Savings and Lending Entities – Section 3(c)(3)Chapter 12: Bank Common Trust Funds – Section 3(c)(3)Chapter 13: Insurance Companies – Section 3(c)(3)Chapter 14: Consumer Financing Agencies – Section 3(c)(4)Chapter 15: Commercial Financing and Mortgage Banking Businesses – Section 3(c)(5)Chapter 16: Bank, Insurance, and Similar Holding Companies and Diversified Operating and Holding Companies – Section 3(c)(6)Chapter 17: Qualified Purchaser Funds – Section 3(c)(7)Chapter 18: Oil and Gas Funds – Section 3(c)(9)Chapter 19: Charitable, Religious, and Similar Organizations – Section 3(c)(10)Chapter 20: Qualified Pension, Governmental, and Similar Plans – Section 3(c)(11)Chapter 21: Church Employee Pension Plans – Section 3(c)(14)Chapter 22: Public Utility Holding Companies, Voting Trusts and Security Holders’ Protective Committees – Former Section 3(c)(8), and Sections 3(c)(12) and 3(c)(13)Chapter 23: Transactions Merely Incidental to Dissolution – Sections 7(a) and 7(b)Part Three: Issuers Exempted From the Definition of Investment Company by Commission RuleChapter 24: The 45% Asset and Income Tests – Rule 3a-1Chapter 25: Transient Investment Companies – Rule 3a-2Chapter 26: Certain Investment Companies Owned by Non-Investment Companies – Rule 3a-3Chapter 27: Wrap Fee and Other Investment Advisory Programs – Rule 3a-4Chapter 28: Finance Subsidiaries – Rule 3a-5Chapter 29: Foreign Banks and Foreign Insurance Companies – Rule 3a-6Chapter 30: Issuers of Asset-Backed Securities – Rule 3a-7Chapter 31: Research and Development Companies – Rule 3a-8Chapter 32: Crowdfunding Vehicles – Rule 3a-9Part Four: Other Issuers Deemed Not to be Investment CompaniesChapter 33: Conduit Structures, Custodial Receipt Programs, Commingling Customer Assets in a Single Bank Account, and Participation Interests in a Single Bank or Insurance InstrumentChapter 34: Commodity PoolsChapter 35: Employee Benefit PlansChapter 36: Two-Tier Limited PartnershipsPart Five: Issuers Statutorily Exempted From the 1940 ActChapter 37: Exemptions for the United States, States, and Political Subdivisions – Section 2(b)Chapter 38: Companies in Reorganization – Section 6(a)(1)Chapter 39: Certain Companies Exempted by FSLIC, and Certain Subsidiaries of Face-Amount Certificate Companies – Sections 6(a)(2) and 6(a)(3)Chapter 40: Economic, Business, and Industrial Development Companies (BIDCOs) – Section 6(a)(4) and Rule 6a-5Chapter 41: Employees’ Securities Companies – Section 6(b)Chapter 42: Intrastate Closed-End Investment Companies – Section 6(d) and Rule 6d-1BibliographyTable of CasesIndexAbout the Authors