15 U.S.C. § 80a–64 — Preventing compliance with subchapter; liability of controlling persons

This section is one continuous rule. Business development companies (BDCs) are normally exempt from most investment company rules under section 80a-6(f). This section overrides that exemption for one rule: section 80a-47 applies to a BDC exactly as if the BDC were a registered closed-end investment company. Section 80a-47(a) makes it illegal to do indirectly, or through another person, anything this subchapter forbids doing directly. There's a limit on how far that reaches here. If a company is wholly owned by, or otherwise controlled by, a BDC, but the company itself doesn't meet the definition of "investment company" in section 80a-3(a), then section 80a-47(a) does not force that company to follow the subchapter's BDC rules. Being owned or controlled by a BDC isn't, by itself, enough to pull an ordinary company into those rules.