ICA Exemption for Oil, Gas and Mineral Companies (ICA Section 3(c)(9)

Overview

ICA Section 3(c)(9) provides an exemption from registration for companies whose business consists “substantially” of owning or holding oil, gas, or other mineral royalties or leases. Despite the fact that this exemption has been in the Investment Company Act since the Act’s adoption (the exemption was Section 3(c)(11) at the time of the Act’s adoption), there is actually very limited regulatory interpretation of the exemption’s requirements, including of the meaning of the term “substantially.”

Steven.Lofchie@cwt.com's picture
Contributor Organization 
Contributor Title 
Partner
dorothy.mehta@cwt.com's picture
Contributor Organization 
Contributor Title 
Partner
nihal.patel@cwt.com's picture
Contributor Organization 
Contributor Title 
Special Counsel
maurine.bartlett@cwt.com's picture
Contributor Organization 
Contributor Title 
Senior Counsel

Find

 
Find: 

Statute 

Developments