{"data":{"id":"us/17-cfr-270.32a-4","jurisdiction":"us","citation":"17 CFR 270.32a-4","heading":"a-4 Independent audit committees.","body":"A registered management investment company or a registered face-amount certificate company is exempt from the requirement of section 32(a)(2) of the Act (15 U.S.C. 80a-32(a)(2)) that the selection of the company's independent public accountant be submitted for ratification or rejection at the next succeeding annual meeting of shareholders, if:\n(a) The company's board of directors has established a committee, composed solely of directors who are not interested persons of the company, that has responsibility for overseeing the fund's accounting and auditing processes (“audit committee”);\n(b) The company's board of directors has adopted a charter for the audit committee setting forth the committee's structure, duties, powers, and methods of operation or set forth such provisions in the fund's charter or bylaws; and\n(c) The company maintains and preserves permanently in an easily accessible place a copy of the audit committee's charter and any modification to the charter.","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":"1cab0f001fee92a64d6ae6e013eef13f321b21c7ca0c12a626cbde71f5399cdb","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-270.32a-3","next":"us/17-cfr-270.34b-1"},"notice":"GroundRules: Original legal text. Not legal advice."}