Investment Company Act Section 3 C

Section 3 c 1 exemption from definition of investment company.

Investment company act section 3 c. With certain exceptions this act requires that firms or sole practitioners compensated for advising others about securities investments must register with the sec and conform to regulations designed to protect investors. More private investment fund definition. Any issuer whose outstanding securities other than short term paper are beneficially owned by not more than one hundred persons and which is not making and does not presently propose to make a public offering of its securities.

In clause ii or iii of subparagraph a shall constitute con sent for purposes of this subparagraph. Section 1 findings and declaration of policy section 2 definitions section 3 definition of investment company section 4 classification of investment companies section 5 subclassification of management companies section 6 exemptions section 7 transactions by unregistered investment companies section 8 registration of investment companies section 9 ineligibility of. 3c7 is a segment of the investment company act of 1940 that allows private funds to sidestep some sec regulations.

3c7 is shorthand for the 3 c 7 exemption. Section 3 c 7 exemption from definition of investment company notwithstanding subsection a of section 3 of the investment company act of 1940 none of the following persons is an investment company within the meaning of this subchapter. 80a 3 c 14 as added by subsection a of this section and any offer sale or purchase thereof shall be exempt from any law of a state that requires registration or qualification of securities.

Any security issued by or any interest or participation in any church plan company or account that is excluded from the definition of an investment company under section 3 c 14 of the investment company act of 1940 15 u s c. 3c7 refers to a portion of the investment company act of 1940 that allows private funds meeting specific criteria an exemption from some securities and exchange commission sec regulation. Notwithstanding subsection a of section 3 of the investment company act of 1940 none of the following persons is an investment company within the meaning of this subchapter.

Dodd frank created a new legal definition for a private fund as pooled investment vehicles that are excluded from the definition of investment company under the investment company act of 1940 by section 3 c 1 or 3 c 7 of that act. 17 investment company act of 1940 sec.