
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC80a-63]

 
                      TITLE 15--COMMERCE AND TRADE
 
              CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
 
                   SUBCHAPTER I--INVESTMENT COMPANIES
 
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.)


                               Amendments

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

                  Section Referred to in Other Sections

    This section is referred to in sections 80a-2, 80a-6, 80a-53, 80a-
60, 80b-2 of this title.
