Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Rule 2a-46 -- Certain Issuers as Eligible Portfolio Companies

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1. Does not have any class of securities listed on a national securities exchange; or
   
   
2. Has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $ 250 million. For purposes of this paragraph:
   
   
   1. The aggregate market value of an issuer's outstanding voting and non-voting common equity shall be computed by use of the price at which the common equity was last sold, or the average of the bid and asked prices of such common equity, in the principal market for such common equity as of a date within 60 days prior to the date of acquisition of its securities by a business development company; and
      
      
   2. Common equity has the same meaning as in 17 CFR 230.405.
      
      

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