17 C.F.R. PART 271—INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER
Title 17 - Commodity and Securities Exchanges
Title 17: Commodity and Securities Exchanges
PART 271—INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER
Section Contents
---------------------------------------------------------------------------------------------------------------- Release Subject No. Date Fed. Reg. Vol. and Page----------------------------------------------------------------------------------------------------------------Statement of the Commission respecting distinctions 12 Nov. 16, 1940 11 FR 10991. 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) 69 Feb. 19, 1941 Do. and 26(c).Letter of the Director of the Investment Company 71 Feb. 21, 1941 Do. Division relating to section 19 and Rule N-19-1 (17 CFR, 270.19a-1).Statement by the Commission relating to section 78 Mar. 4, 1941 Do. 23(c)(3) and Rule N-23C-1 (17 CFR, 270.23c-1).Letter of General Counsel relating to section 22(d) 87 Mar. 14, 1941 11 FR 10992.Letter of General Counsel relating to section 22(d) 89 Mar. 13, 1941 Do.Letter of General Counsel relating to section 24(b) 150 June 20, 1941 Do.Opinion of General Counsel relating to sections 167 July 23, 1941 11 FR 10993. 8(b)(1) and 13(a).Letter of General Counsel relating to section 10(a) 214 Sept. 15, 1941 11 FR 10994.Extract from letter of the Director of the 446 Feb. 5, 1943 Do. Corporation Finance Division relating to sections 20 and 34(b).Excerpts from letters of the Director of the 448 Feb. 17, 1943 Do. Corporation Finance Division relating to section 14 and Schedule 14A under Regulation X-14.Letter of the Director of the Corporation Finance 735 Jan. 3, 1945 11 FR 10995. Division relating to section 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 3187 Feb. 6, 1961 26 FR 1275. 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,'' 3480 May 22, 1962 27 FR 5190. ``Secured Funding,'' or ``Life Funding'' constitutes an investment contract and when publicly offered is required to be registered under the Securities Act of 1933.Statement of the Commission advising all registered 3542 Sept. 21, 1962 27 FR 9652. 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 3548 Oct. 3, 1962 27 FR 9987. 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.Opinion and statement of the Commission in regard 4426 Dec. 7, 1965 30 FR 15420. to proper reporting of deferred income taxes arising from installment sales.Statement of the Commission to clarify the meaning 4483 Jan. 19, 1966 31 FR 1005. of ``beneficial ownership of securities'' as relates to beneficial ownership of securities held by family members.Statement of the Commission setting the date of May 4516 Feb. 14, 1966 31 FR 3175. 1, 1966 after which filings must reflect beneficial ownership of securities held by family members.Staff interpretative and no-action positions 5510 Oct. 8, 1968 33 FR 15650. relating to property rights of an investment 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 5554 Dec. 3, 1968 33 FR 18576. Division of Corporate Regulation 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 5569 Dec. 27, 1968 34 FR 382. 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 5632 Mar. 12, 1969 34 FR 5547. procedures adopted by the Division of Corporate Regulation to expedite processing of registration statements, amendments, and proxy statements.Letter by Philip A. Loomis, Jr., General Counsel ........ Nov. 10, 1969 34 FR 18543. for the Commission, explaining obligations of mutual fund managements and brokers with respect to commissions on portfolio brokerage of mutual funds.Commission's statement discussing restricted 5847 Oct. 21, 1969 35 FR 19989. securities.Commission's statement that disclosure requirements 6026 Apr. 13, 1970 35 FR 19991. 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 6082 June 23, 1970 36 FR 12103. applicability of Federal securities law to offer and sale outside the U.S. of shares of registered open-end investment companies.Statement of the Commission reminding reporting 6209 Oct. 15, 1970 35 FR 16733. companies of obligation re Commission's rules to file reports on a timely basis.Commission's views relating to important questions 6295 Dec. 23, 1970 35 FR 19986. re the accounting by registered investment companies for investment securities in their financial statements and in the periodic computations of net asset value for the purpose of pricing their shares.Publication of the Commission's procedure to be 6330 Jan. 25, 1971 36 FR 2600. followed if 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 6336 Feb. 2, 1971 36 FR 2867. alerting registered companies, 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 considered in connection with 1971 annual meetings.The Commission's views on the purchase, redemption, 6366 Mar. 5, 1971 36 FR 4978. or repurchase of fund shares.Second in a series of statements by the Commission 6392 Mar. 19, 1971 36 FR 5840. 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 certificates to take certain actions.Third in a series of statements by the Commission 6430 Apr. 2, 1971 36 FR 7897. 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 6440 Apr. 6, 1971 36 FR 8729. 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 6506 May 5, 1971 36 FR 9130. Pub. L. 91-547 concerning 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.Commission's interpretative position relating to 6480 May 10, 1971 36 FR 9627. judiciary duty of Directors of a Registered Investment Company.Commission's issuance of guidelines for additional 6568 June 11, 1971 36 FR 12164. disclosures for contractual 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 6863 Jan. 29, 1972 37 FR 1474. accounts established by investment companies having bank custodians.Commission endorses the establishment by all 7091 Apr. 5, 1972 37 FR 6850. publicly held companies of audit committees composed of outside directors.Commission's statement of factors to be considered 7113 Apr. 19, 1972 37 FR 7690. in connection with investment company advisory contracts containing incentive arrangements.Applicability of Commission's policy statement on 7170 May 18, 1972 37 FR 9988. the future structure of securities markets to selection of brokers and payment of commissions by institutional managers.Commission's statement and policy on misleading pro 7204 June 9, 1972 37 FR 11559. rata stock distributions to shareholders.Commission's guidelines prepared by the Division of 7220 June 9, 1972 37 FR 12790. 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 7221 June 9, 1972 37 FR 12790. Corporate Regulation for use in preparation and filing of registration statements for both open- end and closed-end management investment companies on Form N-8B-1.Commission's guidelines on independence of 7264 July 5, 1972 37 FR 14294. certifying accountants; example cases and Commission's conclusions.Commission's decisions on advisory committee 7390 Mar. 1, 1973 38 FR 5457. recommendations regarding commencement of enforcement proceedings and termination of staff investigations.Commission's interpretation of risk-sharing in 7395 Oct. 5, 1972 37 FR 20937. pooling-of-interest accounting.Amendment of previous interpretation (AS-130) of 7606 Jan. 18, 1973 38 FR 1734. risk-sharing test in pooling-of-interest accounting.Commission expresses concern with failure of 7856 July 10, 1973 38 FR 18366. issuers to timely file periodic and current reports.Commission's conclusion as to certain problems 7955 Sept. 10, 1973 38 FR 24635. relating to the effect of treasury stock transaction on accounting for business combinations.Commission request for comments on Accounting 8025 Oct. 17, 1973 38 FR 28819. Series Release No. 146.Commission's statement on procedure to be followed 8236 Mar. 7, 1974 39 FR 8916. upon issuance of a notice pursuant to Rule 0-5.Commission's statement of policy and 7955A Apr. 12, 1974 39 FR 14588. interpretations.Commission's views on business combinations 8410 July 3, 1974 39 FR 26719. involving open-end investment companies.Commission's guidelines for filings related to 8433 July 22, 1974 39 FR 28520. extractive reserves and natural gas supplies.Commission's statement on two-tier real estate 8456 Sept. 5, 1974 39 FR 32129. investment companies.Division of Investment Management Regulation 8752 Apr. 24, 1975 40 FR 17986. Interpretive Position Relating to Rule 22c-1.Commission's guidelines in Accounting Series 8819 June 13, 1975 40 FR 27441. Release No. 148.Commission's guidelines for filing of application 8959 Oct. 2, 1975 40 FR 45424. for Order permitting registration of foreign investment companies.Commission's statements of investment policies of 9011 Oct. 30, 1975 40 FR 54241. money market funds relating to industry concentration.Procedures for filing and processing registration 9426 Sept. 13, 1976 41 FR 39012. statements and post-effective amendments filed by 41 FR 46851. registered investment companies.Valuation of debt instruments by money market funds 9786 May 31, 1977 42 FR 28999. and certain other open end investment companies.Rescission of certain accounting series releases... 9817 June 15, 1977 42 FR 33282.Withdrawal of undertaking required of investment 9889 Aug. 12, 1977 42 FR 42196. companies.Disclosure of management remuneration.............. 9900 Aug. 18, 1977 42 FR 43058; 42 FR 46047.Bearing of distribution expenses by mutual funds... 9915 Aug. 31, 1977 42 FR 44810.Division of investment management interpretative 9932 Sept. 15, 1977 42 FR 47553. position relating to rights offerings by closed- end investment companies below net asset value.Disclosure of management remuneration.............. 10112 Feb. 6, 1978 43 FR 6060.Sales load variation in special offerings to permit 10419 Oct. 4, 1978 43 FR 47492; mutual fund shareholders to purchase additional 43 FR 52022. shares.Disclosure of management remuneration.............. 10597 Feb. 22, 1979 44 FR 16368.General statement of policy regarding exemptive 10653 Apr. 5, 1979 44 FR 21629. provisions relating to annuity and insurance contracts.General statement of policy regarding securities 10666 Apr. 18, 1979 44 FR 25128. trading practices of registered investment companies.Shareholder communications, shareholder 10860 Sept. 6, 1979 44 FR 53426. participation in the corporate electoral process and corporate governance generally.Statement of staff position on pooled income funds. 11016 Jan. 10, 1980 45 FR 3258.Effect of credit controls on the operations of 11088 Mar. 14, 1980 45 FR 17954. certain registered investment companies including money market refunds.Effective of the termination of credit controls on 11263 July 21, 1980 45 FR 49917. the operations of certain registered investment companies including money market funds.Indemnification by investment companies............ 11330 Sept. 4, 1980 45 FR 62423; 45 FR 67082.Issuance of ``Retail Repurchase Agreements'' by 11958 Sept. 25, 1981 46 FR 48637. banks and savings and loan associations.Effect of revenue ruling 81-225 on issuers and 11960 Sept. 28, 1981 46 FR 48640. holders of certain variable annuity contracts.Disclosure of management remuneration.............. 12070 Dec. 3, 1981 46 FR 60421.Statement of staff position on adoption of 12274 Mar. 5, 1982 47 FR 10518. permanent notification forms for business development companies.Statement of staff position regarding securities 13005 Feb. 2, 1983 48 FR 5894. trading practices of registered investment companies.Public statements by corporate representatives..... 13718 Jan. 13, 1984 49 FR 2469.Statement of position of Commission's Division of 14492 Apr. 30, 1985 50 FR 19339. Investment Management.Statement of the Commission Regarding Disclosure 16509 Aug. 1, 1988 53 FR 29228. Obligations of Companies Affected by the Government's Defense Contract Procurement Inquiry and Related Issues.Management's discussion and analysis of financial 16961 May 18, 1989 54 FR 22427. condition and results of operations; certain investment company disclosure.Status under the Investment Company Act of 1940 of 17681 Aug. 17, 1990 55 FR 34551. United States Branches or Agencies of Foreign Banks Issuing Securities;Interpretive Release.Ownership reports and trading by officers, 18114 Apr. 26, 1991 56 FR 19928. directors and principal security holders.Use of electronic media for delivery purposes...... 21399 Oct. 6, 1995 60 FR 53467.Use of electronic media for delivery purposes...... 21945 May 9, 1996 60 FR 24651.Statement of the Commission Regarding Use of 23071 Mar. 23, 1998 63 FR 14813 Internet Web Sites to Offer Securities, Solicit Securities Transactions or Advertise Investment Services Offshore.Statement of the Commission Regarding Disclosure of 23366 July 29, 1998 63 FR 41404. Year 2000 Issues and Consequences by Public Companies, Investment Advisers, Investment Companies, and Municipal Securities Issuers.Interpretive Matters Concerning Independent 24083 Oct. 14, 1999 64 FR 59877. Directors of Investment Companies..Use of electronic media............................ 24426 Apr. 28, 2000 65 FR 25857.Commission Guidance on Mini-Tender Offers and 24564 July 24, 2000 65 FR 46588. Limited Partnership Tender Offers.Exemption From Section 101(c)(1) of the Electronic 24582 July 27, 2000 65 FR 47284. Signatures in Global and National Commerce Act for Registered Investment Companies.Application of the Electronic Signatures in Global 25003 June 14, 2001 66 FR 33176. and National Commerce Act to Record Retention Requirements Pertaining to Issuers.Commission Guidance Regarding Prohibited Conduct in 26828 April 7, 2005 70 FR 19672. Connection with IPO Allocations.Commission Guidance Regarding Accounting for Sales 27178 December 5, 70 FR 73345 of Vaccines and Bioterror Countermeasures to the 2005 Federal Government for Placement Into the Pediatric Vaccine Stockpile or the Strategic National Stockpile.----------------------------------------------------------------------------------------------------------------
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