17 CFR 270.32a-1
§ 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a).
United States · 17 CFR — Commodity and Securities Exchanges · Status: effective
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- Citation
- 17 CFR 270.32a-1, § 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a), United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/70084
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Full text
A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31), insofar as said paragraph requires that independent public accountants for such company be selected by a majority of certain members of the board of directors, if:
(a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10); and
(b) Such accountants are selected by a majority of all the members of the board of directors.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.