Title 17
PART 271
Part 271 - Interpretative Releases Relating To The Investment Company Act Of 1940 And General Rules And Regulations Thereunder
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 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
- Authority: 15 U.S.C. 80a et seq.