Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 3a-3 -- Certain Investment Companies Owned by Companies Which Are Not Investment Companies
Notwithstanding section 3(a)(1)(A) or
section 3(a)(1)(C) of the Act, an issuer will be deemed not to be an investment
company for purposes of the Act; Provided, That all of the outstanding
securities of the issuer (other than short-term paper, directors' qualifying shares,
and debt securities owned by the Small Business Administration) are directly or
indirectly owned by a company which satisfies the conditions of Rule
3a-1(a) and which is:
A company that is not an investment company as
defined in section 3(a) of the Act;
A company that is an investment company as defined
in section 3(a)(1)(C) of the Act,
but which is excluded from the definition of the term "investment company"
by section 3(b)(1) or 3(b)(2) of the
Act; or
A company that is deemed not to be an investment
company for purposes of the Act by rule 3a-1.
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