Title 15, Commerce and TradeRelease 119-110
§80a–8 Registration of Investment Companies
Title 15 › CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS › SUBCHAPTER I — INVESTMENT COMPANIES › § 80a–8
Summary
Investment companies formed under U.S. or state law must tell the Securities and Exchange Commission (the Commission) they are registering by filing a short notice. Registration is effective when the Commission gets that notice. Then, within a time the Commission sets, the company must file a full registration statement with copies that include certain information. That includes short statements about eight kinds of actions (for example, what business group it will operate in, borrowing money, issuing senior securities, underwriting, concentrating in an industry, buying real estate or commodities, making loans, and how often it buys and sells holdings, with the total dollar amount of such trades for each of the last three full fiscal years). It must also list investment policies that can only change by shareholder vote, other fundamental policies, names and addresses of affiliated people and their other companies, five-year work histories for officers and directors, and the securities it has or plans to issue like the filings required under the Securities Act of 1933 and the Securities Exchange Act of 1934. The Commission may allow some companies to file recent filings they already made under the 1933 or 1934 Acts instead of all of the above, along with an updated report. Unit investment trusts that mostly hold another registered fund may file shorter, non-duplicative statements. If a company fails to file or leaves out important facts, the Commission will notify it by registered or certified mail and give at least 30 days to fix the problem. If it is not fixed, after notice and a hearing the Commission can suspend or revoke the registration if that is in the public interest. If a company stops being an investment company, the Commission will end its registration by order. The Commission must also set data standards for these filings, though it may exempt exhibits, signatures, and certifications, and should try to make the data compatible with certain banking data standards.
Full Legal Text
Title 15, §80a–8
Commerce and Trade, Source: USLM XML via OLRC
(a)Notification of registration; effective date of registration
Any investment company organized or otherwise created under the laws of the United States or of a State may register for the purposes of this subchapter by filing with the Commission a notification of registration, in such form as the Commission shall by rules and regulations prescribe as necessary or appropriate in the public interest or for the protection of investors. An investment company shall be deemed to be registered upon receipt by the Commission of such notification of registration.
(b)Registration statement; contents
Every registered investment company shall file with the Commission, within such reasonable time after registration as the Commission shall fix by rules and regulations, an original and such copies of a registration statement, in such form and containing such of the following information and documents as the Commission shall by rules and regulations prescribe as necessary or appropriate in the public interest or for the protection of investors:
(1)a recital of the policy of the registrant in respect of each of the following types of activities, such recital consisting in each case of a statement whether the registrant reserves freedom of action to engage in activities of such type, and if such freedom of action is reserved, a statement briefly indicating, insofar as is practicable, the extent to which the registrant intends to engage therein: (A) the classification and subclassifications, as defined in section 80a–4 and 80a–5 of this title, within which the registrant proposes to operate; (B) borrowing money; (C) the issuance of senior securities; (D) engaging in the business of underwriting securities issued by other persons; (E) concentrating investments in a particular industry or group of industries; (F) the purchase and sale of real estate and commodities, or either of them; (G) making loans to other persons; and (H) portfolio turn-over (including a statement showing the aggregate dollar amount of purchases and sales of portfolio securities, other than Government securities, in each of the last three full fiscal years preceding the filing of such registration statement);
(2)a recital of all investment policies of the registrant, not enumerated in paragraph (1), which are changeable only if authorized by shareholder vote;
(3)a recital of all policies of the registrant, not enumerated in paragraphs (1) and (2), in respect of matters which the registrant deems matters of fundamental policy;
(4)the name and address of each affiliated person of the registrant; the name and principal address of every company, other than the registrant, of which each such person is an officer, director, or partner; a brief statement of the business experience for the preceding five years of each officer and director of the registrant; and
(5)the information and documents which would be required to be filed in order to register under the Securities Act of 1933 [15 U.S.C. 77a et seq.] and the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], all securities (other than short-term paper) which the registrant has outstanding or proposes to issue.
(c)Alternative information
The Commission shall make provision, by permissive rules and regulations or order, for the filing of the following, or so much of the following as the Commission may designate, in lieu of the information and documents required pursuant to subsection (b):
(1)copies of the most recent registration statement filed by the registrant under the Securities Act of 1933 [15 U.S.C. 77a et seq.] and currently effective under such Act, or if the registrant has not filed such a statement, copies of a registration statement filed by the registrant under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] and currently effective under such Act;
(2)copies of any reports filed by the registrant pursuant to section 78m or 78o(d) of this title; and
(3)a report containing reasonably current information regarding the matters included in copies filed pursuant to paragraphs (1) and (2) of this subsection, and such further information regarding matters not included in such copies as the Commission is authorized to require under subsection (b).
(d)Registration of unit investment trusts
If the registrant is a unit investment trust substantially all of the assets of which are securities issued by another registered investment company, the Commission is authorized to prescribe for the registrant, by rules and regulations or order, a registration statement which eliminates inappropriate duplication of information contained in the registration statement filed under this section by such other investment company.
(e)Failure to file registration statement or omissions of material fact
If it appears to the Commission that a registered investment company has failed to file the registration statement required by this section or a report required pursuant to section 80a–29 (a) or (b) of this title, or has filed such a registration statement or report but omitted therefrom material facts required to be stated therein, or has filed such a registration statement or report in violation of section 80a–33(b) of this title, the Commission shall notify such company by registered mail or by certified mail of the failure to file such registration statement or report, or of the respects in which such registration statement or report appears to be materially incomplete or misleading, as the case may be, and shall fix a date (in no event earlier than thirty days after the mailing of such notice) prior to which such company may file such registration statement or report or correct the same. If such registration statement or report is not filed or corrected within the time so fixed by the Commission or any extension thereof, the Commission, after appropriate notice and opportunity for hearing, and upon such conditions and with such exemptions as it deems appropriate for the protection of investors, may by order suspend the registration of such company until such statement or report is filed or corrected, or may by order revoke such registration, if the evidence establishes—
(1)that such company has failed to file a registration statement required by this section or a report required pursuant to section 80a–29(a) or (b) of this title, or has filed such a registration statement or report but omitted therefrom material facts required to be stated therein, or has filed such a registration statement or report in violation of section 80a–33(b) of this title; and
(2)that such suspension or revocation is in the public interest.
(f)Cessation of existence as investment company
Whenever the Commission, on its own motion or upon application, finds that a registered investment company has ceased to be an investment company, it shall so declare by order and upon the taking effect of such order the registration of such company shall cease to be in effect. If necessary for the protection of investors, an order under this subsection may be made upon appropriate conditions. The Commission’s denial of any application under this subsection shall be by order.
(g)Data standards for registration statements
(1)Requirement
The Commission shall, by rule, adopt data standards for all registration statements required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from those data standards.
(2)Consistency
The data standards required under paragraph (1) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of title 12, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
The Securities Act of 1933, referred to in subsecs. (b)(5) and (c)(1), is act
May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of this title. For complete classification of this Act to the Code, see section 77a of this title and Tables. The Securities Exchange Act of 1934, referred to in subsecs. (b)(5) and (c)(1), is act
June 6, 1934, ch. 404, 48 Stat. 881, which is classified generally to 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables. Words “such Act”, referred to in subsec. (c)(1), mean the Securities Act of 1933 and the Securities Exchange Act of 1934, respectively.
Amendments
2022—Subsec. (g). Pub. L. 117–263 added subsec. (g). 1970—Subsec. (b)(2). Pub. L. 91–547, § 3(c)(1), substituted “all investment policies of the registrant” and “which are changeable only if authorized by shareholder vote” for “the policy of the registrant in respect of matters” and “which the registrant deems matters of fundamental policy and elects to treat as such”, respectively. Former provisions are covered in par. (3). Subsec. (b)(3) to (5). Pub. L. 91–547, § 3(c)(2), (3), added par. (3) and redesignated former pars. (3) and (4) as (4) and (5), respectively. 1960—Subsec. (e). Pub. L. 86–507 inserted “or by certified mail” after “registered mail”.
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. Rule of
Construction
—No New Disclosure RequirementsAmendment by Pub. L. 117–263 not to be construed to require certain additional information to be collected or disclosed, see section 5826 of Pub. L. 117–263, set out as a note under section 77g 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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–8
Title 15, Commerce and Trade
Last Updated
Sep 22, 2026
Release point: 119-110