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Prior approval requirements. You must obtain SBA's prior written approval for any proposed transaction or event that results in Control by any Person(s) not previously approved by SBA.
Fee. A processing fee of $10,000 must accompany any application for approval of one or more transactions or events that will result in a transfer of Control.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.
§ 681 - Organization
§ 682 - Capital requirements
§ 683 - Borrowing operations
§ 684 - Equity capital for small-business concerns
§ 685 - Long-term loans to small-business concerns
§ 686 - Aggregate limitations on amount of assistance to any single enterprise
§ 687 - Operation and regulation of companies
§ 687a - Revocation and suspension of licenses; cease and desist orders
§ 687b - Investigations and examinations; power to subpena and take oaths and affirmations; aid of courts; examiners; reports
§ 687c - Injunctions and other orders
§ 687d - Conflicts of interest
§ 687e - Removal or suspension of management officials
§ 687f - Unlawful acts and omissions by officers, directors, employees, or agents
§ 687g - Penalties and forfeitures
§ 687h - Jurisdiction and service of process
§ 687i, 687j - Repealed. Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747
§ 687k - Guaranteed obligations not eligible for purchase by Federal Financing Bank
§ 687l - Issuance and guarantee of trust certificates
§ 687m - Periodic issuance of guarantees and trust certificates
§ 688 - Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756
114 Stat. 2763
123 Stat. 115
Title 13 published on 2015-01-01
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR Part 107 after this date.
The U.S. Small Business Administration (SBA) proposes to revise the regulations for the Small Business Investment Company (SBIC) program to expand the use of Passive Businesses and provide further clarification with regard to investments in such businesses. SBICs are generally prohibited from investing in passive businesses under the Small Business Investment Act of 1958, as amended (Act). SBIC program regulations provide for two exceptions that allow an SBIC to structure an investment utilizing a passive small business as a pass-through. The first exception provides conditions under which an SBIC may structure an investment through up to two levels of passive entities to make an investment in a non-passive business that is a subsidiary of the passive business directly financed by the SBIC. The second exception enables a partnership SBIC, with SBA's prior approval, to provide financing to a small business through a passive, wholly-owned C corporation, but only if a direct financing would cause the SBIC's investors to incur Unrelated Business Taxable Income (UBTI). A passive C corporation formed under the second exception is commonly known as a blocker corporation. This proposed rule would clarify the first exception, and would expand the permitted use of blocker corporations and eliminate the prior approval requirement in the second exception. The rule also proposes to add new reporting and other requirements for passive investments to help protect SBA's financial interests and ensure adequate oversight and make minor technical amendments.
The U.S. Small Business Administration (SBA) is seeking input and comments on its Early Stage Small Business Investment Company (SBIC) initiative, promulgated in the final rule on April 27, 2012. The intent of the initiative was to license and provide SBA leverage to SBICs over a 5-year period (fiscal years 2012 through 2016) that would focus on making investments in early stage small businesses. Although 58 investment funds applied to the program, to date SBA has only licensed 5 Early Stage SBICs. SBA is seeking input from the public to determine whether existing market conditions warrant SBA continuing to license Early Stage SBICs past fiscal year 2016 on an ongoing basis and, if so, what changes should be made to the program to attract qualified early stage fund managers.