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

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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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