PRIA, Government Policy, Made Personal

Summary

Any registered investment company that is a defendant, and any related person of that company who is a defendant, in a lawsuit brought by the company or one of its shareholders on the company’s behalf against the company’s officers, directors, investment adviser, trustee, or depositor must file certain papers with the Commission unless those papers are already on file. They must send copies of court papers (like complaints, rulings, and judgments), any proposed settlement or drop of the case, and any other motions or transcripts the Commission asks for in writing. If a paper is delivered to the company or defendant, it must be filed with the Commission within ten days after they get it. If a paper is filed in court or delivered by the company or defendant, it must be filed with the Commission within five days after that filing or delivery.

Title 15, §80a–32

Commerce and Trade, Source: USLM XML via OLRC

Every registered investment company which is a party and every affiliated person of such company who is a party defendant to any action or claim by a registered investment company or a security holder thereof in a derivative or representative capacity against an officer, director, investment adviser, trustee, or depositor of such company, shall file with the Commission, unless already so filed, (1) a copy of all pleadings, verdicts, or judgments filed with the court or served in connection with such action or claim, (2) a copy of any proposed settlement, compromise, or discontinuance of such action, and (3) a copy of such motions, transcripts, or other documents filed in or issued by the court or served in connection with such action or claim as may be requested in writing by the Commission. If any document referred to in clause (1) or (2)—

(A)is delivered to such company or party defendant, such document shall be filed with the Commission not later than ten days after the receipt thereof; or

(B)is filed in such court or delivered by such company or party defendant, such documents shall be filed with the Commission not later than five days after such filing or delivery.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1970—Pub. L. 91–547 inserted provision for party acting in representative capacity and substituted provisions for prompt filing with the Commission of copies of all pleadings, verdicts, judgments, settlements, compromises, or discontinuances served or filed in suits by a registered investment company or a security holder thereof against an officer, director, investment adviser, trustee, or depositor of such company and of copies of motions, transcripts, or other documents if the Commission requests them for prior requirement that registered companies and their affiliated persons who are defendants in derivative suits involving an alleged breach of official duty transmit to the Commission copies of the pleadings and the record in such actions after a settlement or compromise of the action has been approved by a court of competent jurisdiction or a verdict or final judgment on the merits has been rendered, Commission use of information, and nondisclosure of identity of persons.

Statutory Notes and Related Subsidiaries

Effective Date

of 1970 AmendmentAmendment by Pub. L. 91–547 effective Dec. 14, 1970, see section 30 of Pub. L. 91–547, set out as a note under section 80a–52 of this title.

Executive Documents

Transfer of Functions

For

Transfer of Functions

of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

§80a–32 Filing of Documents with Commission in Civil Actions

Summary

Title 15, §80a–32

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Executive Documents

Transfer of Functions

Transfer of Functions

Citations & Metadata