General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 15a-5 -- Exemption of Certain Nonbank Lenders
A lender approved under the rules and regulations of the Small Business Administration
shall be exempt from the registration requirement of Section
15(a)(1) of the Act if it does not engage in the business of effecting transactions
in securities or of buying and selling securities for its own account except in respect
of receiving notes evidencing loans to small business concerns and selling the portion
of such notes guaranteed by the Small Business Administration through or to a registered
broker or dealer or to a bank, a savings institution, an insurance company, or an
account over which an investment adviser registered pursuant to the Investment Advisers
Act of 1940 exercises investment discretion.
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