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Investment funds are technically called “Investment Companies” and are covered by The 40 Act (the Investment Companies Act of 1940)

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Registered Investment Funds

Business Development Companies

Exemptions from Registration

• Section 3(c)(1) - Private Investment Companies
• Section 3(c)(2) - Broker-Dealers
• Section 3(c)(3) - Banks and Insurance Companies
• Section 3(c)(4) - Small Loan Companies
• Section 3(c)(5) - Real Estate and Finance Companies
• Section 3(c)(6) - Holding Companies
• Section 3(c)(7) - Qualified Purchaser Funds
• Section 3(c)(8) - [Repealed]
• Section 3(c)(9) - Oil and Gas Companies 🛢️
• Section 3(c)(10) - Nonprofit Organizations 🆓
• Section 3(c)(11) - Qualified Employee Benefit Plans 🧑‍💻