---
kind: "section"
citation: "15 U.S.C. § 687d"
title: "15"
title_heading: "Commerce and Trade"
number: "687d"
heading: "Conflicts of interest"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/687d"
units:
  - "Chapter 14B — Small Business Investment Program"
  - "Subchapter III — Investment Division Programs"
  - "Part A — Small Business Investment Companies"
---

# §687d. Conflicts of interest


For the purpose of controlling conflicts of interest which may be detrimental to [small business concerns](/usc/15/694a.md?p=9), to [small business investment companies](/usc/15/662.md?p=3), to the shareholders, partners, or [members](/usc/15/662.md?p=15) of either, or to the purposes of this chapter, the [Administration](/usc/15/662.md?p=1) shall adopt regulations to govern transactions with any officer, director, shareholder, partner, or [member](/usc/15/662.md?p=15) of any [small business investment company](/usc/15/662.md?p=3), or with any [person](/usc/15/7a.md?p=6) or concern, in which any interest, direct or indirect, financial or otherwise, is held by any officer, director, shareholder, partner, or [member](/usc/15/662.md?p=15) of (1) any [small business investment company](/usc/15/662.md?p=3), or (2) any [person](/usc/15/7a.md?p=6) or concern with an interest, direct or indirect, financial or otherwise, in any [small business investment company](/usc/15/662.md?p=3). Such regulations shall include appropriate requirements for public disclosure necessary to the purposes of this section.


## Source credit

(Pub. L. 85–699, title III, § 312, as added Pub. L. 88–273, § 6(a), Feb. 28, 1964, 78 Stat. 147; amended Pub. L. 94–305, title I, § 106(f), June 4, 1976, 90 Stat. 666; Pub. L. 104–208, div. D, title II, § 208(h)(1)(D), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 107–100, § 3, Dec. 21, 2001, 115 Stat. 966.)

## Notes

### Editorial Notes

### References in Text

For definition of “this chapter”, referred to in text, see References in Text note set out under section 661 of this title.

### Amendments

2001—Pub. L. 107–100 struck out “(including disclosure in the locality most directly affected by the transaction)” after “public disclosure”.

1996—Pub. L. 104–208, § 208(h)(1)(D), substituted “shareholders, partners, or members” for “shareholders or partners” and substituted “shareholder, partner, or member” for “shareholder, or partner” in two places.

1976—Pub. L. 94–305, § 106(f)(2), which directed the substitution of “shareholder, or partner” for “or shareholders” wherever appearing, was executed by making the substitution for “or shareholder” in two places to reflect the probable intent of Congress.

Pub. L. 94–305, § 106(f)(1), inserted “or partners” after “to the shareholders”.