Page:United States Statutes at Large Volume 54 Part 1.djvu/838

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PUBLIC LAWS-CH. 686 -AUG. 22, 1940 Filingofregistration statement. Contents. 48 Stat. 74, 881 . 16 U.S.0 . I577a- 77aa, 78a-78j]; Bupp. V, §577a-77x, 78c-78Ji. Statements, etc., in lieu of information required. 48 Stat. 78, 892. 15U.8.C.6i77g, 78/. 48 Stat. 894, 895; 49 Stat. 1379. 15 U. . C. I§78m- 780; Supp. V, I 780. Inappropriate du- plication of informa- tion. (b) Every registered investment company shall file with the Com- mission, within such reasonable time after registration as the Commission shall fix by rules and regulations, an original and such copies of a registration statement, in such form and containing such of the following information and documents as the Commission shall by rules and regulations prescribe as necessary or appropriate in the public interest or for the protection of investors: (1) a recital of the policy of the registrant in respect of each of the following types of activities, such recital consisting in each case of a statement whether the registrant reserves freedom of action to engage in activities of such type, and if such free- dom of action is reserved, a statement briefly indicating, insofar as is practicable, the extent to which the registrant intends to engage therein: (A) the classification and subclassifications, as defined in sections 4 and 5, within which the registrant proposes to operate; (B) borrowing money; (C) the issuance of senior securities; (D) engaging in the business of underwriting securi- ties issued by other persons; (E) concentrating investments in a particular industry or group of industries; (F) the purchase and sale of real estate and commodities, or either of them; (G) making loans to other persons; and (H) portfolio turn-over (including a statement showing the aggregate dollar amount of purchases and sales of portfolio securities, other than Govern- ment securities, in each of the last three full fiscal years pre- ceding the filing of such registration statement); (2) a recital of the policy of the registrant in respect of matters, not enumerated in paragraph (1), which the registrant deems matters of fundamental policy and elects to treat as such; (3) the name and address of each affiliated person of the reg- istrant; the name and principal address of every company, other than the registrant, of which each such person is an officer, director, or partner; a brief statement of the business experience for the preceding five years of each officer and director of the registrant; and (4) the information and documents which would be required to be filed in order to register under the Securities Act of 1933 and the Securities Exchange Act of 1934 all securities (other than short-term paper) which the registrant has outstanding or proposes to issue. (c) The Commission shall make provision, by permissive rules and regulations or order, for the filing of the following, or so much of the following as the Commission may designate, in lieu of the infor- mation and documents required pursuant to subsection (b): (1) copies of the most recent registration statement filed by the registrant under the Securities Act of 1933 and currently effective under such Act, or if the registrant has not filed such a statement, copies of a registration statement filed by the registrant under the Securities Exchange Act of 1934 and currently effective under such Act; (2) copies of any reports filed by the registrant pursuant to section 13 or 15 (d) of the Securities Exchange Act of 1934; and (3) a report containing reasonably current information regarding the matters included in copies filed pursuant to para- graphs (1) and (2), and such further information regarding matters not included in such copies as the Commission is author- ized to require under subsection (b). (d) If the registrant is a unit investment trust substantially all of the assets of which are securities issued by another registered invest- ment company, the Commission is authorized to prescribe for the 804 [54 STAT.