The Investment Company Act of 1940, referred to in subsec. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of this chapter. For complete classification of this Act to the Code, see section 77a of this title and Tables. 881, which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 77aaa of this title and Tables. (a)(26)(B), was in the original “this Act” and was translated as reading “this title”, meaning title II of act Aug. 686, known as the Investment Advisers Act of 1940, to reflect the probable intent of Congress. (a)(12), (26)(B), (30)(D)(ii)(I), is title I of act Aug. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables. The Securities Exchange Act of 1934, referred to in subsec. For complete classification of this Act to the Code, see section 78a of this title and Tables. “This title [enacting section 80b–3a of this title, amending this section, sections 80b–3 and 80b–18a of this title, and section 1002 of Title 29, Labor, and enacting provisions set out as notes under sections 80b–3a, 80b–10, and 80b–20 of this title and section 1002 of Title 29] and the amendments made by this title shall take effect 270 days after the date of enactment of this Act [The rules, regulations, or orders issued by the Commission pursuant to section 202(a)(11)(G) of the Investment Advisers Act of 1940 [15 U. 111–203, set out below, and section 5301 of Title 12, Banks and Banking, respectively.] Amendment by section 770 of Pub. 111–203 effective on the later of 360 days after , or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 of Pub. 111–203, set out as a note under section 77b of this title. 80b–2(a)(11)(G)], as added by this section, regarding the definition of the term ‘family office’ shall provide for an exemption that— are accredited investors, as defined in Regulation D of the Commission (or any successor thereto) under the Securities Act of 1933 [15 U. More limitations on accuracy are described at the GPO site.“Company” means a corporation, a partnership, an association, a joint-stock company, a trust, or any organized group of persons, whether incorporated or not; or any receiver, trustee in a case under title 11, or similar official, or any liquidating agent for any of the foregoing, in his capacity as such. 78c(a)(62)], unless such organization engages in issuing recommendations as to purchasing, selling, or holding securities or in managing assets, consisting in whole or in part of securities, on behalf of others;;  (G) any family office, as defined by rule, regulation, or order of the Commission, in accordance with the purposes of this subchapter; or (H) such other persons not within the intent of this paragraph, as the Commission may designate by rules and regulations or order. The term “person associated with an investment adviser” means any partner, officer, or director of such investment adviser (or any person performing similar functions), or any person directly or indirectly controlling or controlled by such investment adviser, including any employee of such investment adviser, except that for the purposes of section 80b–3 of this title (other than subsection (f) thereof), persons associated with an investment adviser whose functions are clerical or ministerial shall not be included in the meaning of such term. 77aaa et seq.], mean those Acts, respectively, as heretofore or hereafter amended. 111–203, § 986(d), struck out “ ‘Public Utility Holding Company Act of 1935’,” after “ ‘Securities Exchange Act of 1934’,”. “Convicted” includes a verdict, judgment, or plea of guilty, or a finding of guilt on a plea of nolo contendere, if such verdict, judgment, plea, or finding has not been reversed, set aside, or withdrawn, whether or not sentence has been imposed. 78a et seq.]; (F) any nationally recognized statistical rating organization, as that term is defined in section 3(a)(62) of the Securities Exchange Act of 1934 [15 U. “Investment company”, affiliated person, and “insurance company” have the same meanings as in the Investment Company Act of 1940 [15 U. The Commission may by rules and regulations classify, for the purposes of any portion of portions of this subchapter, persons, including employees controlled by an investment adviser. 78a et seq.], and “Trust Indenture Act of 1939” [15 U. “Business development company” means any company which is a business development company as defined in section 80a–2(a)(48) of this title and which complies with section 80a–54 of this title, except that—For purposes of this paragraph, all terms in sections 80a–2(a)(48) and 80a–54 of this title shall have the same meaning set forth in subchapter I as if such company were a registered closed-end investment company, except that the value of the assets of a business development company which is not subject to the provisions of sections 80a–54 through 80a–64 of this title shall be determined as of the date of the most recent financial statements which it furnished to all holders of its securities, and shall be determined no less frequently than annually. 91–547, § 23(1), substituted “under the authority of the Comptroller of the Currency” for “under section 248(k) of Title 12”. 89–485 substituted “bank holding company as defined in the Bank Holding Company Act of 1956” for “holding company affiliate, as defined in the Banking Act of 1933”.
Certain organizations known as liquidating trusts are treated as trusts under the Internal Revenue Code if (a) the liquidating trust is organized for the primary purpose of liquidating and distributing the assets transferred to it and (b) its activities must all be reasonably necessary to, and consistent with, the accomplishment of that purpose.
106–554, § 1(a)(5) [title II, § 209(a)(2)], inserted “security future,” after “treasury stock,”.
106–554, § 1(a)(5) [title II, § 209(a)(4)], added par.
(3) read as follows: “ ‘Broker’ means any person engaged in the business of effecting transactions in securities for the account of others, but does not include a bank.” Subsec.
(7) read as follows: “ ‘Dealer’ means any person regularly engaged in the business of buying and selling securities for his own account, through a broker or otherwise, but does not include a bank, insurance company, or investment company, or any person insofar as he is engaged in investing, reinvesting or trading in securities, or in owning or holding securities, for his own account, either individually or in some fiduciary capacity, but not as a part of a regular business.” Subsec.