Title 15 — Commerce and TradeRelease 119-73
§80a–59 Functions and activities of business development companies
Title 15 › Chapter CHAPTER 2D— - INVESTMENT COMPANIES AND ADVISERS › Subchapter SUBCHAPTER I— - INVESTMENT COMPANIES › § 80a–59
Summary
Business development companies must follow the same rules that apply to registered closed-end investment companies, even if another part of the law gives them an exemption. But the Securities and Exchange Commission cannot make rules about when a business development company may borrow from a bank to buy a security.
Full Legal Text
Title 15, §80a–59
Commerce and Trade — Source: USLM XML via OLRC
Notwithstanding the exemption set forth in section 80a–6(f) of this title, section 80a–12 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that the Commission shall not prescribe any rule, regulation, or order pursuant to section 80a–12(a)(1) of this title governing the circumstances in which a business development company may borrow from a bank in order to purchase any security.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–59
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73