CCO Resource Center: Non-1940 Act Investment Restrictions
Chief Compliance Officer Committee
Non-1940 Act Investment Restrictions
In September 2005, the Institute published a paper, Summary of Non-1940 Act Investment Restrictions, to serve as a general source of information about laws, other than the Investment Company Act of 1940, that may limit investments by registered investment companies, for example, in certain regulated industries.
The paper is available here: https://www.ici.org/pdf/non40_restrictions.pdf.
As noted in the paper’s Preface, the paper covers 16 subject matter areas. Each area discussed includes a brief narrative description of the relevant laws governing the area followed by explanatory charts with more detailed information. The 16 subject matter areas discussed in the paper are listed below.
Please note that, because the paper was published in September 2005 and it has not been updated since then, its information may be woefully out-of-date. We are including it as a resource to CCOs because it may provide a starting point for persons interested in information on non-1940 Act investment restrictions.
The investment restrictions discussed in the paper are as follows:
- Federal Law Restrictions on Acquisitions of Banks, Thrifts and Their Holding Companies
- Federal Law Restrictions on Acquisitions of Broadcast and Other Federal Communications Commission Licensees
- Federal Law Restrictions on Cross-Ownership Acquisitions of Newspapers and Other Media
- Federal Law Restrictions on Acquisitions of Common Carriers—Airlines
- Federal Law Restrictions on Acquisitions of Common Carriers—Railroads, Water Carriers and Trucking
- Federal Law Restrictions on Acquisitions of Mineral Leases
- Federal Law Restrictions on Acquisitions of Nuclear Power Licensees
- Federal Law Restrictions on Acquisitions of Small Business Investment Companies
- Federal Law Restrictions - Transactions in Commodity Futures and Options Thereon
- Federal Premerger Notification under the Hart-Scott-Rodino Act
- Issuer Restrictions on Acquisitions of Real Estate Investment Trusts
- Issuer Restrictions - Poison Pill Provisions
- State Law Restrictions on Acquisitions of Casino and Gaming Businesses
- State Law Restrictions on Acquisitions of Insurance Companies
- State Law Restrictions on Acquisitions of Public Service Companies—Anti-Takeover Laws
The documentation provided by ICI that may be accessed by committee and task force members is restricted to members use only and not for distribution or reproduction. Documentation may be used internally at member organizations as needed to facilitate committee and task force initiatives.