{"data":{"id":"us/17-cfr-270.32a-1","jurisdiction":"us","citation":"17 CFR 270.32a-1","heading":"a-1 Exemption of certain companies from affiliation provisions of section 32(a).","body":"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:\n(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\n(b) Such accountants are selected by a majority of all the members of the board of directors.","path":["Title 17—Commodity and Securities Exchanges","CHAPTER II—SECURITIES AND EXCHANGE COMMISSION","PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"24fec8b2d141037f0a36ab8c4780a3061c94f219b3de218edaf255784f38fbd0","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-270.31a-4","next":"us/17-cfr-270.32a-2"},"notice":"GroundRules: Original legal text. Not legal advice."}