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.
Please see full publication below for more information.
