17 CFR Part 271
INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER
April 15, 2021
PART 271—INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER
Authority: 15 U.S.C. 80a et seq.
Open Table
| Subject | Release No. | Date | Fed. Reg. Vol. and Page |
|---|---|---|---|
| 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 | 12 | Nov. 16, 1940 | 11 FR 10991. |
| Letter of General Counsel relating to sections(b) and 26(c) | 69 | Feb. 19, 1941 | Do. |
| Letter of the Director of the Investment Company Division relating to section 19 and Rule N-19-1 (17 CFR, 270.19a-1) | 71 | Feb. 21, 1941 | Do. |
| Statement by the Commission relating to section 23(c)(3) and Rule N-23C-1 (17 CFR, 270.23c-1) | 78 | Mar. 4, 1941 | Do. |
| 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 8(b)(1) and 13(a) | 167 | July 23, 1941 | 11 FR 10993. |
| Letter of General Counsel relating to section 10(a) | 214 | Sept. 15, 1941 | 11 FR 10994. |
| Extract from letter of the Director of the Corporation Finance Division relating to sections 20 and 34(b) | 446 | Feb. 5, 1943 | Do. |
| Excerpts from letters of the Director of the Corporation Finance Division relating to section 14 and Schedule 14A under Regulation X-14 | 448 | Feb. 17, 1943 | Do. |
| Letter of the Director of the Corporation Finance 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) | 735 | Jan. 3, 1945 | 11 FR 10995. |
| 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 | 3187 | Feb. 6, 1961 | 26 FR 1275. |
| Opinion of the Commission that “Equity Funding,” “Secured Funding,” or “Life Funding” constitutes an investment contract and when publicly offered is required to be registered under the Securities Act of 1933 | 3480 | May 22, 1962 | 27 FR 5190. |
| 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 | 3542 | Sept. 21, 1962 | 27 FR 9652. |
| 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 | 3548 | Oct. 3, 1962 | 27 FR 9987. |
| Opinion and statement of the Commission in regard to proper reporting of deferred income taxes arising from installment sales | 4426 | Dec. 7, 1965 | 30 FR 15420. |
| Statement of the Commission to clarify the meaning of “beneficial ownership of securities” as relates to beneficial ownership of securities held by family members | 4483 | Jan. 19, 1966 | 31 FR 1005. |
| Statement of the Commission setting the date of May 1, 1966 after which filings must reflect beneficial ownership of securities held by family members | 4516 | Feb. 14, 1966 | 31 FR 3175. |
| Staff interpretative and no-action positions 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 | 5510 | Oct. 8, 1968 | 33 FR 15650. |
| Statement of the Director of the Commission's 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” | 5554 | Dec. 3, 1968 | 33 FR 18576. |
| 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 | 5569 | Dec. 27, 1968 | 34 FR 382. |
| Statement of the Commission setting forth emergency procedures adopted by the Division of Corporate Regulation to expedite processing of registration statements, amendments, and proxy statements | 5632 | Mar. 12, 1969 | 34 FR 5547. |
| Letter by Philip A. Loomis, Jr., General Counsel for the Commission, explaining obligations of mutual fund managements and brokers with respect to commissions on portfolio brokerage of mutual funds | Nov. 10, 1969 | 34 FR 18543. | |
| Commission's statement discussing restricted securities | 5847 | Oct. 21, 1969 | 35 FR 19989. |
| 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 | 6026 | Apr. 13, 1970 | 35 FR 19991. |
| Publication of the Commission's guidelines re applicability of Federal securities law to offer and sale outside the U.S. of shares of registered open-end investment companies | 6082 | June 23, 1970 | 36 FR 12103. |
| Statement of the Commission reminding reporting companies of obligation re Commission's rules to file reports on a timely basis | 6209 | Oct. 15, 1970 | 35 FR 16733. |
| Commission's views relating to important questions 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 | 6295 | Dec. 23, 1970 | 35 FR 19986. |
| Publication of the Commission's procedure to be followed if requests are to be met for no action or interpretative letters and responses thereto to be made available for public use | 6330 | Jan. 25, 1971 | 36 FR 2600. |
| First in a series of statements by the Commission 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 | 6336 | Feb. 2, 1971 | 36 FR 2867. |
| The Commission's views on the purchase, redemption, or repurchase of fund shares | 6366 | Mar. 5, 1971 | 36 FR 4978. |
| 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 certificates to take certain actions | 6392 | Mar. 19, 1971 | 36 FR 5840. |
| 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 | 6430 | Apr. 2, 1971 | 36 FR 7897. |
| 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 | 6440 | Apr. 6, 1971 | 36 FR 8729. |
| Commission's statement on amendments contained in 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 | 6506 | May 5, 1971 | 36 FR 9130. |
| Commission's interpretative position relating to judiciary duty of Directors of a Registered Investment Company | 6480 | May 10, 1971 | 36 FR 9627. |
| Commission's issuance of guidelines for additional disclosures for contractual plan prospectuses concerning new refund and election provisions of the Investment Company Amendments Act of 1970 (Pub. L. 91-547) | 6568 | June 11, 1971 | 36 FR 12164. |
| Commission's guidelines relating to checking accounts established by investment companies having bank custodians | 6863 | Jan. 29, 1972 | 37 FR 1474. |
| Commission endorses the establishment by all publicly held companies of audit committees composed of outside directors | 7091 | Apr. 5, 1972 | 37 FR 6850. |
| Commission's statement of factors to be considered in connection with investment company advisory contracts containing incentive arrangements | 7113 | Apr. 19, 1972 | 37 FR 7690. |
| Applicability of Commission's policy statement on the future structure of securities markets to selection of brokers and payment of commissions by institutional managers | 7170 | May 18, 1972 | 37 FR 9988. |
| Commission's statement and policy on misleading pro rata stock distributions to shareholders | 7204 | June 9, 1972 | 37 FR 11559. |
| 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 | 7220 | June 9, 1972 | 37 FR 12790. |
| 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-8B-1 | 7221 | June 9, 1972 | 37 FR 12790. |
| Commission's guidelines on independence of certifying accountants; example cases and Commission's conclusions | 7264 | July 5, 1972 | 37 FR 14294. |
| Commission's decisions on advisory committee recommendations regarding commencement of enforcement proceedings and termination of staff investigations | 7390 | Mar. 1, 1973 | 38 FR 5457. |
| Commission's interpretation of risk-sharing in pooling-of-interest accounting | 7395 | Oct. 5, 1972 | 37 FR 20937. |
| Amendment of previous interpretation (AS-130) of risk-sharing test in pooling-of-interest accounting | 7606 | Jan. 18, 1973 | 38 FR 1734. |
| Commission expresses concern with failure of issuers to timely file periodic and current reports | 7856 | July 10, 1973 | 38 FR 18366. |
| Commission's conclusion as to certain problems relating to the effect of treasury stock transaction on accounting for business combinations | 7955 | Sept. 10, 1973 | 38 FR 24635. |
| Commission request for comments on Accounting Series Release No. 146 | 8025 | Oct. 17, 1973 | 38 FR 28819. |
| Commission's statement on procedure to be followed upon issuance of a notice pursuant to Rule 0-5 | 8236 | Mar. 7, 1974 | 39 FR 8916. |
| Commission's statement of policy and interpretations | 7955A | Apr. 12, 1974 | 39 FR 14588. |
| Commission's views on business combinations involving open-end investment companies | 8410 | July 3, 1974 | 39 FR 26719. |
| Commission's guidelines for filings related to extractive reserves and natural gas supplies | 8433 | July 22, 1974 | 39 FR 28520. |
| Commission's statement on two-tier real estate investment companies | 8456 | Sept. 5, 1974 | 39 FR 32129. |
| Division of Investment Management Regulation Interpretive Position Relating to Rule 22c-1 | 8752 | Apr. 24, 1975 | 40 FR 17986. |
| Commission's guidelines in Accounting Series Release No. 148 | 8819 | June 13, 1975 | 40 FR 27441. |
| Commission's guidelines for filing of application for Order permitting registration of foreign investment companies | 8959 | Oct. 2, 1975 | 40 FR 45424. |
| Commission's statements of investment policies of money market funds relating to industry concentration | 9011 | Oct. 30, 1975 | 40 FR 54241. |
| Procedures for filing and processing registration statements and post-effective amendments filed by registered investment companies | 9426 | Sept. 13, 1976 | 41 FR 39012. 41 FR 46851. |
| Valuation of debt instruments by money market funds and certain other open end investment companies | 9786 | May 31, 1977 | 42 FR 28999. |
| Rescission of certain accounting series releases | 9817 | June 15, 1977 | 42 FR 33282. |
| Withdrawal of undertaking required of investment companies | 9889 | Aug. 12, 1977 | 42 FR 42196. |
| 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 position relating to rights offerings by closed-end investment companies below net asset value | 9932 | Sept. 15, 1977 | 42 FR 47553. |
| Disclosure of management remuneration | 10112 | Feb. 6, 1978 | 43 FR 6060. |
| Sales load variation in special offerings to permit mutual fund shareholders to purchase additional shares | 10419 | Oct. 4, 1978 | 43 FR 47492; 43 FR 52022. |
| Disclosure of management remuneration | 10597 | Feb. 22, 1979 | 44 FR 16368. |
| General statement of policy regarding exemptive provisions relating to annuity and insurance contracts | 10653 | Apr. 5, 1979 | 44 FR 21629. |
| General statement of policy regarding securities trading practices of registered investment companies | 10666 | Apr. 18, 1979 | 44 FR 25128. |
| Shareholder communications, shareholder participation in the corporate electoral process and corporate governance generally | 10860 | Sept. 6, 1979 | 44 FR 53426. |
| Statement of staff position on pooled income funds | 11016 | Jan. 10, 1980 | 45 FR 3258. |
| Effect of credit controls on the operations of certain registered investment companies including money market refunds | 11088 | Mar. 14, 1980 | 45 FR 17954. |
| Effective of the termination of credit controls on the operations of certain registered investment companies including money market funds | 11263 | July 21, 1980 | 45 FR 49917. |
| Indemnification by investment companies | 11330 | Sept. 4, 1980 | 45 FR 62423; 45 FR 67082. |
| Issuance of “Retail Repurchase Agreements” by banks and savings and loan associations | 11958 | Sept. 25, 1981 | 46 FR 48637. |
| Effect of revenue ruling 81-225 on issuers and holders of certain variable annuity contracts | 11960 | Sept. 28, 1981 | 46 FR 48640. |
| Disclosure of management remuneration | 12070 | Dec. 3, 1981 | 46 FR 60421. |
| Statement of staff position on adoption of permanent notification forms for business development companies | 12274 | Mar. 5, 1982 | 47 FR 10518. |
| Statement of staff position regarding securities trading practices of registered investment companies | 13005 | Feb. 2, 1983 | 48 FR 5894. |
| Public statements by corporate representatives | 13718 | Jan. 13, 1984 | 49 FR 2469. |
| Statement of position of Commission's Division of Investment Management | 14492 | Apr. 30, 1985 | 50 FR 19339. |
| Statement of the Commission Regarding Disclosure Obligations of Companies Affected by the Government's Defense Contract Procurement Inquiry and Related Issues | 16509 | Aug. 1, 1988 | 53 FR 29228. |
| Management's discussion and analysis of financial condition and results of operations; certain investment company disclosure | 16961 | May 18, 1989 | 54 FR 22427. |
| Status under the Investment Company Act of 1940 of United States Branches or Agencies of Foreign Banks Issuing Securities;Interpretive Release | 17681 | Aug. 17, 1990 | 55 FR 34551. |
| Ownership reports and trading by officers, directors and principal security holders | 18114 | Apr. 26, 1991 | 56 FR 19928. |
| 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 Internet Web Sites to Offer Securities, Solicit Securities Transactions or Advertise Investment Services Offshore | 23071 | Mar. 23, 1998 | 63 FR 14813 |
| Statement of the Commission Regarding Disclosure of Year 2000 Issues and Consequences by Public Companies, Investment Advisers, Investment Companies, and Municipal Securities Issuers | 23366 | July 29, 1998 | 63 FR 41404. |
| Interpretive Matters Concerning Independent Directors of Investment Companies. | 24083 | Oct. 14, 1999 | 64 FR 59877. |
| Use of electronic media | 24426 | Apr. 28, 2000 | 65 FR 25857. |
| Commission Guidance on Mini-Tender Offers and Limited Partnership Tender Offers | 24564 | July 24, 2000 | 65 FR 46588. |
| Exemption From Section 101(c)(1) of the Electronic Signatures in Global and National Commerce Act for Registered Investment Companies | 24582 | July 27, 2000 | 65 FR 47284. |
| Application of the Electronic Signatures in Global and National Commerce Act to Record Retention Requirements Pertaining to Issuers | 25003 | June 14, 2001 | 66 FR 33176. |
| Commission Guidance Regarding Prohibited Conduct in Connection with IPO Allocations | 26828 | April 7, 2005 | 70 FR 19672. |
| Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement Into the Pediatric Vaccine Stockpile or the Strategic National Stockpile | 27178 | December 5, 2005 | 70 FR 73345 |
| Commission Guidance on the Use of Company Web Sites | 28351 | August 1, 2008 | 73 FR 45874 |
| Commission Guidance Regarding the Definition of the Terms “Spouse” and “Marriage” Following the Supreme Court's Decision in United States v. Windsor | IC-31684 | June 19, 2015 | 80 FR 37537 |
| Commission Guidance Regarding Revenue Recognition for Bill-and-Hold Arrangements | IC-32784 | Aug. 18, 2017 | 82 FR 41148 |
| Updates to Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile | IC-32785 | Aug. 18, 2017 | 82 FR 41151 |
| Commission Guidance Regarding the Proxy Voting Responsibilities of Investment Advisers | IC-33605 | Aug. 21, 2019 | 84 FR 47426 |
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