Title 15, Commerce and TradeRelease 119-73not60
§80a–59 Functions and Activities of Business Development Companies
Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter I— INVESTMENT COMPANIES › § 80a–59
Summary
A business development company must follow the same rules as a registered closed-end investment company. The SEC may not make rules about when it can borrow from a bank to buy securities.
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 3, 2026
Release point: 119-73not60