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(2) Any performance data included in sales literature under paragraphs (b)(1)(ii) or (iii) of this section must meet the currentness requirements of paragraph (f) of $ 230.482 of this chapter.
(3) The requirements specified in paragraph (b)(1) of this section shall not apply to any quarterly, semi-annual, or annual report to shareholders under Section 30 of the Act (15 U.S.C. 80a-29) containing performance data for a period commencing no earlier than the first day of the period covered by the report; nor shall the requirements of paragraphs (e)(3)(ii), (e)(4)(ii), and (g) of $230.482 of this chapter apply to any such periodic report containing any other performance data.
NOTE: Sales literature (except that of a money market fund) containing a quotation of yield or tax equivalent yield must also contain the total return information. In the case of sales literature, the currentness provisions apply from the date of distribution and not the date of submission for publication.
(58 FR 19055, Apr. 12, 1993; 58 FR 21927, Apr. 26, 1993, as amended at 62 FR 64986, Dec. 9, 1997; 63 FR 13987, Mar. 23, 1998; 66 FR 9018, Feb. 5, 2001)
in investments in the particular industry or industries, suggested by the Fund's name; and
(ii) Either the policy described in paragraph (a)(2)(i) of this section is a fundamental policy under section 8(b)(3) of the Act (15 U.S.C. 80a-8(b)(3)), or the Fund has adopted a policy to provide the Fund's shareholders with at least 60 days prior notice of any change in the policy described in paragraph (a)(2)(i) of this section that meets the requirements of paragraph (c) of this section.
(3) Names suggesting investment in certain countries or geographic regions. A name suggesting that the Fund focuses its investments in a particular country or geographic region, unless:
(i) The Fund has adopted a policy to invest, under normal circumstances, at least 80% of the value of its Assets in investments that are tied economically to the particular country or geographic region suggested by its name;
(ii) The Fund discloses in its prospectus the specific criteria used by the Fund to select these investments, and
(iii) Either the policy described in paragraph (a)(3)(i) of this section is a fundamental policy under section 8(b)(3) of the Act (15 U.S.C. 80a-8(b)(3)), or the Fund has adopted a policy to provide the Fund's shareholders with at least 60 days prior notice of any change in the policy described in paragraph (a)(3)(i) of this section that meets the requirements of paragraph (c) of this section.
(4) Tax-exempt Funds. A name suggesting that the Fund's distributions are exempt from federal income tax or from both federal and state income tax, unless the Fund has adopted a fundamental policy under section 8(b)(3) of the Act (15 U.S.C. 80a-8(b)(3)):
(i) To invest, under normal circumstances, at least 80% of the value of its Assets in investments the income from which is exempt, as applicable, from federal income tax or from both federal and state income tax; or
(ii) To invest, under normal circumstances, its Assets so that at least 80% of the income that it distributes will be exempt, as applicable, from federal income tax or from both federal and state income tax.
$ 270.35d-1 Investment
company names. (a) For purposes of section 35(d) of the Act (15 U.S.C. 80a-34(d)), a materially deceptive and misleading name of a Fund includes:
(1) Names suggesting guarantee or approval by the United States government. A name suggesting that the Fund or the securities issued by it are guaranteed, sponsored, recommended, or approved by the United States government or any United States government agency or instrumentality, including any name that uses the words "guaranteed" or "insured" or similar terms in conjunction with the words “United States” or “U.S. government."
(2) Names suggesting investment in certain investments or industries. A name suggesting that the Fund focuses its investments in a particular type of investment or investments, or in investments in a particular industry or group of industries, unless:
(i) The Fund has adopted a policy to invest, under normal circumstances, at least 80% of the value of its Assets in the particular type of investments, or
(b) The requirements of paragraphs (a)(2) through (a)(4) of this section apply at the time a Fund invests its Assets, except that these requirements shall not apply to any unit investment trust (as defined in section 4(2) of the Act (15 U.S.C. 80a-4(2))) that has made an initial deposit of securities prior to July 31, 2002. If, subsequent to an investment, these requirements are no longer met, the Fund's future investments must be made in a manner that will bring the Fund into compliance with those paragraphs.
(c) A policy to provide a Fund's shareholders with notice of a change in a Fund's investment policy as described in paragraphs (a)(2)(ii) and (a)(3)(iii) of this section must provide that:
(1) The notice will be provided in plain English in a separate written document;
(2) The notice will contain the following prominent statement, or similar clear and understandable statement, in bold-face type: 'Important Notice Regarding Change in Investment Policy''; and
(3) The statement contained in paragraph (c)2) of this section also will appear on the envelope in which the notice is delivered or, if the notice is delivered separately from other communications to investors, that the statement will appear either on the notice or on the envelope in which the notice is delivered.
(d) For purposes of this section:
(1) Fund means a registered investment company and any series of the investment company.
(2) Assets means net assets, plus the amount of any borrowings for investment purposes. (66 FR 8518, Feb. 1, 2001; 66 FR 14828. Mar. 14, 2001]
tion 8(b) of the Act (54 Stat. 804; 15 U.S.C. 80a-8), or periodic reports filed pursuant to section 30(a) or section 30(b)(1) of the Act (54 Stat. 836; 15 U.S.C. 80a-30), shall be the subject of confidential treatment and shall not be made available to the public, except that the Commission may by order make such exhibits available to the public if, after appropriate notice and opportunity for hearing, it finds that public disclosure of such material is necessary or appropriate in the public interest or for the protection of investors.
(b) The exhibits referred to in paragraph (a) of this section shall be filed in quadruplicate with the Commission at the time the registration statement or periodic report is filed. Such exhibits shall be enclosed in a separate envelope marked “Confidential Treatment" and addressed to the Chairman, Securities and Executive Commission, Washington, DC. Confidential treatment requests shall be submitted in paper only, whether or not the registrant is required to file in electronic format. [Rule N-45A-1, 7 FR 197, Jan. 10, 1942, as amended at 20 FR 7036, Sept. 20, 1955; 58 FR 14860, Mar. 18, 1993)
$ 270.57b-1 Exemption for downstream
affiliates of business development
companies. Notwithstanding subsection (b)(2) of section 57 of the Act, the provisions of subsection (a) of that section shall not apply to any person (a) solely because that person is directly or indirectly controlled by a business development company or (b) solely because that person is, within the meaning of section 2(a)(3) (C) or (D) of the Act (15 U.S.C. 80a-2(a)(3) (C) or (D)], an affiliated person of a person described in (a) of this section.
(46 FR 16674, Mar. 13, 1981)
$ 270.45a-1 Confidential treatment of
names and addresses of dealers of registered investment company se
curities. (a) Exhibits calling for the names and addresses of dealers to or through whom principal underwriters of registered investment companies are currently offering securities and which are required to be furnished with registration statements filed pursuant to sec
$ 270.60a-1 Exemption for certain busi
ness development companies. Section 12(d)(1) (A) and (C) of the Act shall not apply to the acquisition by a business development company of the securities of a small business investment company licensed to do business under the Small Business Investment
Act of 1958 which is operated as a whol-
PART 271–INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT
COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER
Fed. Reg. Vol. and
Jan. 3, 1945
Statement of the Commission respecting distinctions between the reporting
requirements of section 16(a) of the Securities Exchange Act of 1934 and
section 30(f) of the Investment Company Act of 1940. Letter of General Counsel relating to sections(b) and 26(c) Letter of the Director of the Investment Company Division relating to section
19 and Rule N-19–1 (17 CFR, 270.19a-1).
(17 CFR, 270.23c-1).
to sections 20 and 34(b).
lating to section 14 and Schedule 14A under Regulation X-14. Letter of the Director of the Corporation Finance Division relating to section
11 FR 10995.
Feb. 6, 1961
26 FR 1275.
May 22, 1962 27 FR 5190.
Sept. 21, 1962 27 FR 9652.
20 of the Investment Company Act of 1940 and to Rule X-14A-7 under
the Securities Exchange Act of 1934 (17 CFR, 240.14a-7). Statement of the Commission on the offering of common stock to the public
at a per share price substantially in excess of the net asset value of the
stock. Opinion of the Commission that "Equity Funding," "Secured Funding," or
"Life Funding" constitutes an investment contract and when publicly of
fered is required to be registered under the Securities Act of 1933. Statement of the Commission advising all registered investment companies
to divest themselves of interest and securities acquired in contravention of the provisions of section 12(d)(3) of the Investment Company Act of 1940
within a reasonable period of time. Statement of the Commission advising any closed-end investment company
contemplating repurchase of its own shares to consult with the Division of
Corporate re nature of disclosure to be made to security holders.
deterred income taxes arising from installment sales.
of securities” as relates to beneficial ownership of securities held by family
members. Statement of the Commission setting the date of May 1, 1966 after which fil
ings must reflect beneficial ownership of securities held by family members. Staff interpretative and no-action positions relating to property rights of an in
vestment company and its investment adviser in the company's name and to the status of arrangement funding qualified Self-Employed Individual's Retirement Plans with life insurance contracts and investment company securities. The staff's comments do not purport to be an official expression
of the Commission, Statement of the Director of the Commission's Division of Corporate Regula
tion re the filing of supplements to investment company prospectuses under the Securities Act of 1933 as a result of changes in stock exchange
rules effective December 5, 1968 relating to "customer-directed give ups". Interpretative positions of the Division of Corporate Regulation on questions
relating to Rule 22c-1 which was adopted Oct. 16, 1968; text of questions
and answers. Statement of the Commission setting forth emergency procedures adopted
by the Division of Corporate Regulation to expedite processing of registra
tion statements, amendments, and proxy statements. Letter by Philip A. Loomis, Jr., General Counsel for the Commission, explain
ing obligations of mutual fund managements and brokers with respect to
commissions on portfolio brokerage of mutual funds. Commission's statement discussing restricted securities
Oct. 3, 1962 27 FR 9987.
Dec. 7, 1965 30 FR 15420.
Jan. 19, 1966 31 FR 1005.
Feb. 14, 1966 31 FR 3175.
Oct. 8, 1968 33 FR 15650.
Dec. 3, 1968 33 FR 18576.
Dec. 27, 1968 34 FR 382
Mar. 12, 1969
34 FR 5547.
Nov. 10, 1969
34 FR 18543
Oct. 21, 1969
35 FR 19989
Fed. Reg. Vol. and
Commission's statement that disclosure requirements set forth in release of
October 21, 1969 will be applied to lists of portfolio securities set forth not only in registration statements but also in reports to the Commission and
to shareholders, in sales literature and in proxy statements. Publication of the Commission's guidelines re applicability of Federal securi
ties law to offer and sale outside the U.S. of shares of registered open-end
Commission's rules to file reports on a timely basis.
istered investment companies for investment securities in their financial
pose of pricing their shares. Publication of the Commission's procedure to be followed it requests are to
be met for no action or interpretative letters and responses thereto to be
made available for public use. First in a series of statements by the Commission alerting registered compa
nies, their counsel, and other interested persons re certain changes made in the Investment Company Act of 1940 by Pub. L. 91-547 (1970 Act) such as approval of investment advisory contracts which should be consid
ered in connection with 1971 annual meetings. The Commission's views on the purchase, redemption, or repurchase of fund
shares. Second in a series of statements by the Commission calling attention to
some important provisions of Pub. L. 91-547 (1970 Act) which in this case require companies that issue periodic payment plans and face-amount cer
tificates to take certain actions. Third in a series of statements by the Commission on problems arising under
Pub. L. 91-547 (1970 Act) re registration and regulation of insurance company separate accounts used as funding vehicles for certain employee
stock bonus, pension and profit sharing plans. Publication by the Commission of certain important amendments relating to
the repeal and modification of certain exemptions by the Investment Company Amendments Act of 1970 (Pub. L. 91-547) and to the pyramiding of investment companies and the regulation of fund holding companies under
the same act. Commission's statement on amendments contained in Pub. L. 91-547 con
cerning policies of a registered investment company; ineligibility of certain persons to serve as employees of a registered company, legal standards for investment company reorganizations of unit investment trusts, and filing
of certain legal documents with the Commission.
Registered Investment Company.
plan prospectuses concerning new refund and election provisions of the
Investment Company Amendments Act of 1970 (Pub. L. 91-547). Commission's guidelines relating to checking accounts established by invest
ment companies having bank custodians. Commission endorses the establishment by all publicly held companies of
audit committees composed of outside directors. Commission's statement of factors to be considered in connection with in
vestment company advisory contracts containing incentive arrangements. Applicability of Commission's policy statement on the future structure of se
curities markets to selection of brokers and payment of commissions by in
stitutional managers. Commission's statement and policy on misleading pro rata stock distributions
to shareholders. Commission's guidelines prepared by the Division of Corporate Regulation
for use in preparing and filing registration statements for open-end and
closed-end management investment companies on Forms S-4 and S-5. Guidelines prepared by the Commission's Division of Corporate Regulation
for use in preparation and filing of registration statements for both open
end and closed-end management investment companies on Form N-88–1. Commission's guidelines on independence of certifying accountants; exam
ple cases and Commission's conclusions. Commission's decisions on advisory committee recommendations regarding
commencement of enforcement proceedings and termination of staff inves
tigations. Commission's interpretation of risk-sharing in pooling-of-interest accounting Amendment of previous interpretation (AS-130) of risk-sharing test in pool
June 11, 1971
36 FR 12164,
Jan. 29, 1972 37 FR 1474.
Apr. 5, 1972 37 FR 6850.
Apr. 19, 1972 37 FR 7690.
May 18, 1972 37 FR 9988.
June 9, 1972 | 37 FR 11559.
June 9, 1972 37 FR 12790.
June 9, 1972 37 FR 12790
July 5, 1972 37 FR 14294.
Mar. 1, 1973 38 FR 5457.
Oct. 5, 1972 37 FR 20937.
Fed. Reg. Vol. and
Commission expresses concern with failure of issuers to timely file periodic
and current reports. Commission's conclusion as to certain problems relating to the effect of
treasury stock transaction on accounting for business combinations, Commission request for comments on Accounting Series Release No. 146 ... Commission's statement on procedure to be followed upon issuance of a no
tice pursuant to Rule 0-5. Commission's statement of policy and interpretations Commission's views on business combinations involving open-end invest
ment companies. Commission's guidelines for filings related to extractive reserves and natural
gas supplies. Commission's statement on two-tier real estate investment companies Division of Investment Management Regulation Interpretive Position Relating
to Rule 22c-1. Commission's guidelines in Accounting Series Release No. 148 Commission's guidelines for filing of application for Order permitting registra
tion of foreign investment companies. Commission's statements of investment policies of money market funds re
lating to industry concentration, Procedures for filing and processing registration statements and post-effec
tive amendments filed by registered investment companies.
end investment companies.
Bearing of distribution expenses by mutual funds
Feb. 6, 1978 43 FR 6060.
43 FR 52022. Feb. 22, 1979 44 FR 16368 Apr. 5, 1979 44 FR 21629
offerings by closed-end investment companies below net asset value.
to purchase additional shares. Disclosure of management remuneration General statement of policy regarding exemptive provisions relating to annu
ity and insurance contracts. General statement of policy regarding securities trading practices of reg
istered investment companies. Shareholder communications, shareholder participation in the corporate elec
toral process and corporate governance generally. Statement of staff position on pooled income funds Ettect of credit controls on the operations of certain registered investment
companies including money market refunds. Ettective of the termination of credit controls on the operations of certain reg.
istered investment companies including money market funds. Indemnification by investment companies
Apr. 18, 1979
44 FR 25128.
Sept. 6, 1979 44 FR 53426.
Jan, 10, 1980 45 FR 3258.
July 21, 1980 45 FR 49917.
Sept. 4, 1980
45 FR 62423 45 FR 67082. 46 FR 48637.
11958 Sept. 25, 1981
11960 Sept. 28, 1981
46 FR 48640.
Dec. 3. 1981 46 FR 60421.
Feb. 2. 1983
48 FR 5894
Issuance of "Retail Repurchase Agreements" by banks and savings and
loan associations. Effect of revenue ruling 81-225 on issuers and holders of certain variable
annuity contracts. Disclosure of management remuneration Statement of staff position on adoption of permanent notification forms for
business development companies.
nies Affected by the Government's Defense Contract Procurement Inquiry
and Related issues. Management's discussion and analysis of financial condition and results of
operations; certain investment company disclosure. Status under the Investment Company Act of 1940 of United States
Branches or Agencies of Foreign Banks Issuing Securities; Interpretive Re
lease Ownership reports and trading by officers, directors and principal security
holders Use of electronic media for delivery purposes Use of electronic media for delivery purposes
Jan. 13, 1984
49 FR 2469
May 18, 1989 54 FR 22427.
Aug. 17, 1990
55 FR 34551.
Apr. 26, 1991
56 FR 19928.
Oct. 6, 1995
60 FR 53467