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17 CFR §270.32a-1

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31), insofar as said paragraph requires that independent public accountants for such company be selected by a majority of certain members of the board of directors, if:
  1. (a)Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10); and
  2. (b)Such accountants are selected by a majority of all the members of the board of directors.