17 C.F.R. § 270.17a-2 Exemption of certain purchase, sale, or borrowing transactions.
Title 17 - Commodity and Securities Exchanges
Purchase, sale or borrowing transactions occurring in the usual course of business between affiliated persons of registered investment companies shall be exempt from section 17(a) of the Act provided (a) the transactions involve notes, drafts, time payment contracts, bills of exchange, acceptance or other property of a commercial character rather than of an investment character; (b) the buyer or lender is a bank; and (c) the seller or borrower is a bank or is engaged principally in the business of installment financing. [Rule N–17A–2, 12 FR 5008, July 29, 1947]
Title 17: Commodity and Securities Exchanges
PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940
§ 270.17a-2 Exemption of certain purchase, sale, or borrowing transactions.