§1820a Examination of Investment Companies

Summary

Only the Securities and Exchange Commission (SEC) may inspect or examine registered investment companies, unless the company is a bank holding company or a savings and loan holding company. The SEC must give any federal banking agency, when asked, the results of its exams, reports, records, or other information about a registered investment company if the agency needs them to do its legal job. The Federal Deposit Insurance Corporation (FDIC) may still examine an affiliate of an insured bank under section 1820(b)(4) when that is needed to check the bank’s condition for insurance and to show how the affiliate affects the bank. Definitions: Bank holding company — defined in section 1841; Commission — the Securities and Exchange Commission (SEC); Corporation — the Federal Deposit Insurance Corporation (FDIC); Federal banking agency — defined in section 1813(z); Insured depository institution — defined in section 1813(c); Registered investment company — an investment company registered with the SEC under the Investment Company Act of 1940; Savings and loan holding company — defined in section 1467a(a)(1)(D).