Source: https://www.sec.gov/rules/final/34-46106.htm
Timestamp: 2019-04-24 09:52:43+00:00

Document:
SUMMARY: The Commission is adopting technical amendments to rules and forms under the Investment Company Act of 1940 ("Investment Company Act" or "Act") and the Securities Exchange Act of 1934 ("Securities Exchange Act"). The amendments correct statutory references currently included in the rules and the forms.
EFFECTIVE DATE: July 8, 2002.
FOR FURTHER INFORMATION CONTACT: Hugh P. Lutz, Attorney, at (202) 942-0695, Office of Regulatory Policy, Division of Investment Management, Securities and Exchange Commission, 450 5th Street, NW, Washington, DC 20549-0506.
SUPPLEMENTARY INFORMATION: The passage of the National Securities Markets Improvement Act of 1996 ("NSMIA")1 and the Gramm-Leach-Bliley Act ("G-L-B Act")2 removed and renumbered certain subparagraphs of the Act.3 As a result, references to those subparagraphs, contained in our rules, are inaccurate.4 We are amending rules 3a-1, 3a-2, 3a-3, 3a-5, 3a-6, 6c-6, 6e-2, 6e-3(T), 20b, and 30f-1 under the Act and rules 16a-2 and 16a-3 under the Securities Exchange Act to correct these references. In addition, we are amending Forms 3, 4, and 5 by replacing outdated references in the forms to section 30(f) of the Act with correct references to section 30(h) of the Act. We are also amending the description of these forms contained in 17 CFR 249.103, 249.104, 249.105, 274.202, and 274.203.
The APA also requires publication of a rule at least 30 days before its effective date unless the agency finds otherwise for good cause.7 For the same reasons described with respect to opportunity for notice and comment, we find there is good cause for the amendments to take effect immediately.
The Commission is adopting amendments to rules 3a-1, 3a-2, 3a-3, 3a-5, 3a-6, 6c-6, 6e-2, 6e-3(T), 20b, and 30f-1 pursuant to authority set forth in sections 6(c) and 38(a) of the Investment Company Act [15 U.S.C. 80a-6(c) and 80a-37(a)]. The Commission is adopting amendments to rules 16a-2 and 16a-3 pursuant to the authority set forth in sections 16(a) and 23(a) of the Securities Exchange Act [15 U.S.C. 78p(a) and 78w(a)]. The Commission is adopting amendments to Forms 3, 4, and 5 pursuant to authority set forth in sections 30(h) and 38 of the Investment Company Act [15 U.S.C. 80a-29(h) and 80a-37] and sections 16(a) and 23(a) of the Securities Exchange Act [15 U.S.C. 78p(a) and 78w(a)].
AUTHORITY: 15 U.S.C. 77s, 78d-1, 78d-2, 78w, 78ll(d), 78mm, 79t, 77sss, 80a-37, 89b-11, unless otherwise noted.
§ 200.20b Director of Division of Investment Management.
(a) The administration of all matters arising under the Investment Company Act of 1940 (15 U.S.C. 80a), except those arising under section 30(h) of the Act (15 U.S.C. 80a-29(h)).
AUTHORITY: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 777sss, 77ttt, 78c, 78d, 78f, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78o, 78p, 78q, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 79q, 79t, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, and 80b-11, unless otherwise noted.
§ 240.16a-2 Persons and transactions subject to section 16.
§ 240.16a-3 Reporting transactions and holdings.
(d) Any person required to file a statement with respect to securities of a single issuer under both section 16(a) of the Act (15 U.S.C. 78p(a)) and either section 17(a) of the Public Utility Holding Company Act of 1935 (15 U.S.C. 79q(a)) or section 30(h) of the Investment Company Act of 1940 (15 U.S.C. 80a-29(h)) may file a single statement containing the required information, which will be deemed to be filed under both Acts.
AUTHORITY: 15 U.S.C. 78a et seq., unless otherwise noted.
§ 249.103 Form 3, initial statement of beneficial ownership of securities.
§ 249.104 Form 4, statement of changes in beneficial ownership of securities.
§ 249.105 Form 5, annual statement of beneficial ownership of securities.
Note: The text of Form 5 does not and these amendments will not appear in the Code of Federal Regulations.
10. Form 5 (referenced in § 249.105) is amended by revising the reference "Sections 30(f) and 38 of the Investment Company Act of 1940" to read "Sections 30(h) and 38 of the Investment Company Act of 1940" in the first paragraph of the cover page.
(b) Above Item 1 of the Form.
§270.3a-1 Certain prima facie investment companies.
§ 270.3a-2 Transient investment companies.
§ 270.3a-3 Certain investment companies owned by companies which are not investment companies.
§ 270.3a-5 Exemption for subsidiaries organized to finance the operations of domestic or foreign companies.
§ 270.3a-6 Foreign banks and foreign insurance companies.
(a) Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), a foreign bank or foreign insurance company shall not be considered an investment company for purposes of the Act.
§ 270.6c-6 Exemption for certain registered separate accounts and other persons.
§ 270.6e-2 Exemptions for certain variable life insurance separate accounts.
§ 270.6e-3(T) Temporary exemptions for flexible premium variable life insurance separate accounts.
§ 270.30h-1 Applicability of section 16 of the Exchange Act to section 30(h).
(a) The filing of any statement prescribed under section 16(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78p(a)) shall satisfy the corresponding requirements of section 30(h) of the Act (15 U.S.C. 80a-29(h)).
(b) The rules under section 16 of the Securities Exchange Act of 1934 (15 U.S.C. 78p) shall apply to any duty, liability or prohibition imposed with respect to a transaction involving any security of a registered closed-end company under section 30(h) of the Act (15 U.S.C. 80a-29(h)).
(c) No statements need be filed pursuant to section 30(h) of the Act (15 U.S.C. 80a-29(h)) by an affiliated person of an investment adviser in his or her capacity as such if such person is solely an employee, other than an officer, of such investment adviser.
§ 274.202 Form 3, initial statement of beneficial ownership of securities.
Note: The text of Form 3 does not and these amendments will not appear in the Code of Federal Regulations.
24. Form 3 (referenced in §§ 249.103 and 274.202) is amended by revising the reference "Sections 30(f) and 38 of the Investment Company Act of 1940" to read "Sections 30(h) and 38 of the Investment Company Act of 1940" in the first paragraph of the cover page.
§ 274.203 Form 4, statement of changes in beneficial ownership of securities.
Note: The text of Form 4 does not and these amendments will not appear in the Code of Federal Regulations.
27. Form 4 (referenced in §§ 249.104 and 274.203) is amended by revising the reference "Sections 30(f) and 38 of the Investment Company Act of 1940" to read "Sections 30(h) and 38 of the Investment Company Act of 1940" in the first paragraph of the cover page.
1 Pub. L. No. 104-290, 110 Stat. 3416 (1996).
2 Pub. L. No. 106-102, 113 Stat. 1338 (1999).
3 See, e.g., section 209(c) of NSMIA.
4 See rules 3a-1 [17 CFR 270.3a-1], 3a-2 [17 CFR 270.3a-2], 3a-3 [17 CFR 270.3a-3], 3a-5 [17 CFR 270.3a-5], 3a-6 [17 CFR 270.3a-6], 6c-6 [17 CFR 270.6c-6], 6e-2 [17 CFR 270.6e-2], 6e-3(T) [17 CFR 270.6e-3(T)], 16a-2 [17 CFR 240.16a-2], 16a-3 [17 CFR 240.16a-3], 20b [17 CFR 200.20b], and 30f-1 [17 CFR 270.30f-1].
6 For similar reasons, the amendments do not require analysis under the Regulatory Flexibility Act.
See 5 U.S.C. 601(2) (for purposes of Regulatory Flexibility Act analyses, the term "rule" means any rule for which the agency publishes a general notice of proposed rulemaking).
7 See 5 U.S.C. 553(d)(3).

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