Investment Company Determination Under the 1940 ACT: Exemptions and Exceptions, Third Edition

This best-selling compendium covers every statutory
and regulatory exception and exemption from investment company registration.
This updated edition is, in large part, an index of key court cases, Commission
statements, and Staff no-action letters and other statements. The authors
summarize that material in an easy-to-read format and provide cites to the
relevant authorities. This update also provides practice points and commentary
that, at times, takes issue with Commission or Staff positions.

This third edition also reflects important changes
to the provisions governing status issues, as well as additional updates that
include:

• Section 3(c)(1) was expanded to permit certain
  venture capital funds to have up to 250 beneficial owners, instead of the 100
  beneficial owners.
• The Staff has modified, and may continue to
  modify, when lending businesses, including real estate lending businesses, can
  qualify for the exception in Section 3(c)(5).
• The Commission adopted a new rule to facilitate
  crowd funding offerings.
• The Commission and the Staff have issued exemptive
  orders and no action letters that have more important ramifications for certain
  issuers considering their investment company status.

This valuable resource also examines the investment
company status of specific types of entities that may face unique status
issues, including certain crypto-focused companies, SPACs, real-estate lending
companies, commodity pools, and healthcare companies.