Title 15 — Commerce and TradeRelease 119-73
§80a–64 Preventing compliance with subchapter; liability of controlling persons
Title 15 › Chapter CHAPTER 2D— - INVESTMENT COMPANIES AND ADVISERS › Subchapter SUBCHAPTER I— - INVESTMENT COMPANIES › § 80a–64
Summary
Despite a general exemption, a business development company must follow the same rules as a registered closed-end investment company. A firm that is not an investment company only because it is wholly owned or controlled by such a company does not have to follow those extra rules.
Full Legal Text
Title 15, §80a–64
Commerce and Trade — Source: USLM XML via OLRC
Notwithstanding the exemption set forth in section 80a–6(f) of this title, section 80a–47 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 provisions of section 80a–47(a) of this title shall not be construed to require any company which is not an investment company within the meaning of section 80a–3(a) of this title to comply with the provisions of this subchapter which are applicable to a business development company solely because such company is a wholly-owned subsidiary of, or directly or indirectly controlled by, a business development company.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–64
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73