Investment Company Act of 1940 Exemptions and Exceptions


This practice note (1) discusses the definitions of “investment company” in Sections 3(a)(1)(A) and 3(a)(1)(C) (15 U.S.C. § 80a-3(a)(1)(A) and 15 U.S.C. § 80-a3(a)(1)(C), respectively) of the Investment Company Act of 1940, as amended (Investment Company Act), and certain other related definitions; (2) sets forth the most commonly relied upon exemptions and exceptions from registration under the Investment Company Act; and (3) provides guidance as to how a company may avoid being deemed an inadvertent investment company under the Investment Company Act.