Investment Companies; Business Development Companies
Source:
Sections 230.480 through 230.485 appear at 47 FR 11446, Mar. 16, 1982, unless otherwise noted.
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Note:
The rules in this section of Regulation C (§§ 230.480 to 230.488 and §§ 230.495 to 230.498) apply only to investment companies and business development companies. Section 230.489 applies to certain entities excepted from the definition of investment company by rules under the Investment Company Act of 1940. The rules in the rest of Regulation C (§§ 230.400 to 230.479 and §§ 230.490 to 230.494), unless the context specifically indicates otherwise, also apply to investment companies and business development companies. See § 230.400.
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230.480 — Title of securities.
If a registration statement is prepared on a form available solely to investment companies registered under the Investment Company Act of 1940, or a business development company which is selling or proposing to sell its securities pursuant to a registration statement which has been filed under the Act, wherever the title of securities is required to be stated there shall be given such information as will indicate the type and general character of the securities, including the following:
(a) In the case of shares, the par or stated value, if any; the rate of dividends, if fixed, and whether cumulative or non-cumulative; a brief indication of the preference, if any; and, if convertible, a statement to that effect.
(b) In the case of funded debt, the rate of interest; the date of maturity, or, if the issue matures serially, a brief indication of the serial maturities, such as “maturing serially from 1950 to 1960”; if the payment of principal or interest is contingent, an appropriate indication of such contingency; a brief indication of the priority of the issue; and, if convertible, a statement to that effect.
(c) In the case of any other kind of security, appropriate information of comparable character.
230.481 — Information required in prospectuses.
Disclose the following in registration statements prepared on a form available solely to investment companies registered under the Investment Company Act of 1940 or in registration statements filed under the Act for a company that has elected to be regulated as a business development company under Sections 55 through 65 of the Investment Company Act (15 U.S.C. 80a-54 — 80a-64):
(a) Facing page. Indicate the approximate date of the proposed sale of the securities to the public.
(b) Outside front cover page. If applicable, include the following in plain English as required by § 230.421(d):
(1) Commission legend. Provide a legend that indicates that the Securities and Exchange Commission has not approved or disapproved of the securities or passed upon the accuracy or adequacy of the disclosure in the prospectus and that any contrary representation is a criminal offense. The legend may be in one of the following or other clear and concise language:
Example A:
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Example B:
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
(2) “Subject to Completion” legend. (i) If a prospectus or Statement of Additional Information will be used before the effective date of the registration statement, include on the outside front cover page of the prospectus or Statement of Additional Information, a prominent statement that:
(A) The information in the prospectus or Statement of Additional Information will be amended or completed;
(B) A registration statement relating to these securities has been filed with the Securities and Exchange Commission;
(C) The securities may not be sold until the registration statement becomes effective; and
(D) In a prospectus, that the prospectus is not an offer to sell the securities and it is not soliciting an offer to buy the securities in any state where offers or sales are not permitted, or in a Statement of Additional Information, that the Statement of Additional Information is not a prospectus.
(ii) The legend may be in the following language or other clear and understandable language:
The information in this prospectus (or Statement of Additional Information) is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus (or Statement of Additional Information) is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
(iii) In the case of a prospectus that omits pricing information under § 230.430A, provide the information and legend in paragraph (b)(2) of this section if the prospectus or Statement of Additional Information is used before the initial public offering price is determined.
(c) Table of contents. Include on either the outside front, inside front, or outside back cover page of the prospectus, a reasonably detailed table of contents. It must show the page number of the various sections or subdivisions of the prospectus. Include this table of contents immediately following the cover page in any prospectus delivered electronically.
(d) Stabilization and other transactions. (1) Indicate on the front cover page of the prospectus if the underwriter has any arrangement with the issuer, such as an over-allotment option, under which the underwriter may purchase additional shares in connection with the offering, and state the amount of additional shares the underwriter may purchase under the arrangement. Provide disclosure in the prospectus that briefly describes any transaction that the underwriter intends to conduct during the offering that stabilizes, maintains, or otherwise affects the market price of the offered securities. Include information on stabilizing transactions, syndicate short covering transactions, penalty bids, or any other transactions that affect the offered security's price. Describe the nature of the transactions clearly and explain how the transactions affect the offered security's price. Identify the exchange or other market on which these transactions may occur. If true, disclose that the underwriter may discontinue these transactions at any time;
(2) If the stabilizing began before the effective date of the registration statement, disclose in the prospectus the amount of securities bought, the prices at which they were bought and the period within which they were bought. In the event that § 230.430A of this chapter is used, the prospectus filed under § 230.497(h) or included in a post-effective amendment must contain information on the stabilizing transactions that took place before the determination of the public offering price shown in the prospectus; and
(3) If you are making a warrant or rights offering of securities to existing security holders and the securities not purchased by existing security holders are to be reoffered to the public, disclose in the prospectus used in connection with the reoffering:
(i) The amount of securities bought in stabilization activities during the offering period and the price or range of prices at which the securities were bought;
(ii) The amount of the offered securities subscribed for during the offering period;
(iii) The amount of the offered securities subscribed for by the underwriters during the offering period;
(iv) The amount of the offered securities sold during the offering period by the underwriters and the price or range of prices at which the securities were sold; and
(v) The amount of the offered securities to be reoffered to the public and the public offering price.
(e) Dealer prospectus delivery obligations. On the outside back cover page of the prospectus, advise dealers of their prospectus delivery obligation, including the expiration date specified by Section 4(3) of the Act (15 U.S.C. 77d(3)) and § 230.174. If the expiration date is not known on the effective date of the registration statement, include the expiration date in the copy of the prospectus filed under § 230.497. This information need not be included if dealers are not required to deliver a prospectus under § 230.174 or Section 24(d) of the Investment Company Act of 1940 (15 U.S.C. 80a-24). Use the following or other clear, plain language:
Dealer Prospectus Delivery Obligation
Until (insert date), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
(f) Electronic distribution. Where a prospectus is distributed through an electronic medium, issuers may satisfy legibility requirements applicable to printed documents, such as paper size, type size and font, bold-face type, italics and red ink, by presenting all required information in a format readily communicated to investors, and where indicated, in a manner reasonably calculated to draw investor attention to specific information.
[63 FR 6385, Feb. 6, 1998]
230.482 — Advertising by an investment company as satisfying requirements of section 10.
(a) Scope of rule. This section applies to an advertisement or other
sales material (advertisement) with respect to securities of an investment company
registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.)
(1940 Act), or a business development company, that is selling or proposing to sell
its securities pursuant to a registration statement that has been filed under the Act. This
section does not apply to an advertisement that is excepted from the definition of
prospectus by section 2(a)(10) of the Act (15 U.S.C. 77b(a)(10)), § 230.498(d), or
§ 230.498A(g) or (j)(2), or to a summary prospectus under § 230.498 or § 230.498A. An
advertisement that complies with this section, which may include information the substance
of which is not included in the prospectus specified in section 10(a) of the Act (15 U.S.C
77j(a)), will be deemed to be a prospectus under section 10(b) of the Act (15 U.S.C. 77j(b))
for the purposes of section 5(b)(1) of the Act (15 U.S.C. 77e(b)(1)).
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Note 1 to paragraph (a):
The fact that an advertisement complies with this section does not
relieve the investment company, underwriter, or dealer of any obligations with
respect to the advertisement under the antifraud provisions of the Federal
securities laws. For guidance about factors to be weighed in determining whether
statements, representations, illustrations, and descriptions contained in
investment company advertisements are misleading, see § 230.156. In addition, an
advertisement that complies with this section is subject to the legibility
requirements of § 230.420.
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(b) Required disclosure. This paragraph describes information that is required to be included in an advertisement in order to comply with this section.
(1) Availability of additional information. An advertisement must include a statement that advises an investor to consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing; explains that the prospectus and, if available, the summary prospectus contain this and other information about the investment company; identifies a source from which an investor may obtain a prospectus and, if available, a summary prospectus; and states that the prospectus and, if available, the summary prospectus should be read carefully before investing.
(2) Advertisements used prior to effectiveness of registration statement. An advertisement that is used prior to effectiveness of the investment company's registration statement or the determination of the public offering price (in the case of a registration statement that becomes effective omitting information from the prospectus contained in the registration statement in reliance upon § 230.430A) must include the “Subject to Completion” legend required by § 230.481(b)(2).
(3) Advertisements including performance data. An advertisement that includes performance data of an open-end management investment company or a separate account registered under the 1940 Act as a unit investment trust offering variable annuity contracts (trust account) must include the following
(i) A legend disclosing that the performance data quoted represents past performance; that past performance does not guarantee future results; that the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; and that current performance may be lower or higher than the performance data quoted. The legend should also identify either a toll-free (or collect) telephone number or a Web site where an investor may obtain performance data current to the most recent month-end unless the advertisement includes total return quotations current to the most recent month ended seven business days prior to the date of use. An advertisement for a money market fund that is a government money market fund, as defined in § 270.2a-7(a)(16) of this chapter, or a retail money market fund, as defined in § 270.2a-7(a)(25) of this chapter may omit the disclosure about principal value fluctuation; and
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Note to paragraph (b)(3)(i):
The date of use refers to the date or dates when an advertisement is used by investors, not the date on which an advertisement is published or submitted for publication. The date of use refers to the entire period of use by investors and not simply the first date on which an advertisement is used.
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(ii) If a sales load or any other nonrecurring fee is charged, the maximum amount of the load or fee, and if the sales load or fee is not reflected, a statement that the performance data does not reflect the deduction of the sales load or fee, and that, if reflected, the load or fee would reduce the performance quoted.
(4) Money market funds. (i) An advertisement for an investment company
that holds itself out to be a money market fund, that is not a government money market fund,
as defined in § 270.2a-7(a)(14) of this chapter, or a retail money market fund, as defined
in § 270.2a-7(a)(21) of this chapter, must include the following statement:
You could lose money by investing in the Fund. Because the share price of the Fund will
fluctuate, when you sell your shares they may be worth more or less than what you originally
paid for them. The Fund may impose a fee upon sale of your shares. The Fund generally must
impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund
is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund's sponsor is not required to reimburse
the Fund for losses, and you should not expect that the sponsor will provide financial
support to the Fund at any time, including during periods of market stress.
(ii) An advertisement for an investment company that holds itself out to be a
money market fund, that is a government money market fund, as defined in § 270.2a-7(a)(14)
of this chapter, or a retail money market fund, as defined in § 270.2a-7(a)(21) of this
chapter, and that is subject to the requirements of § 270.2a-7(c)(2)(i) of this chapter (or
is not subject to the requirements of § 270.2a-7(c)(2)(i) of this chapter pursuant to
§ 270.2a-7(c)(2)(i)(B) of this chapter, but has chosen to rely on the ability to impose
liquidity fees consistent with the requirements of § 270.2a-7(c)(2)(i)), must include the
following statement:
You could lose money by investing in the Fund. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may
impose a fee upon sale of your shares. An investment in the Fund is not a bank account and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and
you should not expect that the sponsor will provide financial support to the Fund at any
time, including during periods of market stress.
(iii) An advertisement for an investment company that holds itself out to be a
money market fund, that is a government money market fund, as defined in § 270.2a-7(a)(14)
of this chapter, that is not subject to the requirements of § 270.2a-7(c)(2)(i) of this
chapter pursuant to § 270.2a-7(c)(2)(i)(B) of this chapter, and that has not chosen to rely
on the ability to impose liquidity fees consistent with the requirements of
§ 270.2a-7(c)(2)(i), must include the following statement:
You could lose money by investing in the Fund. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, it cannot guarantee it will do so. An
investment in the Fund is not a bank account and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not
required to reimburse the Fund for losses, and you should not expect that the sponsor will
provide financial support to the Fund at any time, including during periods of market
stress.
Note 3 to paragraph (b)(4). If an affiliated person, promoter, or principal underwriter
of the Fund, or an affiliated person of such a person, has contractually
committed to provide financial support to the Fund, the statement may omit the
last sentence (“The Fund's sponsor is not required to reimburse the Fund for
losses, and you should not expect that the sponsor will provide financial
support to the Fund at any time, including during periods of market stress.”)
for the term of the agreement. For purposes of this note, the term “financial
support” includes any capital contribution, purchase of a security from the Fund
in reliance on § 270.17a-9 of this chapter, purchase of any defaulted or
devalued security at par, execution of letter of credit or letter of indemnity,
capital support agreement (whether or not the Fund ultimately received support),
performance guarantee, or any other similar action reasonably intended to
increase or stabilize the value or liquidity of the fund's portfolio; however,
the term “financial support” excludes any routine waiver of fees or
reimbursement of fund expenses, routine inter-fund lending, routine inter-fund
purchases of fund shares, or any action that would qualify as financial support
as defined in this note, that the board of directors has otherwise determined
not to be reasonably intended to increase or stabilize the value or liquidity of
the fund's portfolio. |
(5) Presentation. In a print advertisement, the statements required by paragraphs (b)(1) through (b)(4) of this section must be presented in a type size at least as large as and of a style different from, but at least as prominent as, that used in the major portion of the advertisement, provided that when performance data is presented in a type size smaller than that of the major portion of the advertisement, the statements required by paragraph (b)(3) of this section may appear in a type size no smaller than that of the performance data. If an advertisement is delivered through an electronic medium, the legibility requirements for the statements required by paragraph (b)(1) through (b)(4) of this section relating to type size and style may be satisfied by presenting the statements in any manner reasonably calculated to draw investor attention to them. In a radio or television advertisement, the statements required by paragraph (b)(1) through (b)(4) of this section must be given emphasis equal to that used in the major portion of the advertisement. The statements required by paragraph (b)(3) of this section must be presented in close proximity to the performance data, and, in a print advertisement, must be presented in the body of the advertisement and not in a footnote.
(6) Commission legend. An advertisement that complies with this section need not contain the Commission legend required by § 230.481(b)(1).
(c) Use of applications. An advertisement that complies with this section may not contain or be accompanied by any application by which a prospective investor may invest in the investment company, except that a prospectus meeting the requirements of section 10(a) of the Act (15 U.S.C. 77j(a)) by which a unit investment trust offers variable annuity or variable life insurance contracts may contain a contract application although the prospectus includes, or is accompanied by, information about an investment company in which the unit investment trust invests that, pursuant to this section, is deemed a prospectus under section 10(b) of the Act (15 U.S.C. 77j(b)).
(d) Performance data for non-money market funds. In the case of an open-end management investment company or a trust account (other than a money market fund referred to in paragraph (e) of this section), any quotation of the company's performance contained in an advertisement shall be limited to quotations of:
(1) Current yield. A current yield that:
(i) Is based on the methods of computation prescribed in Form N-1A(§§ 239.15A and 274.11A of this chapter), N-3 (§§ 239.17a and 274.11b of this chapter), or N-4 (§§ 239.17b and 274.11c of this chapter);
(ii) Is accompanied by quotations of total return as provided for in paragraph (d)(3) of this section;
(iii) Is set out in no greater prominence than the required quotations of total return; and
(iv) Adjacent to the quotation and with no less prominence than the quotation, identifies the length of and the date of the last day in the base period used in computing the quotation.
(2) Tax-equivalent yield. A tax-equivalent yield that:
(i) Is based on the methods of computation prescribed in Form N-1A (§§ 239.15A and 274.11A of this chapter), N-3 (§§ 239.17a and 274.11b of this chapter), or N-4 (§§ 239.17b and 274.11c of this chapter);
(ii) Is accompanied by quotations of yield as provided for in paragraph (d)(1) of this section and total return as provided for in paragraph (d)(3) of this section;
(iii) Is set out in no greater prominence than the required quotations of yield and total return;
(iv) Relates to the same base period as the required quotation of yield; and
(v) Adjacent to the quotation and with no less prominence than the quotation, identifies the length of and the date of the last day in the base period used in computing the quotation.
(3) Average annual total return. Average annual total return for one, five, and ten year periods, except that if the company's registration statement under the Act (15 U.S.C. 77a et seq.) has been in effect for less than one, five, or ten years, the time period during which the registration statement was in effect is substituted for the period(s) otherwise prescribed. The quotations must:
(i) Be based on the methods of computation prescribed in Form N-1A (§§ 239.15A and 274.11A of this chapter), N-3 (§§ 239.17a and 274.11b of this chapter), or N-4 (§§ 239.17b and 274.11c of this chapter);
(ii) Be current to the most recent calendar quarter ended prior to the submission of the advertisement for publication;
(iii) Be set out with equal prominence; and
(iv) Adjacent to the quotation and with no less prominence than the quotation, identify the length of and the last day of the one, five, and ten year periods.
(4) After-tax return. For an open-end management investment company, average annual total return (after taxes on distributions) and average annual total return (after taxes on distributions and redemption) for one, five, and ten year periods, except that if the company's registration statement under the Act (15 U.S.C. 77a et seq.) has been in effect for less than one, five, or ten years, the time period during which the registration statement was in effect is substituted for the period(s) otherwise prescribed. The quotations must:
(i) Be based on the methods of computation prescribed in Form N-1A (§§ 239.15A and 274.11A of this chapter);
(ii) Be current to the most recent calendar quarter ended prior to the submission of the advertisement for publication;
(iii) Be accompanied by quotations of total return as provided for in paragraph (d)(3) of this section;
(iv) Include both average annual total return (after taxes on distributions) and average annual total return (after taxes on distributions and redemption);
(v) Be set out with equal prominence and be set out in no greater prominence than the required quotations of total return; and
(vi) Adjacent to the quotations and with no less prominence than the quotations, identify the length of and the last day of the one, five, and ten year periods.
(5) Other performance measures. Any other historical measure of company performance (not subject to any prescribed method of computation) if such measurement:
(i) Reflects all elements of return;
(ii) Is accompanied by quotations of total return as provided for in paragraph (d)(3) of this section;
(iii) In the case of any measure of performance adjusted to reflect the effect of taxes, is accompanied by quotations of total return as provided for in paragraph (d)(4) of this section;
(iv) Is set out in no greater prominence than the required quotations of total return; and
(v) Adjacent to the measurement and with no less prominence than the measurement, identifies the length of and the last day of the period for which performance is measured.
(e) Performance data for money market funds. In the case of a money market fund:
(1) Yield. Any quotation of the money market fund's yield in an advertisement shall be based on the methods of computation prescribed in Form N-1A (§§ 239.15A and 274.11A of this chapter), N-3 (§§ 239.17a and 274.11b of this chapter), or N-4 (§§ 239.17b and 274.11c of this chapter) and may include:
(i) A quotation of current yield that, adjacent to the quotation and with no less prominence than the quotation, identifies the length of and the date of the last day in the base period used in computing that quotation;
(ii) A quotation of effective yield if it appears in the same advertisement as a quotation of current yield and each quotation relates to an identical base period and is presented with equal prominence; or
(iii) A quotation or quotations of tax-equivalent yield or tax-equivalent effective yield if it appears in the same advertisement as a quotation of current yield and each quotation relates to the same base period as the quotation of current yield, is presented with equal prominence, and states the income tax rate used in the calculation.
(2) Total return. Accompany any quotation of the money market fund's total return in an advertisement with a quotation of the money market fund's current yield under paragraph (e)(1)(i) of this section. Place the quotations of total return and current yield next to each other, in the same size print, and if there is a material difference between the quoted total return and the quoted current yield, include a statement that the yield quotation more closely reflects the current earnings of the money market fund than the total return quotation.
(f) Advertisements that make tax representations. An advertisement for an open-end management investment company (other than a company that is permitted under § 270.35d-1(a)(4) of this chapter to use a name suggesting that the company's distributions are exempt from federal income tax or from both federal and state income tax) that represents or implies that the company is managed to limit or control the effect of taxes on company performance must accompany any quotation of the company's performance permitted by paragraph (d) of this section with quotations of total return as provided for in paragraph (d)(4) of this section.
(g) Timeliness of performance data. All performance data contained in any advertisement must be as of the most recent practicable date considering the type of investment company and the media through which the data will be conveyed, except that any advertisement containing total return quotations will be considered to have complied with this paragraph provided that:
(1)(i) The total return quotations are current to the most recent calendar quarter ended prior to the submission of the advertisement for publication; and
(ii) Total return quotations current to the most recent month ended seven business days prior to the date of use are provided at the toll-free (or collect) telephone number or Web site identified pursuant to paragraph (b)(3)(i) of this section; or
(2) The total return quotations are current to the most recent month ended seven business days prior to the date of use of the advertisement.
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Note to paragraph (g):
The date of use refers to the date or dates when an advertisement is used by investors, not the date on which an advertisement is published or submitted for publication. The date of use refers to the entire period of use by investors and not simply the first date on which an advertisement is used.
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(h) Filing. An advertisement that complies with this section need not be filed as part of the registration statement filed under the Act.
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Note to paragraph (h):
These advertisements, unless filed with NASD Regulation, Inc., are required to be filed in accordance with the requirements of § 230.497.
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(i) Advertisements including fee or expense figures. An advertisement that provides
fee or expense figures for an investment company must include the following:
(1) The maximum amount of any sales load, or any other nonrecurring fee, and the total
annual expenses without any fee waiver or expense reimbursement arrangement, based on the
methods of computation prescribed by the investment company's registration statement form
under the 1940 Act or under the Act for a prospectus and presented at least as prominently
as any other fee or expense figure included in the advertisement; and
(2) The expected termination date of a fee waiver or expense reimbursement arrangement, if
the advertisement provides total annual expenses net of fee waiver or expense reimbursement
arrangement amounts.
(j) Timeliness of fee and expense information. Fee and expense information contained
in an advertisement must be as of the date of the investment company's most recent
prospectus or, if the company no longer has an effective registration statement under the
Act, as of the date of its most recent annual shareholder report, except that a company may
provide more current information if available.
[68 FR 57777, Oct. 6, 2003, as amended at 79 FR 47735, Aug. 14, 2014; 85 FR
25964, May 1, 2020; 87 FR 72758, Nov. 25, 2022; 89 FR 90579, Nov 18, 2024]
230.483 — Exhibits for certain registration statements.
If a registration statement is prepared on a form available solely to investment companies registered under the Investment Company Act of 1940, or a business development company which is selling or proposing to sell its securities pursuant to a registration statement which has been filed under the Act, the following provisions apply:
(a) Such registration statement shall contain an exhibit index, which should immediately precede the exhibits filed with such registration statement. The exhibit index shall indicate by handwritten, typed, printed or other legible form of notation in the manually signed original registration statement the page number in the sequential numbering system where such exhibit can be found. Where exhibits are incorporated by reference, this fact shall be noted in the exhibit index referred to in the preceding sentence. Further, the first page of the manually signed registration statement shall list the page in the filing where the exhibit index is located.
(b) If any name is signed to the registration statement pursuant to a power of attorney, copies of such powers of attorney shall be filed as an exhibit to the registration statement. In addition, if the name of any officer signing on behalf of the registrant, or attesting the registrant's seal, is signed pursuant to a power of attorney, certified copies of a resolution of the registrant's board of directors authorizing such signature shall also be filed as an exhibit to the registration statement. A power of attorney that is filed with the Commission shall relate to a specific filing, an amendment thereto, or a related registration statement that is to be effective upon filing pursuant to Rule 462(b) (§ 230.462(b)) under the Act.
(c)(1) All written consents are required to be filed as an exhibit to the registration statement, together with a list thereof. Such consents shall be dated and manually signed. Where the consent of an expert or counsel is contained in his report or opinion, a reference shall be made in the list to the report or opinion containing the consent.
(2) In a registration statement filed pursuant to Rule 462(b) (§ 230.462(b)) by a closed-end company, any required consent may be incorporated by reference into the registration statement from a previously filed registration statement related to the offering, provided that the consent contained in the previously filed registration statement expressly provides for such incorporation. Any consent filed in a Rule 462(b) (§ 230.462(b)) registration statement may contain duplicated or facsimile versions of required signatures, and such signatures shall be considered manually filed for the purposes of the Act and the rules thereunder.
(d) The registrant:
(1) May file such exhibits as it may desire in addition to those required by the appropriate form. Such exhibits shall be so marked as to indicate clearly the subject matters to which they refer;
(2) In any case where two or more indentures, contracts, frachises, or other documents required to be filed as exhibits are substantially identical in all material respects except as to the parties thereto, the dates of execution, or other details, need file a copy of only one of such documents, with a schedule identifying the other documents omitted and setting forth the material details in which such documents differ from the document of which a copy is filed. The Commission may at any time in its discretion require filing of copies of any documents so omitted; and
(3) If an exhibit to a registration statement (other than an opinion or consent), filed in preliminary form, has been changed only (i) to insert information as to interest, dividend or conversion rates, redemption or conversion prices, purchase or offering prices, underwriters' or dealers' commission, names, addresses or participation of underwriters or similar matters, which information appears elsewhere in an amendment to the registration statement, or (ii) to correct typographical errors, insert signatures or make other similar immaterial changes, then, notwithstanding any contrary requirement of any rule or form, need not refile such exhibit as so amended; provided the registrant states in the amendment to the registration statement the basis provided by this rule for not refiling such exhibit. Any such incomplete exhibit may not, however, be incorporated by reference in any subsequent filing under any Act administered by the Commission.
[47 FR 11446, Mar. 16, 1982, as amended at 58 FR 14857, Mar. 18, 1993; 59 FR 36261, July 15, 1994; 59 FR 67761, Dec. 30, 1994; 60 FR 26618, May 17, 1995; 63 FR 13943, Mar. 23, 1998; 65 FR 24799, Apr. 27, 2000]
230.484 — Undertaking required in certain registration statements.
If a registration statement is prepared on a form available solely to investment companies registered under the investment Company Act of 1940, or a business development company which is selling or proposing to sell its securities pursuant to a registration statement which has been filed under the Act, if
(a) Any acceleration is requested of the effective date of the registration statement pursuant to Rule 461 (§ 230.461), and
(b)(1) Any provision or arrangement exists whereby the registrant may indemnify a director, officer or controlling person of the registrant against liabilities arising under the Act, or
(2) The underwriting agreement contains provisions by which indemnification against such liabilities is given by the registrant to the underwriter or controlling persons of the underwriter and the director, officer or controlling person of the registrant is such an underwriter or controlling person thereof or a member of any firm which is an underwriter, and
(3) The benefits of such indemnification are not waived by such persons; the registration statement shall include a brief description of the indemnification provisions and an undertaking in substantially the following form:
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
230.485 — Effective date of post-effective amendments filed by certain registered investment companies or issuers offering registered non-variable annuities.
(a) Automatic effectiveness. (1) Except as otherwise provided in this
section, a post-effective amendment to a registration statement filed by a registered
open-end management investment company, unit investment trust or, separate account as
defined in section 2(a)(37) of the Investment Company Act of 1940 [15 U.S.C. 80a-2(a)(37)]
or to register an offering of a registered non-variable annuity securities shall become
effective on the sixtieth day after the filing thereof, or a later date designated by the
registrant on the facing sheet of the amendment, which date shall be no later than eighty
days after the date on which the amendment is filed.
(2) A post-effective amendment filed by a registered open-end management investment company for the purpose of adding a series shall become effective on the seventy-fifth day after the filing thereof or a later date designated by the registrant on the facing sheet of the amendment, which date shall be no later than ninety-five days after the date on which the amendment is filed.
(3) The Commission, having due regard to the public interest and the protection of investors, may declare an amendment filed under this paragraph (a) effective on an earlier date.
(b) Immediate effectiveness. Except as otherwise provided in this
section, a post-effective amendment to a registration statement filed by a registered
open-end management investment company, unit investment trust or separate account as defined
in section 2(a)(37) of the Investment Company Act of 1940 [15 U.S.C. 80a-2(a)(37)] or to
register an offering of a registered non-variable annuity securities shall become effective
on the date upon which it is filed with the Commission, or a later date designated by the
registrant on the facing sheet of the amendment, which date shall be not later than thirty
days after the date on which the amendment is filed, except that a post-effective amendment
including a designation of a new effective date pursuant to paragraph (b)(1)(iii) of this
section shall become effective on the new effective date designated therein, Provided, that
the following conditions are met:
(1) It is filed for no purpose other than one or more of the following:
(i) Bringing the financial statements up to date under section 10(a)(3) of the Securities Act of 1933 [15 U.S.C. 77j(a)(3)] or Rules 3-12 or 3-18 of Regulation S-X [17 CFR 210.3-12 and 210.3-18];
(ii) Complying with an undertaking to file an amendment containing financial statements, which may be unaudited, within four to six months after the effective date of the registrant's registration statement under the Securities Act of 1933 [15 U.S.C. 77a et seq.];
(iii) Designating a new effective date for a previously filed post-effective amendment pursuant to paragraph (a) of this section, which has not yet become effective, Provided, that the new effective date shall be no earlier than the effective date designated in the previously filed amendment under paragraph (a) of this section and no later than thirty days after that date;
(iv) Disclosing or updating the information required by Item 5(b) or 10(a)(2) of Form N-1A [17 CFR 239.15A and 274.11A];
(v) Making any non-material changes which the registrant deems appropriate;
(vi) In the case of a separate account registered as a unit investment trust, to make changes in the disclosure in the unit investment trust's registration statement to reflect changes to disclosure in the registration statement of the investment company in which the unit investment trust invests all of its assets; and
(vii) Any other purpose which the Commission shall approve.
(2) The registrant represents that the amendment is filed solely for one or more of the purposes specified in paragraph (b)(1) of this section and that no material event requiring disclosure in the prospectus, other than one listed in paragraph (b)(1) of this section or one for which the Commission has approved a filing under paragraph (b)(1)(vii) of this section, has occurred since the latest of the following three dates:
(i) The effective date of the registrant's registration statement;
(ii) The effective date of its most recent post-effective amendment to its registration statement which included a prospectus; or
(iii) The filing date of a post-effective amendment filed under paragraph (a) of this section which has not become effective.
(3) The amendment recites on its facing sheet that the registrant proposes that the amendment will become effective under paragraph (b) of this section.
(4) The representations of the registrant referred to in paragraph (b)(2) of this section shall be made by certification on the signature page of the post-effective amendment that the amendment meets all the requirements for effectiveness under paragraph (b) of this section. If counsel prepared or reviewed the post-effective amendment filed under paragraph (b) of this section, counsel shall furnish to the Commission at the time the amendment is filed a written representation that the amendment does not contain disclosures that would render it ineligible to become effective under paragraph (b) of this section.
(c) Incomplete or inaccurate amendments; suspension of use of paragraph (b) of this section. (1) No amendment shall become effective under paragraph (a) of this section if, prior to the effective date of the amendment, it should appear to the Commission that the amendment may be incomplete or inaccurate in any material respect, and the Commission furnishes to the registrant written notice that the effective date of the amendment is to be suspended. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition. If the Commission has suspended the effective date of an amendment, the amendment shall become effective on such date as the Commission may determine, having due regard to the public interest and the protection of investors.
(2) The Commission may, in the manner and under the circumstances set forth in this paragraph (c)(2), suspend the ability of registrant to file a post-effective amendment under paragraph (b) of this section. The notice of such suspension shall be in writing and shall specify the period for which such suspension shall remain in effect. The Commission may issue a suspension if it appears to the Commission that a registrant which files a post-effective amendment under paragraph (b) of this section has not complied with the conditions of that paragraph. Any suspension under this paragraph (c)(2) shall become effective at such time as the Commission furnishes written notice thereof to the registrant. Any such suspension, so long as it is in effect, shall apply to any post-effective amendment that has been filed but has not, at the time of such suspension, become effective, and to any post-effective amendment that may be filed after the suspension. Any suspension shall apply only to the ability to file a post-effective amendment pursuant to paragraph (b) of this section and shall not otherwise affect any post-effective amendment. Following this action by the Commission the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for a hearing is included in the petition.
(3) A registrant's ability to file a post-effective amendment, other than an
amendment filed solely for purposes of submitting an Interactive Data File, under paragraph
(b) of this section is automatically suspended if a registrant fails to submit any
Interactive Data File (as defined in § 232.11 of this chapter) required by the registration
form on which the registrant is filing the post-effective amendment. A suspension under this
paragraph (c)(3) shall become effective at such time as the registrant fails to submit an
Interactive Data File as required by the relevant registration form. Any such suspension, so
long as it is in effect, shall apply to any post-effective amendment that is filed after the
suspension becomes effective, but shall not apply to any post-effective amendment that was
filed before the suspension became effective. Any suspension shall apply only to the ability
to file a post-effective amendment pursuant to paragraph (b) of this section and shall not
otherwise affect any post-effective amendment. Any suspension under this paragraph (c)(3)
shall terminate as soon as a registrant has submitted the Interactive Data File required by
the relevant registration form.
(d) Subsequent amendments. (1) Except as provided in paragraph (d)(2) of this section, a post-effective amendment that includes a prospectus shall not become effective under paragraph (a) of this section if a subsequent post-effective amendment relating to the prospectus is filed before such amendment becomes effective.
(2) A post-effective amendment that includes a prospectus shall become effective under paragraph (a) of this section notwithstanding the filing of a subsequent post-effective amendment relating to the prospectus, Provided, that the following conditions are met:
(i) the subsequent amendment is filed under paragraph (b) of this section; and
(ii) the subsequent amendment designates as its effective date either:
(A) the date on which the prior post-effective amendment was to become effective under paragraph (a) of this section; or
(B) a new effective date designated under paragraph (b)(1)(iii) of this section.
In this case the prior post-effective amendment filed under paragraph (a) of this section and any prior post-effective amendment filed under paragraph (b) of this section shall also become effective on the new effective date designated under paragraph (b)(1)(iii) of this section.
(3) Notwithstanding paragraphs (d)(1) and (d)(2) of this section, if another post-effective amendment relating to the same prospectus is filed under paragraph (a) of this section before the prior amendments filed pursuant to paragraphs (a) and (b) of this section have become effective, none of such prior amendments shall become effective under this section.
(e) Certain separate accounts. For purposes of this section, a post-effective amendment to a registration statement for an offering of securities by a registered open-end management investment company or unit investment trust as those terms are used in paragraphs (a), (b), and (e) of this section and as such amendments are referred to in paragraphs (c) and (d) of this section, shall include a post-effective amendment to an offering of securities by an insurance company funded through a separate account, as defined in section 2(a)(37) of the Investment Company Act of 1940 [15 U.S.C. 80a-2(a)(37)], where the separate account need not register under the Investment Company Act of 1940 under section 3(c)(11) thereof [15 U.S.C. 80a-3(c)(11)].
(f) Electronic filers. When ascertaining the date of filing, electronic filers should not presume a registration statement has been accepted until notice of acceptance has been received from the Commission.
|
Note:
To determine the date of automatic effectiveness, the day following the filing date is the first day of the time period. For example, a post-effective amendment filed under paragraph (a) of this section on November 1 would become effective on December 31.
|
[59 FR 43464, Aug. 24, 1994, as amended at 62 FR 47938, Sept. 12, 1997; 63
FR 13943, Mar. 23, 1998; 64 FR 27894, May 21, 1999; 74 FR 4584, Jan. 26, 2009; 74 FR 7774,
Feb. 19, 2009; 83 FR 40846, Aug. 16, 2018; 85 FR 25964, May 1, 2020: 88 FR 70436, Oct 11,
2023; 89 FR 59978, July 24, 2024]
230.486 — Effective date of post-effective amendments and registration statements filed by certain closed-end management investment companies.
(a) Automatic effectiveness. Except as otherwise provided in this
section, a post-effective amendment to a registration statement, or a registration statement
described in paragraph (g) of this section, filed by a registered closed-end management
investment company or business development company which makes periodic repurchase offers
under § 270.23c-3 of this chapter or which offers securities under § 230.415(a)(1)(ix),
shall become effective on the sixtieth day after the filing thereof, or a later date
designated by the registrant on the facing sheet of the amendment or registration statement,
which date shall not be later than eighty days after the date on which the amendment or
registration statement is filed, Provided, that the Commission, having due regard to
the public interest and the protection of investors, may declare an amendment or
registration statement filed under this paragraph (a) effective on an earlier date.
(b) Immediate effectiveness. Except as otherwise provided in this
section, a post-effective amendment to a registration statement, or a registration
statement, filed by a registered closed-end management investment company or business
development company which makes periodic repurchase offers under § 270.23c-3 of this chapter
or which offers securities under § 230.415(a)(1)(ix), shall become effective on the date on
which it is filed with the Commission, or a later date designated by the registrant on the
facing sheet of the amendment or registration statement, which date shall be not later than
thirty days after the date on which the amendment or registration statement is filed, except
that a post-effective amendment including a designation of a new effective date under
paragraph (b)(1)(iii) of this section shall become effective on the new effective date
designated therein, Provided, that the following conditions are met:
(1) It is filed for no purpose other than one or more of the following:
(i) Registering additional shares of common stock for which a registration statement filed on Form N-2 (§§ 239.14 and 274.11a-1 of this chapter) is effective;
(ii) Bringing the financial statements up to date under section 10(a)(3) of the Act [15 U.S.C. 77j(a)(3)] or rule 3-18 of Regulation S-X [17 CFR 210.3-18];
(iii) Designating a new effective date for a previously filed post-effective amendment or registration statement for additional shares under paragraph (a) of this section, which has not yet become effective, Provided, that the new effective date shall be no earlier than the effective date designated in the previously filed amendment or registration statement under paragraph (a) of this section and no later than thirty days after that date;
(iv) Disclosing or updating the information required by Item 9.1.c of Form N-2
[17 CFR 239.14 and 274.11a-1];
(v) Making any non-material changes which the registrant deems appropriate;
(vi) Complying with § 230.415(a)(5) and (6); and
(vii) Any other purpose which the Commission shall approve.
(2) The registrant represents that the amendment is filed solely for one or more
of the purposes specified in paragraph (b)(1) of this section and that no material event
requiring disclosure in the prospectus, other than one listed in paragraph (b)(1) or one for
which the Commission has approved a filing under paragraph (b)(1)(vii) of this section, has
occurred since the latest of the following three dates:
(i) The effective date of the registrant's registration statement;
(ii) The effective date of its most recent post-effective amendment to its registration statement which included a prospectus; or
(iii) The filing date of a post-effective amendment or registration statement filed under paragraph (a) of this section which has not become effective; and
(3) The amendment or registration statement recites on the facing sheet thereof that the registrant proposes that the amendment or registration statement will become effective under paragraph (b) of this section.
(4) The representations of the registrant referred to in paragraph (b)(2) of this section shall be made by certification on the signature page of the post-effective amendment or registration statement that the amendment or registration statement meets all of the requirements for effectiveness under paragraph (b) of this section. If counsel prepared or reviewed the post-effective amendment or registration statement filed under paragraph (b) of this section, counsel shall furnish to the Commission at the time the amendment or registration statement is filed a written representation that the amendment or registration statement does not contain disclosure which would render it ineligible to become effective under paragraph (b) of this section.
(c) Incomplete or inaccurate amendments; suspension of use of paragraph (b) of this section. (1) No amendment or registration statement shall become effective under paragraph (a) of this section if, prior to the effective date of the amendment or registration statement, it should appear to the Commission that the amendment or registration statement may be incomplete or inaccurate in any material respect, and the Commission furnishes to the registrant written notice that the effective date of the amendment or registration statement is to be suspended. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition. If the Commission has suspended the effective date of an amendment or registration statement, the amendment or registration statement shall become effective on such date as the Commission may determine, having due regard to the public interest and the protection of investors.
(2) The Commission may, in the manner and under the circumstances set forth in this paragraph (c)(2), suspend the ability of a registrant to file a post-effective amendment or registration statement under paragraph (b) of this section. The notice of such suspension shall be in writing and shall specify the period for which such suspension shall remain in effect. The Commission may issue a suspension if it appears to the Commission that a registrant which files a post-effective amendment under paragraph (b) of this section has not complied with the conditions of that paragraph. Any suspension under this paragraph shall become effective at such time as the Commission furnishes written notice thereof to the company. Any such suspension, so long as it is in effect, shall apply to any post-effective amendment or registration statement that has been filed but has not, at the time of such suspension, become effective, and to any post-effective amendment or registration statement that may be filed after the suspension. Any suspension shall apply only to the ability to file a post-effective amendment or registration statement under paragraph (b) of this section and shall not otherwise affect any post-effective amendment or registration statement. Following this action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for a hearing is included in the petition.
(d) Subsequent amendments. (1) Except as provided in paragraph (d)(2) of this section, a post-effective amendment or registration statement which includes a prospectus shall not become effective under paragraph (a) of this section if a subsequent post-effective amendment or registration statement relating to the prospectus is filed before such amendment or registration statement becomes effective.
(2) A post-effective amendment or registration statement which includes a prospectus shall become effective under paragraph (a) of this section notwithstanding the filing of a subsequent post-effective amendment or registration statement relating to the prospectus, Provided, that the following conditions are met:
(i) The subsequent amendment or registration statement is filed under paragraph (b) of this section; and
(ii) The subsequent amendment or registration statement designates as its effective date either:
(A) The date on which the prior post-effective amendment or registration statement was to become effective under paragraph (a) of this section or
(B) A new effective date designated under paragraph (b)(1)(iii) of this section.
In this case the prior post-effective amendment or registration statement filed under paragraph (a) of this section and any prior post-effective amendment or registration statement filed under paragraph (b) of this section shall also become effective on the new effective date designated under paragraph (b)(1)(iii) of this section.
(3) Notwithstanding paragraphs (d)(1) and (d)(2) of this section, if another post-effective amendment or registration statement relating to the same prospectus is filed under paragraph (a) of this section before the prior amendments or registration statements filed under paragraphs (a) and (b) of this section have become effective, none of such prior amendments or registration statements shall become effective under this section.
(e) Condition to use of paragraphs (a) or (b). A post-effective amendment or new registration statement shall not become effective under paragraphs (a) or (b) of this section unless within two years prior to the filing thereof a post-effective amendment or registration statement relating to the common stock of the registrant has become effective.
(f) Electronic filers. When ascertaining the date of filing, electronic filers should not presume a registration statement has been accepted until notice of acceptance has been received from the Commission.
|
Note:
To determine the date of automatic effectiveness, the day following the filing date is the first day of the time period. For example, a post-effective amendment filed under paragraph (a) of this section on November 1 would become effective on December 31.
|
(g) Registration statements. A registration statement can become
effective under paragraph (a) of this section if it is filed for the purpose of:
(1) Registering additional shares of common stock for which a registration
statement filed on Form N-2 (§§ 239.14 and 274.11a-1 of this chapter) is effective; or
(2) Complying with § 230.415(a)(5) and (6).
[59 FR 43466, Aug. 24, 1994, as amended at 64 FR 27894, May 21, 1999; 85 FR
33290, June 1, 2020]
230.487 — Effectiveness of registration statements filed by certain unit investment trusts.
(a)(1) A unit investment trust registered under the Investment Company Act of 1940 that files a registration statement pursuant to the Act in connection with the offering of the securities of a series of the unit investment trust, except the first series of such trust, may designate a date and time for such registration statement to become effective. If the registrant complies with the conditions set forth in paragraph (b) of this section, the registration statement shall become effective in accordance with such designation.
(2) The registrant may designate the date and time of effectiveness in the registration statement or in any pre-effective amendment thereto. A pre-effective amendment to a registration statement with respect to which such a designation is properly made shall be deemed to have been filed with the consent of the Commission and shall accordingly be treated as part of the registration statement.
(b) Availability of effectiveness of a registration statement in accordance with paragraph (a) of this section is conditioned upon compliance with the following:
(1) The registrant is not engaged in the business of investing in securities issued by one or more open-end management investment companies;
(2) The designation provided for in paragraph (a) of this section is set forth on the facing sheet of such registration statement or a pre-effective amendment thereto;
(3) The registrant identifies one or more previous series of the trust for which the effective date of the registration statement was determined by the Commission or its staff, and makes the following representations:
(i) That the portfolio securities deposited in the series with respect to which the registration statement or pre-effective amendment is being filed do not differ materially in type or quality from those deposited in such previous series identified by the registrant; and
(ii) That, except to the extent necessary to identify the specific portfolio securities deposited in, and to provide essential financial information for, the series with respect to which the registration statement or pre-effective amendment thereto is being filed, the registration statement or pre-effective amendment thereto does not contain disclosures that differ in any material respect from those contained in the registration statement of such previous series identified by the registrant;
(4) The registrant represents that it has complied with rule 460 under the Act (17 CFR 230.460);
(5) The identification and representations provided for in paragraphs (b)(3) and (b)(4) of this section are made on the signature page of the registration statement or a pre-effective amendment thereto; and
(6) If counsel prepared or reviewed such registration statement or a pre-effective amendment thereto, such counsel shall furnish to the Commission at the time the registration statement or pre-effective amendment thereto is filed a written representation that such registration statement or pre-effective amendment does not contain disclosures which would render such registration statement ineligible to become effective pursuant to paragraph (a) of this section.
(c)(1) The Commission may, in the manner and under the circumstances set forth in paragraph (c)(2) of this section, suspend the ability of a unit investment trust to designate the date and time of effectiveness of a series of such trust. Any such suspension, so long as it is in effect, shall apply to any registration statement that has been filed but has not, at the time of such suspension, become effective, and to any registration statement with respect to any series of such trust that may be filed after such suspension. Any suspension shall apply only to the ability to designate the date and time of effectiveness pursuant to paragraph (a) of this section and shall not otherwise affect any registration statement.
(2) Any suspension pursuant to paragraph (c)(1) of this section shall become effective at such time as the Commission furnishes written notice thereof to the company or the sponsor of the unit investment trust. The notice of such suspension shall be in writing and shall specify the period for which such suspension shall remain in effect. The Commission may issue such suspension if it appears to the Commission that any registration statement containing a designation pursuant to this section is incomplete or inaccurate in any material respect, whether or not such registration statement has become effective, or that the registrant has not complied with the conditions of this section. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for a hearing is included in the petition.
(d) When ascertaining the date of filing, electronic filers should not presume a registration statement has been accepted until notice of acceptance has been received from the Commission.
[47 FR 20294, May 12, 1982, as amended at 58 FR 14858, Mar. 18, 1993; 59 FR 43467, Aug. 24, 1994; 64 FR 27894, May 21, 1999]
230.488 — Effective date of registration statements relating to securities to be issued in certain business combination transactions.
(a) A registration statement filed on Form N-14 by a registered open-end management investment company for the purpose of registering securities to be issued in an exchange offer or other business combination transaction pursuant to Rule 145 under the Securities Act of 1933 (15 U.S.C. 77a et seq.) shall become effective on the thirtieth day after the date upon which it is filed with the Commission, or such later date designated by the registrant on the facing sheet of the registration statement, which date shall be not later than fifty days after the date on which the registration statement is filed, unless the Commission having due regard to the public interest and the protection of investors declares such amendment effective on an earlier date, provided the following conditions are met:
(1) Any prospectus filed as a part of the registration statement does not include disclosure relating to any other proposal to be acted on at a meeting of the shareholders of either company other than proposals related to an exchange offer, or a business combination transaction pursuant to Rule 145(a), and any other proposal relating to:
(i) Uncontested election of directors,
(ii) Ratification of the selection of accountants,
(iii) The continuation of a current advisory contract,
(iv) Increases in the number or amount of shares authorized to be issued by the registrant; and
(v) Continuation of any current contract relating to the distribution of shares issued by the registrant; and
(2) The registration statement recites on the facing sheet that the registrant proposes that the filing become effective pursuant to this rule.
(b) No registration statement shall become effective pursuant to paragraph (a) of this section if, prior to the effective date of the registration statement, it should appear to the Commission that the registration statement may be incomplete or inaccurate in any material respect and the Commission furnishes to the registrant written notice that the effective date is to be suspended. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition. If the Commission has suspended the effective date of the registration statement, it shall become effective on such date as the Commission may determine, having due regard to the public interest and the protection of investors.
(c) When ascertaining the date of filing, electronic filers should not presume a registration statement has been accepted until notice of acceptance has been received from the Commission.
[50 FR 48383, Nov. 25, 1985, as amended at 58 FR 14858, Mar. 18, 1993; 59 FR 67761, Dec. 30, 1994]
230.489 — Filing of form by foreign banks and insurance companies and certain of their holding companies and finance subsidiaries.
(a) The following foreign issuers shall file Form F-N [17 CFR 239.43] under the Act appointing an agent for service of process when filing a registration statement under the Act:
(1) A foreign issuer that is a foreign bank or foreign insurance company excepted from the definition of investment company by rule 3a-6 (17 CFR 270.3a-6) under the Investment Company Act of 1940 (the “1940 Act”);
(2) A foreign issuer that is a finance subsidiary of a foreign bank or foreign insurance company, as those terms are defined in rule 3a-6 under the 1940 Act, if the finance subsidiary is excepted from the definition of investment company by rule 3a-5 [17 CFR 270.3a-5] under the 1940 Act; or
(3) A foreign issuer that is excepted from the definition of investment company by rule 3a-1 (17 CFR 270.3a-1) under the 1940 Act because some or all of its majority-owned subsidiaries are foreign banks or insurance companies excepted from the definition of investment company by rule 3a-6 under the 1940 Act.
(b) The requirements of paragraph (a) of this section shall not apply to:
(1) A foreign issuer that has filed Form F-X (17 CFR 239.42) under the Securities Act of 1933 with respect to the securities being offered; and
(2) A foreign issuer filing a registration statement relating to debt securities or non-voting preferred stock that has on file with the Commission a currently accurate Form N-6C9 (17 CFR 274.304, rescinded) under the 1940 Act.
(c) Six copies of Form F-N, one of which shall be manually signed, shall be filed with the Commission at its principal office.
[56 FR 56299, Nov. 4, 1991]