StacksVerified U.S. regulatory reference

17 CFR §270.32a-4

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
A registered management investment company or a registered face-amount certificate company is exempt from the requirement of section 32(a)(2) of the Act (15 U.S.C. 80a-32(a)(2)) that the selection of the company's independent public accountant be submitted for ratification or rejection at the next succeeding annual meeting of shareholders, if:
  1. (a)The company's board of directors has established a committee, composed solely of directors who are not interested persons of the company, that has responsibility for overseeing the fund's accounting and auditing processes (“audit committee”);
  2. (b)The company's board of directors has adopted a charter for the audit committee setting forth the committee's structure, duties, powers, and methods of operation or set forth such provisions in the fund's charter or bylaws; and
  3. (c)The company maintains and preserves permanently in an easily accessible place a copy of the audit committee's charter and any modification to the charter.