15 USC Sec. 80a-63                                          01/05/2009




    Sec. 80a-63. Accounts and records


    (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.


    (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.)


      1996 - Subsec. (b)(1). Pub. L. 104-290 inserted "and capital
    structure" after "portfolio".
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