Title 15, Commerce and TradeRelease 119-102
§687d Conflicts of Interest
Title 15 › CHAPTER 14B — SMALL BUSINESS INVESTMENT PROGRAM › SUBCHAPTER III — INVESTMENT DIVISION PROGRAMS › Part A — Small Business Investment Companies › § 687d
Summary
Administration must issue rules to prevent conflicts that could harm small businesses, SBICs, owners, or chapter’s purposes. Rules cover transactions with insiders (officers, directors, shareholders, partners, members) or any person or firm they have a direct or indirect interest in, and require public disclosure.
Full Legal Text
Title 15, §687d
Commerce and Trade, Source: USLM XML via OLRC
For the purpose of controlling conflicts of interest which may be detrimental to small business concerns, to small business investment companies, to the shareholders, partners, or members of either, or to the purposes of this chapter, the Administration shall adopt regulations to govern transactions with any officer, director, shareholder, partner, or member of any small business investment company, or with any person or concern, in which any interest, direct or indirect, financial or otherwise, is held by any officer, director, shareholder, partner, or member of (1) any small business investment company, or (2) any person or concern with an interest, direct or indirect, financial or otherwise, in any small business investment company. Such regulations shall include appropriate requirements for public disclosure necessary to the purposes of this section.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
For definition of “this chapter”, referred to in text, see
References in Text
note set out under section 661 of this title.
Amendments
2001—Pub. L. 107–100 struck out “(including disclosure in the locality most directly affected by the transaction)” after “public disclosure”. 1996—Pub. L. 104–208, § 208(h)(1)(D), substituted “shareholders, partners, or members” for “shareholders or partners” and substituted “shareholder, partner, or member” for “shareholder, or partner” in two places. 1976—Pub. L. 94–305, § 106(f)(2), which directed the substitution of “shareholder, or partner” for “or shareholders” wherever appearing, was executed by making the substitution for “or shareholder” in two places to reflect the probable intent of Congress. Pub. L. 94–305, § 106(f)(1), inserted “or partners” after “to the shareholders”.
Reference
Citations & Metadata
Citation
15 U.S.C. § 687d
Title 15, Commerce and Trade
Last Updated
Aug 21, 2026
Release point: 119-102