2018—Subsec. (a). Pub. L. 115–174 redesignated pars. (2) to (5) as (1) to (4), respectively, and struck out former par. (1) which read as follows: “Any company organized or otherwise created under the laws of and having its principal office and place of business in Puerto Rico, the Virgin Islands, or any other possession of the United States; but such exemption shall terminate if any security of which such company is the issuer is offered for sale or sold after the effective date of this subchapter, by such company or an underwriter therefor, to a resident of any State other than the State in which such company is organized.”
2010—Subsec. (a)(5)(A)(iv)(I). Pub. L. 111–203 substituted “meets such standards of credit-worthiness as the Commission shall adopt” for “is rated investment grade by not less than 1 nationally recognized statistical rating organization”.
1996—Subsec. (a)(5). Pub. L. 104–290, § 501, added par. (5).
Subsec. (d)(1). Pub. L. 104–290, § 502, substituted “$10,000,000, or such other amount as the Commission may set by rule, regulation, or order” for “$100,000”.
1987—Subsec. (a)(1). Pub. L. 100–181, § 608(1), struck out reference to Canal Zone.
Subsec. (a)(2) to (5). Pub. L. 100–181, § 608(2), redesignated pars. (3) to (5) as (2) to (4), respectively, and struck out former par. (2) which read as follows: “Any company for which, in a proceeding in any court of the United States or of a State, a receiver, trustee in a case under title 11, or similar officer had been appointed or elected prior to the effective date of this subchapter, and every such officer so appointed or elected prior to the effective date of this subchapter; but such exemption shall continue only so long as (A) the conduct of such company’s business remains subject to the supervision of such court or officer thereof, and (B) such company does not sell exclusively for cash any security of which it is the issuer, except short-term paper and ordinary receiver’s or trustee’s certificates.”
1980—Subsec. (f). Pub. L. 96–477 added subsec. (f).
1978—Subsec. (a)(2). Pub. L. 95–598 substituted “a case under title 11” for “bankruptcy”.
1960—Subsec. (a)(1). Pub. L. 86–624 struck out reference to Hawaii.
1959—Subsec. (a)(1). Pub. L. 86–70 struck out reference to Alaska.
Effective Date of 2018 Amendment; Safe Harbor
Pub. L. 115–174, title V, § 506(b), May 24, 2018, 132 Stat. 1363, provided that:
Except as provided in paragraph (2), the amendment made by subsection (a) [amending this section] shall take effect on the date of enactment of this Act [May 24, 2018].
With respect to a company
that is exempt under section 6(a)(1) of the Investment Company Act of 1940
(15 U.S.C. 80a–6(a)(1)
) on the day before the date of enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of enactment of this Act.
“(3)Extension of safe harbor.—
The Securities and Exchange Commission
, by rule or regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940
(15 U.S.C. 80a–6(c)
), further delay the effective date for a company
described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission
determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.”
[For definition of “company” as used in section 506(b) of Pub. L. 115–174, set out above, see section 2 of Pub. L. 115–174, set out as a Definitions note under section 5365 of Title 12, Banks and Banking.]
Transfer of Functions
Federal Savings and Loan Insurance Corporation abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of Title 12, Banks and Banking.
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.
Investment Company Provisions Inapplicable to Certain Life Insurance Benefits Issued Prior to March 23, 1959
Subchapter inapplicable to certain life insurance benefits issued prior to Mar. 23, 1959, under certain conditions, see section 29 of Pub. L. 91–547, Dec. 14, 1970, 84 Stat. 1436, set out as a note under section 77c of this title.