Municipal Securities Exemption

Municipal Fund Securities

Numeric Test of Investment Company ("IC") Status

• ICA Section 3(a)(1)(C) (Numeric Test) | Topic Page

Section 3(b) Exemption from ICA Status

• ICA Section 3(b) (Inadvertent investment companies) | Topic Page

Section 3(c) Exemptions from IC Registration

• ICA Section 3(c)(1) (100 holders) | Topic Page | See also ICA Rule 3c-5 (Knowledgeable employees) | Topic Page
• ICA Section 3(c)(2) (Market participants and market intermediaries) | Topic Page
• ICA Section 3(c)(3) (Banks; common trust funds) | Topic Page
• ICA Section 3(c)(4) (Small loans) | Topic Page
• ICA Section 3(c)(5) (Factoring) | Topic Page | See also ICA Rule 3c-5 (Knowledgeable employees) | Topic Page
• ICA Section 3(c)(6) (Businesses listed in Sections 3(c) (3),((4) and (5) above) | Topic Page
• ICA Section 3(c)(7) (Qualified purchaser funds) | Topic Page | See also ICA Rule 3c-5 (Knowledgeable employees) | Topic Page
• ICA Section 3(c)(9) (Oil or mineral funds) | Topic Page
• ICA Section 3(c)(10) (Charitable organizations) | Topic Page
• ICA Section 3(c)(11) (Employee plans) | Topic Page
• ICA Section 3(c)(12) (Voting trusts)
• ICA Section 3(c)(13) (Protective committees)
• ICA Section 3(c)(14) (Church plans)| Topic Page

Section 3 Rules

• ICA Rule 3a-1 (Prima Facie Investment Companies) | Topic Page
• ICA Rule 3a-2 (Transient Investment Companies) | Topic Page
• ICA Rule 3a-3 (Investment Companies Owned by Non-RICss) | Topic Page
• ICA Rule 3a-4 (Investment Advisory Programs) | Topic Page
• ICA Rule 3a-5 (Finance Subsidiaries) | Topic Page
• ICA Rule 3a-6 (Foreign Banks) | Topic Page
• ICA Rule 3a-7 (ABS Issuers) | Topic Page
• ICA Rule 3a-8 (RD Companies) | Topic Page

• ICA Rule 3c-1 (Definition of "beneficial ownership" for purposes of Section 3(c)(1))| Topic Page

   

  ICA Rule 3c-2 (Beneficial ownership in SBICs)| Topic Page

   

  ICA Rule 3c-3 (Certain debt securities offered by SBICs)| Topic Page

   

  ICA Rule 3c-5 (Beneficial ownership by knowledgeable employees)| Topic Page

   

  ICA Rule 3c-6 (Transfers of interests in private funds)| Topic Page

Section 6 Exemptions from IC Registration

• ICA Section 6(a) (Specific companies)
• ICA Section 6(b) (Employee security companies) | Topic Page
• ICA Section 6(c) (As appropriate in the public interest) | Link to SEC Exemptive Actions
• ICA Section 6(e) (Business development companies)

Non-U.S. Funds

• RIC Exemptions for Foreign Funds