15 U.S. Code § 80a–6 - Exemptions
Upon application by any employees’ security company, the Commission shall by order exempt such company from the provisions of this subchapter and of the rules and regulations hereunder, if and to the extent that such exemption is consistent with the protection of investors. In determining the provisions to which such an order of exemption shall apply, the Commission shall give due weight, among other things, to the form of organization and the capital structure of such company, the persons by whom its voting securities, evidences of indebtedness, and other securities are owned and controlled, the prices at which securities issued by such company are sold and the sales load thereon, the disposition of the proceeds of such sales, the character of the securities in which such proceeds are invested, and any relationship between such company and the issuer of any such security.
The Commission, by rules and regulations upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this subchapter or of any rule or regulation thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this subchapter.
If, in connection with any rule, regulation, or order under this section exempting any investment company from any provision of section 80a–7 of this title, the Commission deems it necessary or appropriate in the public interest or for the protection of investors that certain specified provisions of this subchapter pertaining to registered investment companies shall be applicable in respect of such company, the provisions so specified shall apply to such company, and to other persons in their transactions and relations with such company, as though such company were a registered investment company.
 See References in Text note below.
For the effective date of this subchapter, referred to in subsec. (a)(2), see section 80a–52 of this title.
Words “Philippine Islands” deleted from subsec. (a)(1) after “Puerto Rico” under the authority of Proc. No. 2695, granting independence to the Philippine Islands, which was issued pursuant to section 1394 of Title 22, Foreign Relations and Intercourse, and is set out as a note under that section.
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 former pars. (3) to (5) as (2) to (4), 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.
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.
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.
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