Investment Company Determination Under the 1940 Act: Exemptions and Exceptions

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This best-selling compendium covers every statutory and regulatory exception and exemption from investment company registration. This updated edition is, in large part, an index of key court cases, Commission statements, and Staff no-action letters and other statements. The authors summarize that material in an easy-to-read format and provide cites to the relevant authorities. This update also provides practice points and commentary that, at times, takes issue with Commission or Staff positions.

This third edition also reflects important changes to the provisions governing status issues, as well as additional updates that include:

• Section 3(c)(1) was expanded to permit certain venture capital funds to have up to 250 beneficial owners, instead of the 100 beneficial owners.
• The Staff has modified, and may continue to modify, when lending businesses, including real estate lending businesses, can qualify for the exception in Section 3(c)(5).
• The Commission adopted a new rule to facilitate crowd funding offerings.
• The Commission and the Staff have issued exemptive orders and no action letters that have more important ramifications for certain issuers considering their investment company status.

This valuable resource also examines the investment company status of specific types of entities that may face unqiue status issues, including certain crypto-focused companies, SPACs, real-estate lending companies, commodity pools, and healthcare companies.

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