Part One: The Definition of an Investment Company Chapter 1: Definition of an Issuer Chapter 2: Definition of a Security Chapter 3: Issuers Holding Themselves Out As Investment Companies - Section 3(a)(1)(A) Chapter 4: Issuers Engaged in the Business of Issuing Face-Amount Certificates of the Installment Type - Section 3(a)(1)(B) Chapter 5: Issuers Investing More Than 40 Percent of Their Assets in Investment Securities - Section 3(a)(1)(C) Part Two: Issuers Statutorily Excepted From the Definition of Investment Company Chapter 6: Self-Determination by Issuers Engaged in a Non-investment Company Business - Section 3(b)(1) Chapter 7: Exception by Commission Order for Industrial Holding Companies - Section 3(b)(2) Chapter 8: Certain Subsidiaries of Issuers That Are Not Investment Companies Under Sections 3(b)(1) or 3(b)(2) - Section 3(b)(3) Chapter 9: Private Investment Companies - Section 3(c)(1) Chapter 10: Underwriters, Brokers, Market Makers, and Market Intermediaries - Section 3(c)(2) Chapter 11: Banks and Savings and Lending Entities - Section 3(c)(3) Chapter 12: Bank Common Trust Funds - Section 3(c)(3) Chapter 13: Insurance Companies - Section 3(c)(3) Chapter 14: Consumer Financing Agencies - Section 3(c)(4) Chapter 15: Commercial Financing and Mortgage Banking Businesses - Section 3(c)(5) Chapter 16: Bank, Insurance, and Similar Holding Companies and Diversified Operating and Holding Companies - Section 3(c)(6) Chapter 17: Qualified Purchaser Funds - Section 3(c)(7) Chapter 18: Oil and Gas Funds - Section 3(c)(9) Chapter 19: Charitable, Religious, and Similar Organizations - Section 3(c)(10) Chapter 20: Qualified Pension, Governmental, and Similar Plans - Section 3(c)(11) Chapter 21: Church Employee Pension Plans - Section 3(c)(14) Chapter 22: Public Utility Holding Companies, Voting Trusts and Security Holders'' Protective Committees - Former Section 3(c)(8), and Sections 3(c)(12) and 3(c)(13) Chapter 23: Transactions Merely Incidental to Dissolution - Sections 7(a) and 7(b) Part Three: Issuers Exempted From the Definition of Investment Company by Commission Rule Chapter 24: The 45% Asset and Income Tests - Rule 3a-1 Chapter 25: Transient Investment Companies - Rule 3a-2 Chapter 26: Certain Investment Companies Owned by Non-Investment Companies - Rule 3a-3 Chapter 27: Wrap Fee and Other Investment Advisory Programs - Rule 3a-4 Chapter 28: Finance Subsidiaries - Rule 3a-5 Chapter 29: Foreign Banks and Foreign Insurance Companies - Rule 3a-6 Chapter 30: Issuers of Asset-Backed Securities - Rule 3a-7 Chapter 31: Research and Development Companies - Rule 3a-8 Chapter 32: Crowdfunding Vehicles - Rule 3a-9 Part Four: Other Issuers Deemed Not to be Investment Companies Chapter 33: Conduit Structures, Custodial Receipt Programs, Commingling Customer Assets in a Single Bank Account, and Participation Interests in a Single Bank or Insurance Instrument Chapter 34: Commodity Pools Chapter 35: Employee Benefit Plans Chapter 36: Two-Tier Limited Partnerships Part Five: Issuers Statutorily Exempted From the 1940 Act Chapter 37: Exemptions for the United States, States, and Political Subdivisions - Section 2(b) Chapter 38: Companies in Reorganization - Section 6(a)(1) Chapter 39: Certain Companies Exempted by FSLIC, and Certain Subsidiaries of Face-Amount Certificate Companies - Sections 6(a)(2) and 6(a)(3) Chapter 40: Economic, Business, and Industrial Development Companies (BIDCOs) - Section 6(a)(4) and Rule 6a-5 Chapter 41: Employees'' Securities Companies - Section 6(b) Chapter 42: Intrastate Closed-End Investment Companies - Section 6(d) and Rule 6d-1 Bibliography Table of Cases Index About the Authors.