ICA Registration Exemptions: Rule by Rule


ICA Section 3(a)(1) generally defines an entity to be an "investment company" if it either (a) "is or holds itself out as being engaged primarily . . . in the business of investing, reinvesting, or trading in securities," (b) is a face-amount certificate company (not as a practical matter a significant type of entity), or (c) "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." For companies that fail the quantitative test, there are a variety of possible exclusions and exemptions available. The page below sets out the exclusions and exemptions and provides links to "focus pages" containing regulatory and other materials on the various exclusions and exemptions.



Municipal Securities Exemption

Municipal Fund Securities

Numeric Test of Investment Company ("IC") Status

Section 3(b) Exemption from ICA Status

Section 3(c) Exemptions from IC Registration

Section 3 Rules

Section 6 Exemptions from IC Registration

Regulatory Assistance

Speeches, Studies and Comments

Enforcement and Litigation