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15 U.S.C. · Commerce and Trade
15 U.S.C. § 80a5

Subclassification of management companies

Ch. 2D — INVESTMENT COMPANIES AND ADVISERS
Title 15 U.S.C. ● ACTIVE Primary Source Ch. 2D
Statutory Text

15 U.S.C. § 80a5 — Subclassification of management companies

U.S.C. Title 15 - COMMERCE AND TRADE 15 U.S.C. United States Code, 2023 Edition Title 15 - COMMERCE AND TRADE CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER I - INVESTMENT COMPANIES Sec. 80a-5 - Subclassification of management companies From the U.S. Government Publishing Office, www.gpo.gov

§80a–5. Subclassification of management companies

(a) Open-end and closed-end companies For the purposes of this subchapter, management companies are divided into open-end and closed-end companies, defined as follows: (1) "Open-end company" means a management company which is offering for sale or has outstanding any redeemable security of which it is the issuer. (2) "Closed-end company" means any management company other than an open-end company. (b) Diversified and non-diversified companies Management companies are further divided into diversified companies and non-diversified companies, defined as follows: (1) "Diversified company" means a management company which meets the following requirements: At least 75 per centum of the value of its total assets is represented by cash and cash items (including receivables), Government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than 5 per centum of the value of the total assets of such management company and to not more than 10 per centum of the outstanding voting securities of such issuer. (2) "Non-diversified company" means any management company other than a diversified company. (c) Loss of status as diversified company A registered diversified company which at the time of its qualification as such meets the requirements of paragraph (1) of subsection (b) shall not lose its status as a diversified company because of any subsequent discrepancy between the value of its various investments and the requirements of said paragraph, so long as any such discrepancy existing immediately after its acquisition of any security or other property is neither wholly nor partly the result of such acquisition.

(Aug. 22, 1940, ch. 686, title I, §5, 54 Stat. 800; Pub. L. 100–181, title VI, §607, Dec. 4, 1987, 101 Stat. 1261.)

Editorial Notes

Amendments 1987—Subsec. (a)(2). Pub. L. 100–181 substituted "Closed-end" for "Close-end".

Executive Documents

Transfer of Functions For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

Source: uscode.house.gov — public domain Official Source ↗
Root-LD Entity Data
◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org
Federation ID
BS-USC15-SEC-ACE08C
Entity Class
STATUTE / FEDERAL-CODE-SECTION
Domain Signature
boisestandard.org
Citation
15 U.S.C. § 80a5
Jurisdiction
Federal — United States
Status
✓ ACTIVE
Source
PRIMARY-SOURCE
Source Verified
✓ TRUE
Content Hash
e200d75dc7264775...
Semantic Edges
Pending — corpus passes queued
The statutory text of 15 U.S.C. § 80a5 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 15 U.S.C. § 80a4 15 U.S.C. § 80a6 →
Ch. 2D — INVESTMENT COMPANIES AND ADVISERS
15 U.S.C. § 80a115 U.S.C. § 80a215 U.S.C. § 80a315 U.S.C. § 80a3a15 U.S.C. § 80a415 U.S.C. § 80a515 U.S.C. § 80a615 U.S.C. § 80a715 U.S.C. § 80a815 U.S.C. § 80a915 U.S.C. § 80a1015 U.S.C. § 80a1115 U.S.C. § 80a1215 U.S.C. § 80a1315 U.S.C. § 80a1415 U.S.C. § 80a1515 U.S.C. § 80a1615 U.S.C. § 80a1715 U.S.C. § 80a1815 U.S.C. § 80a1915 U.S.C. § 80a2015 U.S.C. § 80a2115 U.S.C. § 80a2215 U.S.C. § 80a2315 U.S.C. § 80a2415 U.S.C. § 80a2515 U.S.C. § 80a2615 U.S.C. § 80a2715 U.S.C. § 80a2815 U.S.C. § 80a29
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