---
kind: "unit"
title: "15"
title_heading: "Commerce and Trade"
key: "ch2D/schI"
level: "subchapter"
label: "Subchapter I"
heading: "Investment Companies"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/ch2D-schI"
sections_count: 65
---

# Subchapter I — Investment Companies

Title 15 — Commerce and Trade › Chapter 2D — Investment Companies and Advisers

## Sections

- [§80a–1. Findings and declaration of policy](/usc/15/80a-1.md)
- [§80a–2. Definitions; applicability; rulemaking considerations](/usc/15/80a-2.md)
- [§80a–3. Definition of investment company](/usc/15/80a-3.md)
- [§80a–3a. Protection of philanthropy under State law](/usc/15/80a-3a.md)
- [§80a–4. Classification of investment companies](/usc/15/80a-4.md)
- [§80a–5. Subclassification of management companies](/usc/15/80a-5.md)
- [§80a–6. Exemptions](/usc/15/80a-6.md)
- [§80a–7. Transactions by unregistered investment companies](/usc/15/80a-7.md)
- [§80a–8. Registration of investment companies](/usc/15/80a-8.md)
- [§80a–9. Ineligibility of certain affiliated persons and underwriters](/usc/15/80a-9.md)
- [§80a–10. Affiliations or interest of directors, officers, and employees](/usc/15/80a-10.md)
- [§80a–11. Offers to exchange securities](/usc/15/80a-11.md)
- [§80a–12. Functions and activities of investment companies](/usc/15/80a-12.md)
- [§80a–13. Changes in investment policy](/usc/15/80a-13.md)
- [§80a–14. Size of investment companies](/usc/15/80a-14.md)
- [§80a–15. Contracts of advisers and underwriters](/usc/15/80a-15.md)
- [§80a–16. Board of directors](/usc/15/80a-16.md)
- [§80a–17. Transactions of certain affiliated persons and underwriters](/usc/15/80a-17.md)
- [§80a–18. Capital structure of investment companies](/usc/15/80a-18.md)
- [§80a–19. Payments or distributions](/usc/15/80a-19.md)
- [§80a–20. Proxies; voting trusts; circular ownership](/usc/15/80a-20.md)
- [§80a–21. Loans by management companies](/usc/15/80a-21.md)
- [§80a–22. Distribution, redemption, and repurchase of securities; regulations by securities associations](/usc/15/80a-22.md)
- [§80a–23. Closed-end companies](/usc/15/80a-23.md)
- [§80a–24. Registration of securities under Securities Act of 1933](/usc/15/80a-24.md)
- [§80a–25. Reorganization plans; reports by Commission](/usc/15/80a-25.md)
- [§80a–26. Unit investment trusts](/usc/15/80a-26.md)
- [§80a–27. Periodic payment plans](/usc/15/80a-27.md)
- [§80a–28. Face-amount certificate companies](/usc/15/80a-28.md)
- [§80a–29. Reports and financial statements of investment companies and affiliated persons](/usc/15/80a-29.md)
- [§80a–30. Accounts and records](/usc/15/80a-30.md)
- [§80a–31. Accountants and auditors](/usc/15/80a-31.md)
- [§80a–32. Filing of documents with Commission in civil actions](/usc/15/80a-32.md)
- [§80a–33. Destruction and falsification of reports and records](/usc/15/80a-33.md)
- [§80a–34. Unlawful representations and names](/usc/15/80a-34.md)
- [§80a–35. Breach of fiduciary duty](/usc/15/80a-35.md)
- [§80a–36. Larceny and embezzlement](/usc/15/80a-36.md)
- [§80a–37. Rules, regulations, and orders](/usc/15/80a-37.md)
- [§80a–38. Procedure for issuance of rules and regulations](/usc/15/80a-38.md)
- [§80a–39. Procedure for issuance of orders](/usc/15/80a-39.md)
- [§80a–40. Hearings by Commission](/usc/15/80a-40.md)
- [§80a–41. Enforcement of subchapter](/usc/15/80a-41.md)
- [§80a–42. Court review of orders](/usc/15/80a-42.md)
- [§80a–43. Jurisdiction of offenses and suits](/usc/15/80a-43.md)
- [§80a–44. Disclosure of information filed with Commission; copies](/usc/15/80a-44.md)
- [§80a–45. Reports by Commission; hiring and leasing authority](/usc/15/80a-45.md)
- [§80a–46. Validity of contracts](/usc/15/80a-46.md)
- [§80a–47. Liability of controlling persons; preventing compliance with subchapter](/usc/15/80a-47.md)
- [§80a–48. Penalties](/usc/15/80a-48.md)
- [§80a–49. Construction with other laws](/usc/15/80a-49.md)
- [§80a–50. Separability](/usc/15/80a-50.md)
- [§80a–51. Short title](/usc/15/80a-51.md)
- [§80a–52. Effective date](/usc/15/80a-52.md)
- [§80a–53. Election to be regulated as business development company](/usc/15/80a-53.md)
- [§80a–54. Acquisition of assets by business development companies](/usc/15/80a-54.md)
- [§80a–55. Qualifications of directors](/usc/15/80a-55.md)
- [§80a–56. Transactions with certain affiliates](/usc/15/80a-56.md)
- [§80a–57. Changes in investment policy](/usc/15/80a-57.md)
- [§80a–58. Incorporation of subchapter provisions](/usc/15/80a-58.md)
- [§80a–59. Functions and activities of business development companies](/usc/15/80a-59.md)
- [§80a–60. Capital structure](/usc/15/80a-60.md)
- [§80a–61. Loans](/usc/15/80a-61.md)
- [§80a–62. Distribution and repurchase of securities](/usc/15/80a-62.md)
- [§80a–63. Accounts and records](/usc/15/80a-63.md)
- [§80a–64. Preventing compliance with subchapter; liability of controlling persons](/usc/15/80a-64.md)