Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 17a-2 -- Exemption of Certain Purchase, Sale, or Borrowing Transactions
Purchase, sale or borrowing transactions occurring in the usual course of business
between affiliated persons of registered investment companies shall be exempt from
section 17(a) of the Act provided (1) the
transactions involve notes, drafts, time payment contracts, bills of exchange, acceptance
or other property of a commercial character rather than of an investment character;
(2) the buyer or lender is a bank; and (3) the seller or borrower is a bank or is
engaged principally in the business of installment financing.
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