Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 15a-3 -- Exemption for Initial Period of Investment Adviser of Certain Registered Separate Accounts from Requirement of Security Holder Approval of Investment Advisory Contract
An investment adviser of a registered separate account
shall be exempt from the requirement under section
15(a) of the Act that the initial written contract pursuant to which the investment
adviser serves or acts shall have been approved by the vote of a majority of the
outstanding voting securities of such registered separate account, subject to the
following conditions:
Such registered separate account qualifies for exemption
from section 14(a) of the Act pursuant to
Rule 14a-2, or is exempt therefrom by order of the Commission
upon application; and
Such written contract shall be submitted to a vote
of variable annuity contract owners at their first meeting after the effective date
of the registration statement under the Securities Act of 1933, as amended relating
to variable annuity contracts participating in such account: Provided, That
such meeting shall take place within 1 year after such effective date, unless the
time for the holding of such meeting shall be extended by the Commission upon written
request showing good cause therefor.
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