---
kind: "unit"
title: "17"
title_heading: "Commodity and Securities Exchanges"
key: "chII/part270"
level: "part"
label: "Part 270"
heading: "Rules and Regulations, Investment Company Act of 1940"
release: "ecfr-current"
date: "2026-08-27"
url: "https://uscodex.org/cfr/17/chII-part270"
sections_count: 193
---

# Part 270 — Rules and Regulations, Investment Company Act of 1940

Title 17 C.F.R. — Commodity and Securities Exchanges › Chapter II — Securities and Exchange Commission

## Sections

- [§270.0-1. Definition of terms used in this part.](/cfr/17/270.0-1.md)
- [§270.0-2. General requirements of papers and applications.](/cfr/17/270.0-2.md)
- [§270.0-3. Amendments to registration statements and reports.](/cfr/17/270.0-3.md)
- [§270.0-4. Incorporation by reference.](/cfr/17/270.0-4.md)
- [§270.0-5. Procedure with respect to applications and other matters.](/cfr/17/270.0-5.md)
- [§270.0-8. Payment of filing fees.](/cfr/17/270.0-8.md)
- [§270.0-9. Reserved](/cfr/17/270.0-9.md)
- [§270.0-10. Small entities under the Investment Company Act for purposes of the Regulatory Flexibility Act.](/cfr/17/270.0-10.md)
- [§270.0-11. Customer identification programs.](/cfr/17/270.0-11.md)
- [§270.2a-1. Valuation of portfolio securities in special cases.](/cfr/17/270.2a-1.md)
- [§270.2a-2. Effect of eliminations upon valuation of portfolio securities.](/cfr/17/270.2a-2.md)
- [§270.2a3-1. Investment company limited partners not deemed affiliated persons.](/cfr/17/270.2a3-1.md)
- [§270.2a-4. Definition of “current net asset value” for use in computing periodically the current price of redeemable security.](/cfr/17/270.2a-4.md)
- [§270.2a-5. Fair value determination and readily available market quotations.](/cfr/17/270.2a-5.md)
- [§270.2a-6. Certain transactions not deemed assignments.](/cfr/17/270.2a-6.md)
- [§270.2a-7. Money market funds.](/cfr/17/270.2a-7.md)
- [§270.2a19-2. Investment company general partners not deemed interested persons.](/cfr/17/270.2a19-2.md)
- [§270.2a19-3. Certain investment company directors not considered interested persons because of ownership of index fund securities.](/cfr/17/270.2a19-3.md)
- [§270.2a41-1. Valuation of standby commitments by registered investment companies.](/cfr/17/270.2a41-1.md)
- [§270.2a-46. Certain issuers as eligible portfolio companies.](/cfr/17/270.2a-46.md)
- [§270.2a51-1. Definition of investments for purposes of section 2(a)(51) (definition of “qualified purchaser”); certain calculations.](/cfr/17/270.2a51-1.md)
- [§270.2a51-2. Definitions of beneficial owner for certain purposes under sections 2(a)(51) and 3(c)(7) and determining indirect ownership interests.](/cfr/17/270.2a51-2.md)
- [§270.2a51-3. Certain companies as qualified purchasers.](/cfr/17/270.2a51-3.md)
- [§270.3a-1. Certain prima facie investment companies.](/cfr/17/270.3a-1.md)
- [§270.3a-2. Transient investment companies.](/cfr/17/270.3a-2.md)
- [§270.3a-3. Certain investment companies owned by companies which are not investment companies.](/cfr/17/270.3a-3.md)
- [§270.3a-4. Status of investment advisory programs.](/cfr/17/270.3a-4.md)
- [§270.3a-5. Exemption for subsidiaries organized to finance the operations of domestic or foreign companies.](/cfr/17/270.3a-5.md)
- [§270.3a-6. Foreign banks and foreign insurance companies.](/cfr/17/270.3a-6.md)
- [§270.3a-7. Issuers of asset-backed securities.](/cfr/17/270.3a-7.md)
- [§270.3a-8. Certain research and development companies.](/cfr/17/270.3a-8.md)
- [§270.3a-9. Crowdfunding vehicle.](/cfr/17/270.3a-9.md)
- [§270.3c-1. Definition of beneficial ownership for certain 3(c)(1) funds.](/cfr/17/270.3c-1.md)
- [§270.3c-2. Definition of beneficial ownership in small business investment companies.](/cfr/17/270.3c-2.md)
- [§270.3c-3. Definition of certain terms used in section 3(c)(1) of the Act with respect to certain debt securities offered by small business investment companies.](/cfr/17/270.3c-3.md)
- [§270.3c-4. Definition of “common trust fund” as used in section 3(c)(3) of the Act.](/cfr/17/270.3c-4.md)
- [§270.3c-5. Beneficial ownership by knowledgeable employees and certain other persons.](/cfr/17/270.3c-5.md)
- [§270.3c-6. Certain transfers of interests in section 3(c)(1) and section 3(c)(7) funds.](/cfr/17/270.3c-6.md)
- [§270.3c-7. Inflation-adjusted definition of qualifying venture capital fund.](/cfr/17/270.3c-7.md)
- [§270.5b-1. Definition of “total assets.”](/cfr/17/270.5b-1.md)
- [§270.5b-2. Exclusion of certain guarantees as securities of the guarantor.](/cfr/17/270.5b-2.md)
- [§270.5b-3. Acquisition of repurchase agreement or refunded security treated as acquisition of underlying securities.](/cfr/17/270.5b-3.md)
- [§270.6a-5. Purchase of certain debt securities by companies relying on section 6(a)(5) of the Act.](/cfr/17/270.6a-5.md)
- [§270.6b-1. Exemption of employees' securities company pending determination of application.](/cfr/17/270.6b-1.md)
- [§270.6c-3. Exemptions for certain registered variable life insurance separate accounts.](/cfr/17/270.6c-3.md)
- [§270.6c-6. Exemption for certain registered separate accounts and other persons.](/cfr/17/270.6c-6.md)
- [§270.6c-7. Exemptions from certain provisions of sections 22(e) and 27 for registered separate accounts offering variable annuity contracts to participants in the Texas Optional Retirement Program.](/cfr/17/270.6c-7.md)
- [§270.6c-8. Exemptions for registered separate accounts to impose a deferred sales load and to deduct certain administrative charges.](/cfr/17/270.6c-8.md)
- [§270.6c-10. Exemption for certain open-end management investment companies to impose deferred sales loads.](/cfr/17/270.6c-10.md)
- [§270.6c-11. Exchange-traded funds.](/cfr/17/270.6c-11.md)
- [§270.6d-1. Exemption for certain closed-end investment companies.](/cfr/17/270.6d-1.md)
- [§270.6e-2. Exemptions for certain variable life insurance separate accounts.](/cfr/17/270.6e-2.md)
- [§270.6e-3. Exemptions for flexible premium variable life insurance separate accounts.](/cfr/17/270.6e-3.md)
- [§270.7d-1. Specification of conditions and arrangements for Canadian management investment companies requesting order permitting registration.](/cfr/17/270.7d-1.md)
- [§270.7d-2. Definition of “public offering” as used in section 7(d) of the Act with respect to certain Canadian tax-deferred retirement savings accounts.](/cfr/17/270.7d-2.md)
- [§270.8b-1. Scope of §§ 270.8b-1 through 270.8b-31.](/cfr/17/270.8b-1.md)
- [§270.8b-2. Definitions.](/cfr/17/270.8b-2.md)
- [§270.8b-3. Title of securities.](/cfr/17/270.8b-3.md)
- [§270.8b-4. Interpretation of requirements.](/cfr/17/270.8b-4.md)
- [§270.8b-5. Time of filing original registration statement.](/cfr/17/270.8b-5.md)
- [§270.8b-6. Reserved](/cfr/17/270.8b-6.md)
- [§270.8b-10. Requirements as to proper form.](/cfr/17/270.8b-10.md)
- [§270.8b-11. Number of copies; signatures; binding.](/cfr/17/270.8b-11.md)
- [§270.8b-12. Requirements as to paper, printing and language.](/cfr/17/270.8b-12.md)
- [§270.8b-13. Preparation of registration statement or report.](/cfr/17/270.8b-13.md)
- [§270.8b-14. Riders; inserts.](/cfr/17/270.8b-14.md)
- [§270.8b-15. Amendments.](/cfr/17/270.8b-15.md)
- [§270.8b-16. Amendments to registration statement.](/cfr/17/270.8b-16.md)
- [§270.8b-20. Additional information.](/cfr/17/270.8b-20.md)
- [§270.8b-21. Information unknown or not available.](/cfr/17/270.8b-21.md)
- [§270.8b-22. Disclaimer of control.](/cfr/17/270.8b-22.md)
- [§270.8b-23 - 270.8b-24. 270.8b-23-270.8b-24 [Reserved]](/cfr/17/270.8b-23%20-%20270.8b-24.md)
- [§270.8b-25. Extension of time for furnishing information.](/cfr/17/270.8b-25.md)
- [§270.8b-30. Additional exhibits.](/cfr/17/270.8b-30.md)
- [§270.8b-31. Omission of substantially identical documents.](/cfr/17/270.8b-31.md)
- [§270.8b-32. Reserved](/cfr/17/270.8b-32.md)
- [§270.8f-1. Deregistration of certain registered investment companies.](/cfr/17/270.8f-1.md)
- [§270.10b-1. Definition of regular broker or dealer.](/cfr/17/270.10b-1.md)
- [§270.10e-1. Death, disqualification, or bona fide resignation of directors.](/cfr/17/270.10e-1.md)
- [§270.10f-1. Conditional exemption of certain underwriting transactions.](/cfr/17/270.10f-1.md)
- [§270.10f-2. Exercise of warrants or rights received on portfolio securities.](/cfr/17/270.10f-2.md)
- [§270.10f-3. Exemption for the acquisition of securities during the existence of an underwriting or selling syndicate.](/cfr/17/270.10f-3.md)
- [§270.11a-1. Definition of “exchange” for purposes of section 11 of the Act.](/cfr/17/270.11a-1.md)
- [§270.11a-2. Offers of exchange by certain registered separate accounts or others the terms of which do not require prior Commission approval.](/cfr/17/270.11a-2.md)
- [§270.11a-3. Offers of exchange by open-end investment companies other than separate accounts.](/cfr/17/270.11a-3.md)
- [§270.12b-1. Distribution of shares by registered open-end management investment company.](/cfr/17/270.12b-1.md)
- [§270.12d1-1. Exemptions for investments in money market funds.](/cfr/17/270.12d1-1.md)
- [§270.12d1-2. Reserved](/cfr/17/270.12d1-2.md)
- [§270.12d1-3. Exemptions for investment companies relying on section 12(d)(1)(F) of the Act.](/cfr/17/270.12d1-3.md)
- [§270.12d1-4. Exemptions for investments in certain investment companies.](/cfr/17/270.12d1-4.md)
- [§270.12d2-1. Definition of insurance company for purposes of sections 12(d)(2) and 12(g) of the Act.](/cfr/17/270.12d2-1.md)
- [§270.12d3-1. Exemption of acquisitions of securities issued by persons engaged in securities related businesses.](/cfr/17/270.12d3-1.md)
- [§270.13a-1. Exemption for change of status by temporarily diversified company.](/cfr/17/270.13a-1.md)
- [§270.14a-1. Use of notification pursuant to regulation E under the Securities Act of 1933.](/cfr/17/270.14a-1.md)
- [§270.14a-2. Exemption from section 14(a) of the Act for certain registered separate accounts and their principal underwriters.](/cfr/17/270.14a-2.md)
- [§270.14a-3. Exemption from section 14(a) of the Act for certain registered unit investment trusts and their principal underwriters.](/cfr/17/270.14a-3.md)
- [§270.15a-1. Exemption from stockholders' approval of certain small investment advisory contracts.](/cfr/17/270.15a-1.md)
- [§270.15a-2. Annual continuance of contracts.](/cfr/17/270.15a-2.md)
- [§270.15a-3. Exemption for initial period of investment adviser of certain registered separate accounts from requirement of security holder approval of investment advisory contract.](/cfr/17/270.15a-3.md)
- [§270.15a-4. Temporary exemption for certain investment advisers.](/cfr/17/270.15a-4.md)
- [§270.16a-1. Exemption for initial period of directors of certain registered accounts from requirements of election by security holders.](/cfr/17/270.16a-1.md)
- [§270.17a-1. Exemption of certain underwriting transactions exempted by § 270.10f-1.](/cfr/17/270.17a-1.md)
- [§270.17a-2. Exemption of certain purchase, sale, or borrowing transactions.](/cfr/17/270.17a-2.md)
- [§270.17a-3. Exemption of transactions with fully owned subsidiaries.](/cfr/17/270.17a-3.md)
- [§270.17a-4. Exemption of transactions pursuant to certain contracts.](/cfr/17/270.17a-4.md)
- [§270.17a-5. Pro rata distribution neither “sale” nor “purchase.”](/cfr/17/270.17a-5.md)
- [§270.17a-6. Exemption for transactions with portfolio affiliates.](/cfr/17/270.17a-6.md)
- [§270.17a-7. Exemption of certain purchase or sale transactions between an investment company and certain affiliated persons thereof.](/cfr/17/270.17a-7.md)
- [§270.17a-8. Mergers of affiliated companies.](/cfr/17/270.17a-8.md)
- [§270.17a-9. Purchase of certain securities from a money market fund by an affiliate, or an affiliate of an affiliate.](/cfr/17/270.17a-9.md)
- [§270.17a-10. Exemption for transactions with certain subadvisory affiliates.](/cfr/17/270.17a-10.md)
- [§270.17d-1. Applications regarding joint enterprises or arrangements and certain profit-sharing plans.](/cfr/17/270.17d-1.md)
- [§270.17d-2. Form for report by small business investment company and affiliated bank.](/cfr/17/270.17d-2.md)
- [§270.17d-3. Exemption relating to certain joint enterprises or arrangements concerning payment for distribution of shares of a registered open-end management investment company.](/cfr/17/270.17d-3.md)
- [§270.17e-1. Brokerage transactions on a securities exchange.](/cfr/17/270.17e-1.md)
- [§270.17f-1. Custody of securities with members of national securities exchanges.](/cfr/17/270.17f-1.md)
- [§270.17f-2. Custody of investments by registered management investment company.](/cfr/17/270.17f-2.md)
- [§270.17f-3. Free cash accounts for investment companies with bank custodians.](/cfr/17/270.17f-3.md)
- [§270.17f-4. Custody of investment company assets with a securities depository.](/cfr/17/270.17f-4.md)
- [§270.17f-5. Custody of investment company assets outside the United States.](/cfr/17/270.17f-5.md)
- [§270.17f-6. Custody of investment company assets with Futures Commission Merchants and Commodity Clearing Organizations.](/cfr/17/270.17f-6.md)
- [§270.17f-7. Custody of investment company assets with a foreign securities depository.](/cfr/17/270.17f-7.md)
- [§270.17g-1. Bonding of officers and employees of registered management investment companies.](/cfr/17/270.17g-1.md)
- [§270.17j-1. Personal investment activities of investment company personnel.](/cfr/17/270.17j-1.md)
- [§270.18c-1. Exemption of privately held indebtedness.](/cfr/17/270.18c-1.md)
- [§270.18c-2. Exemptions of certain debentures issued by small business investment companies.](/cfr/17/270.18c-2.md)
- [§270.18f-1. Exemption from certain requirements of section 18(f)(1) (of the Act) for registered open-end investment companies which have the right to redeem in kind.](/cfr/17/270.18f-1.md)
- [§270.18f-2. Fair and equitable treatment for holders of each class or series of stock of series investment companies.](/cfr/17/270.18f-2.md)
- [§270.18f-3. Multiple class companies.](/cfr/17/270.18f-3.md)
- [§270.18f-4. Exemption from the requirements of section 18 and section 61 for certain senior securities transactions.](/cfr/17/270.18f-4.md)
- [§270.19a-1. Written statement to accompany dividend payments by management companies.](/cfr/17/270.19a-1.md)
- [§270.19b-1. Frequency of distribution of capital gains.](/cfr/17/270.19b-1.md)
- [§270.20a-1. Solicitation of proxies, consents and authorizations.](/cfr/17/270.20a-1.md)
- [§270.20a-2 - 270.20a-4. 270.20a-2-270.20a-4 [Reserved]](/cfr/17/270.20a-2%20-%20270.20a-4.md)
- [§270.22c-1. Pricing of redeemable securities for distribution, redemption and repurchase.](/cfr/17/270.22c-1.md)
- [§270.22c-2. Redemption fees for redeemable securities.](/cfr/17/270.22c-2.md)
- [§270.22d-1. Exemption from section 22(d) to permit sales of redeemable securities at prices which reflect sales loads set pursuant to a schedule.](/cfr/17/270.22d-1.md)
- [§270.22d-2. Exemption from section 22(d) for certain registered separate accounts.](/cfr/17/270.22d-2.md)
- [§270.22e-1. Exemption from section 22(e) of the Act during annuity payment period of variable annuity contracts participating in certain registered separate accounts.](/cfr/17/270.22e-1.md)
- [§270.22e-2. Pricing of redemption requests in accordance with Rule 22c-1.](/cfr/17/270.22e-2.md)
- [§270.22e-3. Exemption for liquidation of money market funds.](/cfr/17/270.22e-3.md)
- [§270.22e-4. Liquidity risk management programs.](/cfr/17/270.22e-4.md)
- [§270.23c-1. Repurchase of securities by closed-end companies.](/cfr/17/270.23c-1.md)
- [§270.23c-2. Call and redemption of securities issued by registered closed-end companies.](/cfr/17/270.23c-2.md)
- [§270.23c-3. Repurchase offers by closed-end companies.](/cfr/17/270.23c-3.md)
- [§270.24b-1. Definitions.](/cfr/17/270.24b-1.md)
- [§270.24b-2. Filing copies of sales literature.](/cfr/17/270.24b-2.md)
- [§270.24b-3. Sales literature deemed filed.](/cfr/17/270.24b-3.md)
- [§270.24b-4. Filing copies of covered investment fund research reports.](/cfr/17/270.24b-4.md)
- [§270.24e-1. Filing of certain prospectuses as post-effective amendments to registration statements under the Securities Act of 1933.](/cfr/17/270.24e-1.md)
- [§270.24f-2. Registration under the Securities Act of 1933 of certain investment company securities.](/cfr/17/270.24f-2.md)
- [§270.26a-1. Payment of administrative fees to the depositor or principal underwriter of a unit investment trust; exemptive relief for separate accounts.](/cfr/17/270.26a-1.md)
- [§270.27c-1. Reserved](/cfr/17/270.27c-1.md)
- [§270.27d-1. Reserve requirements for principal underwriters and depositors to carry out the obligations to refund charges required by section 27(d) and section 27(f) of the Act.](/cfr/17/270.27d-1.md)
- [§270.27d-2. Reserved](/cfr/17/270.27d-2.md)
- [§270.27e-1. Reserved](/cfr/17/270.27e-1.md)
- [§270.27f-1. Reserved](/cfr/17/270.27f-1.md)
- [§270.27g-1. Reserved](/cfr/17/270.27g-1.md)
- [§270.27h-1. Reserved](/cfr/17/270.27h-1.md)
- [§270.27i-1. Exemption from Section 27(i)(2)(A) of the Act during annuity payment period of variable annuity contracts participating in certain registered separate accounts.](/cfr/17/270.27i-1.md)
- [§270.28b-1. Investment in loans partially or wholly guaranteed under the Servicemen's Readjustment Act of 1944, as amended.](/cfr/17/270.28b-1.md)
- [§270.30a-1. Annual report for registered investment companies.](/cfr/17/270.30a-1.md)
- [§270.30a-2. Certification of Form N-CSR.](/cfr/17/270.30a-2.md)
- [§270.30a-3. Controls and procedures.](/cfr/17/270.30a-3.md)
- [§270.30a-4. Annual report for wholly-owned registered management investment company subsidiary of registered management investment company.](/cfr/17/270.30a-4.md)
- [§270.30b1-1 - 270.b1-3. 270.30b1-1-270.b1-3 [Reserved]](/cfr/17/270.30b1-1%20-%20270.b1-3.md)
- [§270.30b1-4. Report of proxy voting record.](/cfr/17/270.30b1-4.md)
- [§270.30b1-5. Reserved](/cfr/17/270.30b1-5.md)
- [§270.30b1-7. Monthly report for money market funds.](/cfr/17/270.30b1-7.md)
- [§270.30b1-8. Current report for money market funds.](/cfr/17/270.30b1-8.md)
- [§270.30b1-9. Monthly report.](/cfr/17/270.30b1-9.md)
- [§270.30b1-10. Current report for open-end and closed-end management investment companies.](/cfr/17/270.30b1-10.md)
- [§270.30b2-1. Filing of reports to stockholders.](/cfr/17/270.30b2-1.md)
- [§270.30d-1. Filing of copies of reports to shareholders.](/cfr/17/270.30d-1.md)
- [§270.30e-1. Reports to stockholders of management companies.](/cfr/17/270.30e-1.md)
- [§270.30e-2. Reports to shareholders of unit investment trusts.](/cfr/17/270.30e-2.md)
- [§270.30e-3. Internet availability of reports to shareholders.](/cfr/17/270.30e-3.md)
- [§270.30h-1. Applicability of section 16 of the Exchange Act to section 30(h).](/cfr/17/270.30h-1.md)
- [§270.31a-1. Records to be maintained by registered investment companies, certain majority-owned subsidiaries thereof, and other persons having transactions with registered investment companies.](/cfr/17/270.31a-1.md)
- [§270.31a-2. Records to be preserved by registered investment companies, certain majority-owned subsidiaries thereof, and other persons having transactions with registered investment companies.](/cfr/17/270.31a-2.md)
- [§270.31a-3. Records prepared or maintained by other than person required to maintain and preserve them.](/cfr/17/270.31a-3.md)
- [§270.31a-4. Records to be maintained and preserved by registered investment companies relating to fair value determinations.](/cfr/17/270.31a-4.md)
- [§270.32a-1. Exemption of certain companies from affiliation provisions of section 32(a).](/cfr/17/270.32a-1.md)
- [§270.32a-2. Exemption for initial period from vote of security holders on independent public accountant for certain registered separate accounts.](/cfr/17/270.32a-2.md)
- [§270.32a-3. Exemption from provision of section 32(a)(1) regarding the time period during which a registered management investment company must select an independent public accountant.](/cfr/17/270.32a-3.md)
- [§270.32a-4. Independent audit committees.](/cfr/17/270.32a-4.md)
- [§270.34b-1. Sales literature deemed to be misleading.](/cfr/17/270.34b-1.md)
- [§270.35d-1. Investment company names.](/cfr/17/270.35d-1.md)
- [§270.38a-1. Compliance procedures and practices of certain investment companies.](/cfr/17/270.38a-1.md)
- [§270.45a-1. Confidential treatment of names and addresses of dealers of registered investment company securities.](/cfr/17/270.45a-1.md)
- [§270.55a-1. Investment activities of business development companies.](/cfr/17/270.55a-1.md)
- [§270.57b-1. Exemption for downstream affiliates of business development companies.](/cfr/17/270.57b-1.md)
- [§270.60a-1. Exemption for certain business development companies.](/cfr/17/270.60a-1.md)