CITE
15 USC Sec. 80a-63 01/05/2009
EXPCITE
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I - INVESTMENT COMPANIES
HEAD
Sec. 80a-63. Accounts and records
STATUTE
(a) Exception for business development company
Notwithstanding the exemption set forth in section 80a-6(f) of
this title, section 80a-30 of this title shall apply to a business
development company to the same extent as if it were a registered
closed-end investment company, except that the reference to the
financial statements required to be filed pursuant to section 80a-
29 of this title shall be construed to refer to the financial
statements required to be filed by such business development
company pursuant to section 78m of this title.
(b) Risk factors statement; availability
(1) In addition to the requirements of subsection (a) of this
section, a business development company shall file with the
Commission and supply annually to its shareholders a written
statement, in such form and manner as the Commission may, by rule,
prescribe, describing the risk factors involved in an investment in
the securities of a business development company due to the nature
of such company's investment portfolio and capital structure, and
shall supply copies of such statement to any registered broker or
dealer upon request.
(2) If the Commission finds it 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, the Commission may also require, by rule, any person
who, acting as principal or agent, sells a security of a business
development company to inform the purchaser of such securities, at
or before the time of sale, of the existence of the risk statement
prepared by such business development company pursuant to this
subsection, and make such risk statement available on request. The
Commission, in making such rules and regulations, shall consider,
among other matters, whether any such rule or regulation would
impose any unreasonable burdens on such brokers or dealers or
unreasonably impair the maintenance of fair and orderly markets.
SOURCE
(Aug. 22, 1940, ch. 686, title I, Sec. 64, as added Pub. L. 96-477,
title I Sec. 105, Oct. 21, 1980, 94 Stat. 2289; amended Pub. L. 104-
290, title V, Sec. 507, Oct. 11, 1996, 110 Stat. 3446.)
AMENDMENTS
1996 - Subsec. (b)(1). Pub. L. 104-290 inserted "and capital
structure" after "portfolio".