Rule 12d3-1 Exemption of acquisitions of securities issued by persons engaged in securities related businesses

OMB 3235-0561

OMB 3235-0561

Rule 12d3-1 permits a registered investment company ("fund") to invest up to five percent of its assets in securities of an issuer deriving more than fifteen percent of its gross revenues from securities-related businesses unless the securities are issued by the fund's investment adviser or an affiliated person of the adviser. The rule provides an exemption that allows a fund to invest in securities of a subadviser if the fund's advisory contract includes certain clauses that prohibit, among other things, consultation between the subadvisers that advise the transacting fund and other fund subadvisers.

The latest form for Rule 12d3-1 Exemption of acquisitions of securities issued by persons engaged in securities related businesses expires 2022-12-31 and can be found here.


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