Page:United States Statutes at Large Volume 110 Part 5.djvu/358

 110 STAT. 3432 PUBLIC LAW 104-290—OCT. 11, 1996 or information contained therein, provided to the Commission under this section. Nothing in this subsection shall authorize the Commission to withhold information from the Congress or prevent the Commission from complying with a request for information from any other Federal depaurtment or agency requesting the information for purposes within the scope of the jurisdiction of that department or agency, or complying with an order of a court of the United States in an action Drought by the United States or the Commission. For purposes of section 552 of title 5, United States Code, this section snail be considered a statute described in subsection (b)(3)(B) of such section 552. "(d) DEFINITIONS.— For purposes of this section— "(1) the term 'internal compliance policies and procedures' means policies and procedures designed by subject persons to promote compliance with the Federal securities laws; and "(2) the term 'internal compliance and audit record' means any record prepared by a subject person in accordance with internal compliance policies and procedures."; (4) in subsection (e), as redesignated, by inserting "REGULATORY AUTHORITY.—" before "The Commission"; and (5) in subsection (f), as redesignated, by inserting "EXEMPTION AUTHORITY. —" before "The (Jommission". SEC. 208. PROfflBrriON ON DECEPTIVE INVESTMENT COMPANY NAMES. Section 35(d) of the Investment Company Act of 1940 (15 U.S.C. 80a-34(d)) is amended to read as follows: "(d) DECEPTIVE OR MISLEADING NAMES. — It shall be unlawful for any registered investment company to adopt as a part of the name or title of such company, or of any securities of which it is the issuer, any word or words that the Commission finds are materially deceptive or misleading. The Commission is authorized, by rule, regulation, or order, to define such names or titles as are materially deceptive or misleading.". SEC. 209. AMENDMENTS TO DEFINITIONS. (a) EXCEPTED INVESTMENT COMPANIES.— Section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)) is amended— (1) in paragraph (1), by inserting after the first sentence the following: "Such issuer shall be deemed to be an investment company for purposes of the limitations set forth in subparagraphs (A)(i) and (B)(i) of section 12(d)(1) governing the purchase or other acquisition by such issuer of smy security issued by any registered investment company and the sale of any security issued by any registered open-end investment company to any such issuer."; (2) in subparagraph (A) of paragraph (1)— (A) by inserting after "issuer," the first place that term appears, the following: "and is or, but for the exception provided for in this paragraph or paragraph (7), would be an investment company,"; and (B) by striking "unless, as of and all that follows through the end of the subparagraph and inserting a period; (3) in paragraph (2)— (A) by striking "and acting as broker," and inserting "acting as broker, and acting as market intermediary,"; (B) by inserting "(A)" after "(2)"; and

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