{"data":{"id":"us/17-cfr-270.3a-3","jurisdiction":"us","citation":"17 CFR 270.3a-3","heading":"a-3 Certain investment companies owned by companies which are not investment companies.","body":"Notwithstanding section 3(a)(1)(A) or section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(A) or 80a-3(a)(1)(C)), an issuer will be deemed not to be an investment company for purposes of the Act; Provided, That all of the outstanding securities of the issuer (other than short-term paper, directors' qualifying shares, and debt securities owned by the Small Business Administration) are directly or indirectly owned by a company which satisfies the conditions of § 270.3a-1(a) and which is:\n(a) A company that is not an investment company as defined in section 3(a) of the Act;\n(b) A company that is an investment company as defined in section 3(a)(1)(C) of the Act (15 U.S.C. 80a-3(a)(1)(C)), but which is excluded from the definition of the term “investment company” by section 3(b)(1) or 3(b)(2) of the Act (15 U.S.C. 80a-3(b)(1) or 80a-3(b)(2)); or\n(c) A company that is deemed not to be an investment company for purposes of the Act by rule 3a-1.","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":"269adfa2782a55f4945c51d7c0a21c59641e073b841fb68ef6e34c14800b1ffa","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-270.3a-2","next":"us/17-cfr-270.3a-4"},"notice":"GroundRules: Original legal text. Not legal advice."}