Dinner Is Served: Will The Volcker Rule Spur Interest In California’s Capital Access Company Law?

Congress issues an invitation

When Congress enacted the National Securities Markets Improvement Act of 1996 (aka the “NSMIA”), it added a new exemption to the Investment Company Act of 1940. Under Section 6(a)(5), a company will be exempt if, among other things,

•It is not engaged in the business of issuing redeemable securities; and

•Its operations are subject to regulation by the state in which the company is organized under a statute governing entities that provide financial or managerial assistance to enterprises doing business, or proposing to do business, in that state.

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