Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 3c-3 -- Definition of Certain Terms Used in Section 3(c)(1) of the Act with Respect to Certain Debt Securities Offered by Small Business Investment Companies
The term public offering as used in section
3(c)(1) of the Act shall not be deemed to include the offer and sale by a small
business investment company, licensed under the Small Business Investment Act of
1958, of any debt security issued by it which is (a) not convertible into, exchangeable
for, or accompanied by any equity security, and (b) guaranteed as to timely payment
of principal and interest by the Small Business Administration and backed by the
full faith and credit of the United States. The holders of any securities offered
and sold as described in this section shall be counted, in the aggregate, as one
person for purposes of section 3(c)(1) of
the Act.
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