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15 U.S.C. § 80a–32 — Filing of documents with Commission in civil actions

submitted 86 years ago by ch. 686 to r/title-15-COMMERCE-AND-TRADE · 202 words · no verdicts yet

in plain englishAI-generated · not legal advice

When someone sues an investment company officer or adviser on the company's behalf, both the company and any affiliated defendant must send the SEC copies of the case papers. This covers pleadings, verdicts, and settlement proposals. Deadlines run 5 to 10 days from filing or delivery.

Every registered investment company that's a party, and every affiliated person who is a party defendant, in a derivative or representative lawsuit or claim brought by the fund or a shareholder against an officer, director, investment adviser, trustee, or depositor, must file with the SEC — unless already filed — (1) a copy of all pleadings, verdicts, or judgments filed with the court or served in the case; (2) a copy of any proposed settlement, compromise, or discontinuance; and (3) copies of any other motions, transcripts, or documents the SEC requests in writing. If a document under (1) or (2) — (A) is delivered to the company or the party defendant, it must be filed with the SEC no later than 10 days after receiving it; or (B) is filed in court or delivered by the company or party defendant, it must be filed with the SEC no later than 5 days after that filing or delivery.
the actual law source: uscode.house.gov ↗public domain

Every registered investment company which is a party and every affiliated person of such company who is a party defendant to any action or claim by a registered investment company or a security holder thereof in a derivative or representative capacity against an officer, director, investment adviser, trustee, or depositor of such company, shall file with the Commission, unless already so filed, (1) a copy of all pleadings, verdicts, or judgments filed with the court or served in connection with such action or claim, (2) a copy of any proposed settlement, compromise, or discontinuance of such action, and (3) a copy of such motions, transcripts, or other documents filed in or issued by the court or served in connection with such action or claim as may be requested in writing by the Commission. If any document referred to in clause (1) or (2)—

(A)

is delivered to such company or party defendant, such document shall be filed with the Commission not later than ten days after the receipt thereof; or

(B)

is filed in such court or delivered by such company or party defendant, such documents shall be filed with the Commission not later than five days after such filing or delivery.

Source credit: (Aug. 22, 1940, ch. 686, title I, § 33, 54 Stat. 839; Pub. L. 91–547, § 19, Dec. 14, 1970, 84 Stat. 1428.)

history & why it existsrecord from the source credit
  • 1940Enacted · Act of Aug. 22, 1940, ch. 686 · 54 Stat. 839
  • 1970Amended · Pub. L. 91-547 · 84 Stat. 1428

A history note hasn’t been published yet. The record shows enactment by ch. 686 on 1940-08-22.

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