Title 15, Commerce and TradeRelease 119-73not60
§80a–4 Classification of Investment Companies
Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter I— INVESTMENT COMPANIES › § 80a–4
Summary
Divides investment companies into three types. Face-amount certificate companies issue or still hold installment face-amount certificates. Unit investment trusts are formed by a trust contract, have no board, and only issue redeemable interests in a set group of securities. Management companies are all other investment companies.
Full Legal Text
Title 15, §80a–4
Commerce and Trade, Source: USLM XML via OLRC
For the purposes of this subchapter, investment companies are divided into three principal classes, defined as follows:
(1)“Face-amount certificate company” means an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding.
(2)“Unit investment trust” means an investment company which (A) is organized under a trust indenture, contract of custodianship or agency, or similar instrument, (B) does not have a board of directors, and (C) issues only redeemable securities, each of which represents an undivided interest in a unit of specified securities; but does not include a voting trust.
(3)“Management company” means any investment company other than a face-amount certificate company or a unit investment trust.
Legislative History
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–4
Title 15, Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60