15 U.S.C. § 80a–3 | Definition of investment company

(a)

Definitions

(1)

When used in this subchapter, “investment company” means any issuer which—

(A)

is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities;

(B)

is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or

(C)

is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer’s total assets (exclusive of Government securities and cash items) on an unconsolidated basis.

(2)

As used in this section, “investment securities” includes all securities except (A) Government securities, (B) securities issued by employees’ securities companies, and (C) securities issued by majority-owned subsidiaries of the owner which (i) are not investment companies, and (ii) are not relying on the exception from the definition of investment company in paragraph (1) or (7) of subsection (c).

(b)

Exemption from provisions

Notwithstanding paragraph (1)(C) of subsection (a), none of the following persons is an investment company within the meaning of this subchapter:

(1)

Any issuer primarily engaged, directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities.

(2)

Any issuer which the Commission, upon application by such issuer, finds and by order declares to be primarily engaged in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities either directly or (A) through majority-owned subsidiaries or (B) through controlled companies conducting similar types of businesses. The filing of an application under this paragraph in good faith by an issuer other than a registered investment company shall exempt the applicant for a period of sixty days from all provisions of this subchapter applicable to investment companies as such. For cause shown, the Commission by order may extend such period of exemption for an additional period or periods. Whenever the Commission, upon its own motion or upon application, finds that the circumstances which gave rise to the issuance of an order granting an application under this paragraph no longer exist, the Commission shall by order revoke such order.

(3)

Any issuer all the outstanding securities of which (other than short-term paper and directors’ qualifying shares) are directly or indirectly owned by a company excepted from the definition of investment company by paragraph (1) or (2) of this subsection.

(c)

Further exemptions

Notwithstanding subsection (a), none of the following persons is an investment company within the meaning of this subchapter:

(1)

section 80a–12(d)(1) of this title Any issuer whose outstanding securities (other than short-term paper) are beneficially owned by not more than one hundred persons (or, in the case of a qualifying venture capital fund, 250 persons) and which is not making and does not presently propose to make a public offering of its securities. Such issuer shall be deemed to be an investment company for purposes of the limitations set forth in subparagraphs (A)(i) and (B)(i) of governing the purchase or other acquisition by such issuer of any security issued by any registered investment company and the sale of any security issued by any registered open-end investment company to any such issuer. For purposes of this paragraph:

(A)

Beneficial ownership by a company shall be deemed to be beneficial ownership by one person, except that, if the company owns 10 per centum or more of the outstanding voting securities of the issuer, and is or, but for the exception provided for in this paragraph or paragraph (7), would be an investment company, the beneficial ownership shall be deemed to be that of the holders of such company’s outstanding securities (other than short-term paper).

(B)

Beneficial ownership by any person who acquires securities or interests in securities of an issuer described in the first sentence of this paragraph shall be deemed to be beneficial ownership by the person from whom such transfer was made, pursuant to such rules and regulations as the Commission shall prescribe as necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this subchapter, where the transfer was caused by legal separation, divorce, death, or other involuntary event.

(C)

(i)

The term “qualifying venture capital fund” means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000.

(ii)

l The term “venture capital fund” has the meaning given the term in section 275.203()–1 of title 17, Code of Federal Regulations, or any successor regulation.

(2)

(A)

Any person primarily engaged in the business of underwriting and distributing securities issued by other persons, selling securities to customers, acting as broker, and acting as market intermediary, or any one or more of such activities, whose gross income normally is derived principally from such business and related activities.

(B)

For purposes of this paragraph—

(i)

the term “market intermediary” means any person that regularly holds itself out as being willing contemporaneously to engage in, and that is regularly engaged in, the business of entering into transactions on both sides of the market for a financial contract or one or more such financial contracts; and

(ii)

the term “financial contract” means any arrangement that—

(I)

takes the form of an individually negotiated contract, agreement, or option to buy, sell, lend, swap, or repurchase, or other similar individually negotiated transaction commonly entered into by participants in the financial markets;

(II)

is in respect of securities, commodities, currencies, interest or other rates, other measures of value, or any other financial or economic interest similar in purpose or function to any of the foregoing; and

(III)

is entered into in response to a request from a counter party for a quotation, or is otherwise entered into and structured to accommodate the objectives of the counter party to such arrangement.

(3)

Any bank or insurance company; any savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, or any receiver, conservator, liquidator, liquidating agent, or similar official or person thereof or therefor; or any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian, if—

(A)

such fund is employed by the bank solely as an aid to the administration of trusts, estates, or other accounts created and maintained for a fiduciary purpose;

(B)

except in connection with the ordinary advertising of the bank’s fiduciary services, interests in such fund are not—

(i)

advertised; or

(ii)

offered for sale to the general public; and

(C)

fees and expenses charged by such fund are not in contravention of fiduciary principles established under applicable Federal or State law.

(4)

Any person substantially all of whose business is confined to making small loans, industrial banking, or similar businesses.

(5)

Any person who is not engaged in the business of issuing redeemable securities, face-amount certificates of the installment type or periodic payment plan certificates, and who is primarily engaged in one or more of the following businesses: (A) Purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance, and services; (B) making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance, and services; and (C) purchasing or otherwise acquiring mortgages and other liens on and interests in real estate.

(6)

Any company primarily engaged, directly or through majority-owned subsidiaries, in one or more of the businesses described in paragraphs (3), (4), and (5) of this subsection, or in one or more of such businesses (from which not less than 25 per centum of such company’s gross income during its last fiscal year was derived) together with an additional business or businesses other than investing, reinvesting, owning, holding, or trading in securities.

(7)

(A)

Any issuer, the outstanding securities of which are owned exclusively by persons who, at the time of acquisition of such securities, are qualified purchasers, and which is not making and does not at that time propose to make a public offering of such securities. Securities that are owned by persons who received the securities from a qualified purchaser as a gift or bequest, or in a case in which the transfer was caused by legal separation, divorce, death, or other involuntary event, shall be deemed to be owned by a qualified purchaser, subject to such rules, regulations, and orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.

(B)

Notwithstanding subparagraph (A), an issuer is within the exception provided by this paragraph if—

(i)

in addition to qualified purchasers, outstanding securities of that issuer are beneficially owned by not more than 100 persons who are not qualified purchasers, if—

(I)

September 1, 1996 such persons acquired any portion of the securities of such issuer on or before ; and

(II)

at the time at which such persons initially acquired the securities of such issuer, the issuer was excepted by paragraph (1); and

(ii)

prior to availing itself of the exception provided by this paragraph—

(I)

such issuer has disclosed to each beneficial owner, as determined under paragraph (1), that future investors will be limited to qualified purchasers, and that ownership in such issuer is no longer limited to not more than 100 persons; and

(II)

concurrently with or after such disclosure, such issuer has provided each beneficial owner, as determined under paragraph (1), with a reasonable opportunity to redeem any part or all of their interests in the issuer, notwithstanding any agreement to the contrary between the issuer and such persons, for that person’s proportionate share of the issuer’s net assets.

(C)

Each person that elects to redeem under subparagraph (B)(ii)(II) shall receive an amount in cash equal to that person’s proportionate share of the issuer’s net assets, unless the issuer elects to provide such person with the option of receiving, and such person agrees to receive, all or a portion of such person’s share in assets of the issuer. If the issuer elects to provide such persons with such an opportunity, disclosure concerning such opportunity shall be made in the disclosure required by subparagraph (B)(ii)(I).

(D)

section 80a–12(d)(1) of this title An issuer that is excepted under this paragraph shall nonetheless be deemed to be an investment company for purposes of the limitations set forth in subparagraphs (A)(i) and (B)(i) of relating to the purchase or other acquisition by such issuer of any security issued by any registered investment company and the sale of any security issued by any registered open-end investment company to any such issuer.

(E)

For purposes of determining compliance with this paragraph and paragraph (1), an issuer that is otherwise excepted under this paragraph and an issuer that is otherwise excepted under paragraph (1) shall not be treated by the Commission as being a single issuer for purposes of determining whether the outstanding securities of the issuer excepted under paragraph (1) are beneficially owned by not more than 100 persons or whether the outstanding securities of the issuer excepted under this paragraph are owned by persons that are not qualified purchasers. Nothing in this subparagraph shall be construed to establish that a person is a bona fide qualified purchaser for purposes of this paragraph or a bona fide beneficial owner for purposes of paragraph (1).

(8)

Pub. L. 111–203, title IX, § 986(c)(2)July 21, 2010124 Stat. 1936 [Repealed] , , .

(9)

Any person substantially all of whose business consists of owning or holding oil, gas, or other mineral royalties or leases, or fractional interests therein, or certificates of interest or participation in or investment contracts relative to such royalties, leases, or fractional interests.

(10)

(A)

Any company organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes—

(i)

no part of the net earnings of which inures to the benefit of any private shareholder or individual; or

(ii)

which is or maintains a fund described in subparagraph (B).

(B)

For the purposes of subparagraph (A)(ii), a fund is described in this subparagraph if such fund is a pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of one or more of the following:

(i)

assets of the general endowment fund or other funds of one or more charitable organizations;

(ii)

assets of a pooled income fund;

(iii)

assets contributed to a charitable organization in exchange for the issuance of charitable gift annuities;

(iv)

assets of a charitable remainder trust or of any other trust, the remainder interests of which are irrevocably dedicated to any charitable organization;

(v)

assets of a charitable lead trust;

(vi)

assets of a trust, the remainder interests of which are revocably dedicated to or for the benefit of 1 or more charitable organizations, if the ability to revoke the dedication is limited to circumstances involving—

(I)

an adverse change in the financial circumstances of a settlor or an income beneficiary of the trust;

(II)

a change in the identity of the charitable organization or organizations having the remainder interest, provided that the new beneficiary is also a charitable organization; or

(III)

both the changes described in subclauses (I) and (II);

(vii)

assets of a trust not described in clauses (i) through (v), the remainder interests of which are revocably dedicated to a charitable organization, subject to subparagraph (C); or

(viii)

section 80a–6(c) of this title such assets as the Commission may prescribe by rule, regulation, or order in accordance with .

(C)

December 8, 1995 A fund that contains assets described in clause (vii) of subparagraph (B) shall be excluded from the definition of an investment company for a period of 3 years after , but only if—

(i)

December 8, 1995 such assets were contributed before the date which is 60 days after ; and

(ii)

such assets are commingled in the fund with assets described in one or more of clauses (i) through (vi) and (viii) of subparagraph (B).

(D)

For purposes of this paragraph—

(i)

a trust or fund is “maintained” by a charitable organization if the organization serves as a trustee or administrator of the trust or fund or has the power to remove the trustees or administrators of the trust or fund and to designate new trustees or administrators;

(ii)

section 642(c)(5) of title 26 the term “pooled income fund” has the same meaning as in ;

(iii)

section 501(c)(3) of title 26 the term “charitable organization” means an organization described in paragraphs (1) through (5) of section 170(c) or ;

(iv)

the term “charitable lead trust” means a trust described in section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of title 26;

(v)

section 664(d) of title 26 the term “charitable remainder trust” means a charitable remainder annuity trust or a charitable remainder unitrust, as those terms are defined in ; and

(vi)

section 501(m)(5) of title 26 the term “charitable gift annuity” means an annuity issued by a charitable organization that is described in .

(11)

section 401 of title 26 section 77c(a)(2)(C) of this title section 401 of title 26 section 404(a)(2) of title 26 section 77e of this title section 77c(a)(2)(C) of this title Any employee’s stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under ; or any governmental plan described in ; or any collective trust fund maintained by a bank consisting solely of assets of one or more of such trusts, government plans, or church plans, companies or accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection; or any separate account the assets of which are derived solely from (A) contributions under pension or profit-sharing plans which meet the requirements of or the requirements for deduction of the employer’s contribution under , (B) contributions under governmental plans in connection with which interests, participations, or securities are exempted from the registration provisions of by , and (C) advances made by an insurance company in connection with the operation of such separate account.

(12)

Any voting trust the assets of which consist exclusively of securities of a single issuer which is not an investment company.

(13)

Any security holders’ protective committee or similar issuer having outstanding and issuing no securities other than certificates of deposit and short-term paper.

(14)

section 414(e) of title 26 Any church plan described in , if, under any such plan, no part of the assets may be used for, or diverted to, purposes other than the exclusive benefit of plan participants or beneficiaries, or any company or account that is—

(A)

section 414(e) of title 26 established by a person that is eligible to establish and maintain such a plan under ; and

(B)

substantially all of the activities of which consist of—

(i)

managing or holding assets contributed to such church plans or other assets which are permitted to be commingled with the assets of church plans under title 26; or

(ii)

administering or providing benefits pursuant to church plans.

Aug. 22, 1940, ch. 686 54 Stat. 797 Oct. 21, 1942, ch. 619 56 Stat. 867 Pub. L. 89–485, § 13(i)July 1, 196680 Stat. 243 Pub. L. 91–547, § 3(a)Dec. 14, 197084 Stat. 1414 Pub. L. 94–210, title III, § 308(c)Feb. 5, 197690 Stat. 57 Pub. L. 96–477, title I, § 102Oct. 21, 198094 Stat. 2276 Pub. L. 100–181, title VIDec. 4, 1987101 Stat. 1260 Pub. L. 104–62, § 2(a)Dec. 8, 1995109 Stat. 682 Pub. L. 104–290, title II, § 209(a)Oct. 11, 1996110 Stat. 3432 Pub. L. 105–353, title III, § 301(c)(2)Nov. 3, 1998112 Stat. 3236 Pub. L. 106–102, title II, § 221(c)Nov. 12, 1999113 Stat. 1401 Pub. L. 108–359, § 1(a)Oct. 25, 2004118 Stat. 1666 Pub. L. 111–203, title IX, § 986(c)(2)July 21, 2010124 Stat. 1936 Pub. L. 115–174, title V, § 504May 24, 2018132 Stat. 1362 Pub. L. 119–27, § 17(b)(2)July 18, 2025139 Stat. 462(, title I, § 3, ; , title I, § 162(e), ; , , ; , (b), , ; , , ; , title VII, § 703, , , 2295; , §§ 604–606, , ; , , ; , (c), title V, § 508(a), , , 3435, 3447; , , ; , , ; , , ; , , ; , , ; , , .)

Amendment of Subsection (c)(3)

Pub. L. 119–27July 18, 2025139 Stat. 462July 18, 2025Pub. L. 119–27 section 5901 of title 12, §§ 17(b)(2), 20, , , 466, provided that, effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , subsection (c)(3) of this section is amended by inserting “any permitted payment stablecoin issuer, as such term is defined in ;” after “therefor;”. See 2025 Amendment note below.

Editorial Notes

Amendments

Pub. L. 119–27 section 5901 of title 122025—Subsec. (c)(3). inserted “any permitted payment stablecoin issuer, as such term is defined in ;” after “therefor;”.

Pub. L. 115–174, § 504(1)2018—Subsec. (c)(1). , inserted “(or, in the case of a qualifying venture capital fund, 250 persons)” after “one hundred persons” in introductory provisions.

Pub. L. 115–174, § 504(2)Subsec. (c)(1)(C). , added subpar. (C).

Pub. L. 111–2032010—Subsec. (c)(8). substituted “[Repealed]” for text of par. (8) which read as follows: “Any company subject to regulation under the Public Utility Holding Company Act of 1935.”

Pub. L. 108–3592004—Subsec. (c)(11). , which directed the substitution of “one or more of such trusts, government plans, or church plans, companies or accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection” for “such trusts or government plans, or both”, was executed by making the substitution for “such trusts or governmental plans, or both”, to reflect the probable intent of Congress.

Pub. L. 106–1021999—Subsec. (c)(3). inserted “, if—” and subpars. (A) to (C) before period at end.

Pub. L. 105–3531998—Subsec. (b). substituted “paragraph (1)(C)” for “paragraph (3)” in introductory provisions.

Pub. L. 104–290, § 209(c)(1)1996—Subsec. (a). –(5), designated existing introductory provisions as par. (1), redesignated former pars. (1) to (3) as subpars. (A) to (C), respectively, and designated existing concluding provisions as par. (2).

Pub. L. 104–290, § 209(c)(6)Subsec. (a)(2)(C). , substituted “which (i) are” for “which are” and added cl. (ii).

Pub. L. 104–290, § 209(a)(1)section 80a–12(d)(1) of this titleSubsec. (c)(1). , inserted after first sentence “Such issuer shall be deemed to be an investment company for purposes of the limitations set forth in subparagraphs (A)(i) and (B)(i) of governing the purchase or other acquisition by such issuer of any security issued by any registered investment company and the sale of any security issued by any registered open-end investment company to any such issuer.”

Pub. L. 104–290, § 209(a)(2)section 80a–12(d)(1) of this titleSubsec. (c)(1)(A). , inserted “and is or, but for the exception provided for in this paragraph or paragraph (7), would be an investment company,” after “voting securities of the issuer,” and struck out “unless, as of the date of the most recent acquisition by such company of securities of that issuer, the value of all securities owned by such company of all issuers which are or would, but for the exception set forth in this subparagraph, be excluded from the definition of investment company solely by this paragraph, does not exceed 10 per centum of the value of the company’s total assets. Such issuer nonetheless is deemed to be an investment company for purposes of ” after “(other than short-term paper)”.

Pub. L. 104–290, § 209(a)(3)Subsec. (c)(2). , designated existing provisions as subpar. (A), substituted “acting as broker, and acting as market intermediary,” for “and acting as broker,”, and added subpar. (B).

Pub. L. 104–290, § 209(a)(4)Subsec. (c)(7). , added par. (7) and struck out former par. (7) “Reserved.”

Pub. L. 104–290, § 508(a)Subsec. (c)(14). , added par. (14).

Pub. L. 104–621995—Subsec. (c)(10). amended par. (10) generally. Prior to amendment, par. (10) read as follows: “Any company organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes, no part of the net earnings of which inures to the benefit of any private shareholder or individual.”

Pub. L. 100–181, § 604June 22, 19361987—Subsec. (c)(3). , inserted “or” after “therefor;” and struck out “; or any common trust fund or similar fund, established before , by a corporation which is supervised or examined by State or Federal authority having supervision over banks, if a majority of the units of beneficial interest in such fund, other than units owned by charitable or educational institutions, are held under instruments providing for payment of income to one or more persons and of principal to another or others” after “guardian”.

Pub. L. 100–181, § 605 section 314 of title 49 section 314 of title 49Subsec. (c)(7). , substituted “Reserved.” for “Any company (A) which is subject to regulation under , except that this exception shall not apply to a company which the Commission finds and by order declares to be primarily engaged, directly or indirectly, in the business of investing, reinvesting, owning, holding, or trading in securities, or (B) whose entire outstanding stock is owned or controlled by a company excepted under clause (A) hereof, if the assets of the controlled company consist substantially of securities issued by companies which are subject to regulation under .”

Pub. L. 100–181, § 606(1)Subsec. (c)(11). , substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26” thus requiring no change in text.

Pub. L. 100–181, § 606(2), (3), substituted “; or any governmental plan” for “or which holds only assets of governmental plans” and “trusts or governmental plans, or both” for “trusts”.

Pub. L. 96–477, § 102 section 80a–12(d)(1) of this title1980—Subsec. (c)(1). , designated existing provisions as subpar. (A), provided that beneficial ownership was to be deemed to be that of the holders of ten per cent of company’s outstanding securities, other than short term paper, unless, as of the date of the most recent acquisition by such company of securities of that issuer, the value of all securities owned by such company of all issuers which were or would, but for the exception set forth in subpar. (A), be excluded from the definition of investment company solely by par. (1), did not exceed ten per cent of the value of the company’s total assets, that such issuer nonetheless was deemed to be an investment company for purposes of , and added subpar. (B).

Pub. L. 96–477, § 703 section 77c(a)(2)(C) of this titleSubsec. (c)(11). , excluded from consideration as an investment company for purposes of this subchapter any employee’s stock bonus, pension, or profit-sharing trust which holds only assets of governmental plans described in , redesignated former cl. (B) as (C), and added cl. (B).

Pub. L. 94–210 section 314 of title 49 section 314 of title 491976—Subsec. (c)(7). designated existing provisions as cls. (A) and (B) and, as so designated, in cl. (A) provided for applicability to and inserted exception to exception, in cl. (B) inserted provisions relating to companies regulated under and made changes in phraseology to conform cl. to cl. (A), and struck out proviso relating to assets of controlled company.

Pub. L. 91–547, § 3(a)1970—Subsec. (b)(2). , inserted “in good faith” after “paragraph” in second sentence.

Pub. L. 91–547, § 3(b)(1)Subsec. (c). , struck out reference to subsec. (b) in introductory text.

Pub. L. 91–547, § 3(b)(2)Subsec. (c)(4). , redesignated par. (5) as (4). See 1966 Amendment note with respect to repeal of former par. (4).

Pub. L. 91–547, § 3(b)(2)Subsec. (c)(5). , (3), redesignated par. (6) as (5) and inserted “redeemable securities,” before “face-amount certificates”. Former par. (5) redesignated (4).

Pub. L. 91–547, § 3(b)(2)Subsec. (c)(6). , redesignated par. (7) as (6), inserted reference to par. (4), and struck out reference to par. (6). Former par. (6) redesignated (5).

Pub. L. 91–547, § 3(b)(2)Subsec. (c)(7). , redesignated par. (9) as (7). Former par. (7) redesignated (6).

Pub. L. 91–547, § 3(b)(2)Subsec. (c)(8). , (4), redesignated par. (10) as (8), substituted “subject to regulation” for “with a registration in effect as a holding company”, and struck out former par. (8) provision excluding as an investment company any company 90 per centum or more of the value of whose investment securities are represented by securities of a single issuer included within a class of persons enumerated in pars. (5), (6), or (7) of this subsection.

Pub. L. 91–547, § 3(b)(2)Subsecs. (c)(9), (10). , redesignated pars. (11) and (12) as (9) and (10), respectively. Former pars. (9) and (10) redesignated (7) and (8).

Pub. L. 91–547, § 3(b)(2)section 401 of title 26 section 165 of title 26Subsec. (c)(11). , (5), redesignated par. (13) as (11), substituted “requirements for qualification under [I.R.C. 1954]” for “conditions of , as amended [I.R. 1939]”, and inserted provisions for exclusion as an investment company any collective trust fund maintained by a bank consisting solely of assets of such trusts or any separate account the assets of which are derived from certain sources. Former par. (11) redesignated (9).

Pub. L. 91–547, § 3(b)(2)Subsecs. (c)(12) to (15). , redesignated pars. (14) and (15) as (12) and (13), respectively. Former pars. (12) and (13) redesignated (10) and (11).

Pub. L. 89–4851966—Subsec. (c)(4). repealed provisions which exempt holding company affiliates granted a general voting permit by the Board of Governors of the Federal Reserve System before 1940 and any such affiliates with a later voting permit concerning which determinations were made of being primarily engaged, directly or indirectly, in the business of holding the stock of, and managing or controlling, banks, banking associations, savings banks, or trust companies.

Oct. 31, 19421942—Subsec. (c)(13). Act , inserted “as amended”.

Statutory Notes and Related Subsidiaries

Effective Date of 2025 Amendment

Pub. L. 119–27July 18, 2025Pub. L. 119–27 section 20 of Pub. L. 119–27 section 5901 of Title 12Amendment by effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , see , set out as an Effective Date note under , Banks and Banking.

Effective Date of 2010 Amendment

Pub. L. 111–203July 21, 2010section 4 of Pub. L. 111–203 section 5301 of Title 12Amendment by effective 1 day after , except as otherwise provided, see , set out as an Effective Date note under , Banks and Banking.

Effective Date of 1999 Amendment

Pub. L. 106–102Nov. 12, 1999section 225 of Pub. L. 106–102 section 77c of this titleAmendment by effective 18 months after , see , set out as a note under .

Effective Date of 1996 Amendment

section 209 of Pub. L. 104–290Oct. 11, 1996section 209(e) of Pub. L. 104–290 section 80a–2 of this titleAmendment by effective on earlier of 180 days after , or date on which required rulemaking is completed, see set out as a note under .

Effective Date of 1995 Amendment

Pub. L. 104–62Dec. 8, 1995Pub. L. 104–62 section 80a–3a of this title section 7 of Pub. L. 104–62 section 77c of this titleAmendment by applicable as defense to any claim in administrative and judicial actions pending on or commenced after , that any person, security, interest, or participation of type described in is subject to the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, or any State statute or regulation preempted as provided in , except as specifically provided in such statutes, see , set out as a note under .

Effective Date of 1976 Amendment

Pub. L. 94–210, title III, § 308(d)(2)Feb. 5, 197690 Stat. 57 Pub. L. 94–555, title II, § 220(c)Oct. 19, 197690 Stat. 2629

“(2)

section 78m of this titleFeb. 5, 1976 The amendment made by subsection (b) of this section [amending ] shall not apply to any report by any person with respect to a fiscal year of such person which began before the date of enactment of this Act [].

“(3)

Feb. 5, 1976 The amendment made by subsection (c) of this section [amending this section] shall take effect on the 60th day after the date of enactment of this Act []”.

, (3), , , as amended by , , , provided that:

Effective Date of 1970 Amendment

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

Effective Date of 1942 Amendment

Act Oct. 21, 1942, ch. 619, title I, § 162(d)56 Stat. 866 act Dec. 17, 1943, ch. 346, § 3 57 Stat. 602

Taxable Years to Which Amendments Applicable.—December 31, 1941“The amendments made by this section [to this section and sections 22, 23, and 165 of Title 26, I.R.C. 1939] shall be applicable as to both the employer and employees only with respect to taxable years of the employer beginning after , except that—

“(1)

September 1, 1942 In the case of a stock bonus, pension, profit-sharing, or annuity plan in effect on or before ,

“(A)

December 31, 1942 such a plan shall not become subject to the requirements of section 165(a)(3), (4), (5), and (6) [of Title 26, I.R.C. 1939] until the beginning of the first taxable year beginning after .

“(B)

December 31, 1942December 31, 1944December 31, 1944January 1, 1944 such a plan shall be considered as satisfying the requirements of section 165(a), (3), (4), and (5) and (6) [of Title 26, I.R.C. 1939] for the period beginning with the beginning of the first taxable year following , and ending , if the provisions thereof satisfy such requirements by , and if by that time such provisions are made effective for all purposes as of a date not later than .

“(C)

if the contribution of an employer to such a plan in the employer’s taxable year beginning in 1942 exceeds the maximum amount deductible for such year under section 23(p)(1), as amended by this section, the amount deductible in such year shall be not less than the sum of—

“(i)

September 1, 1942 the amount paid in such taxable year prior to , and deductible under section 23(a) or 23(p) prior to amendment by this section, and

“(ii)

September 1, 1942August 31, 1942 with respect to the amount paid in such taxable year on or after , that proportion of the amount deductible for the taxable year under section 23(p)(1), as amended by this section, which the number of months after , in the taxable year bears to twelve.

“(2)

September 1, 1942December 31, 1944December 31, 1944January 1, 1944 In the case of a stock bonus, pension, profit sharing or annuity plan put into effect after , such a plan shall be considered as satisfying the requirements of section 165(a)(3), (4), (5), and (6) [of Title 26, I.R.C. 1939] for the period beginning with the date such plan is put into effect and ending , if the provisions thereof satisfy such requirements by , and if by that time such provisions are made effective for all purposes as of a date not later than the effective date of such plan or , whichever is the later.”

, (Revenue Act of 1942), as amended by , , provided:

Regulations

Pub. L. 104–290, title II, § 209(d)(1)Oct. 11, 1996110 Stat. 3435

Oct. 11, 199615 U.S.C. 80a–3(c)(1)(B)“Not later than 1 year after the date of enactment of this Act [], the Commission shall prescribe rules to implement the requirements of section 3(c)(1)(B) of the Investment Company Act of 1940 (), as amended by this section.”

, , , provided that:

Pub. L. 104–290, title II, § 209(d)(3)Oct. 11, 1996110 Stat. 3436

Oct. 11, 199615 U.S.C. 80a–6 15 U.S.C. 80a–3(c)15 U.S.C. 80a–1“Not later than 1 year after the date of enactment of this Act [], the Commission shall prescribe rules pursuant to its authority under section 6 of the Investment Company Act of 1940 [] to permit the ownership of securities by knowledgeable employees of the issuer of the securities or an affiliated person without loss of the exception of the issuer under paragraph (1) or (7) of section 3(c) of that Act [] from treatment as an investment company under that Act [ et seq.].”

, , , provided that:

Pub. L. 104–290, title II, § 209(d)(4)Oct. 11, 1996110 Stat. 3436

Oct. 11, 199615 U.S.C. 80a–3(c)(7)(B)“Not later than 180 days after the date of enactment of this Act [], the Commission shall prescribe rules defining the term ‘beneficial owner’ for purposes of section 3(c)(7)(B) of the Investment Company Act of 1940 [], as amended by this Act.”

, , , provided that:

Protection of Church Employee Benefit Plans Under State Law

Pub. L. 104–290, title V, § 508(f)Oct. 11, 1996110 Stat. 3448

“(1)

Registration requirements .—

15 U.S.C. 80a–3(c)(14)Any security issued by or any interest or participation in any church plan, company, or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 [], as added by subsection (a) of this section, and any offer, sale, or purchase thereof, shall be exempt from any law of a State that requires registration or qualification of securities.

“(2)

Treatment of church plans .—

26 U.S.C. 414(e)26 U.S.C. 1 15 U.S.C. 80a–3(c)(14)No church plan described in section 414(e) of the Internal Revenue Code of 1986 [], no person or entity eligible to establish and maintain such a plan under the Internal Revenue Code of 1986 [ et seq.], no company or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 [], as added by subsection (a) of this section, and no trustee, director, officer, or employee of or volunteer for any such plan, person, entity, company, or account shall be required to qualify, register, or be subject to regulation as an investment company or as a broker, dealer, investment adviser, or agent under the laws of any State solely because such plan, person, entity, company, or account buys, holds, sells, or trades in securities for its own account or in its capacity as a trustee or administrator of or otherwise on behalf of, or for the account of, or provides investment advice to, for, or on behalf of, any such plan, person, or entity or any company or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940, as added by subsection (a) of this section.”

, , , provided that:

Executive Documents

Transfer of Functions

May 24, 195064 Stat. 1265 section 78d of this titleFor 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. , 15 F.R. 3175, , set out under .