United States Code

15 U.S.C. § 80a-13

Changes in investment policy

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Bills that would change it 42

  • HR 7221 Stopping Wall Street From Competing With Main Street Homebuyers Act Amends its part · introduced · 119th Congress
  • HR 7186 American Family Housing Act Amends its part · introduced · 119th Congress
  • S 1582 GENIUS Act Amends its part · enacted · 119th Congress
  • HR 6783 Capital Markets Financing and Economic Growth Investments Act of 2023 Amends its part · introduced · 118th Congress
  • HR 6528 PRC Accountability and Divestment Act of 2023 Amends 80a-13(c)(1) · introduced · 118th Congress
  • S 1637 Combating BDS Act of 2023 Amends 80a-13(c)(1) · introduced · 118th Congress
  • S 152 American Financial Markets Integrity and Security Act Amends its part · introduced · 118th Congress
  • HR 7776 James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 Amends its part · enacted · 117th Congress
  • HRES 1512 Providing for the concurrence by the House in the Senate amendment to H.R. 7776, with an amendment. Amends its part · introduced · 117th Congress
  • HR 7457 Hold CCP Accountable Act of 2022 Amends its part · introduced · 117th Congress
  • HR 5648 Stop Wall Street Looting Act Amends its part · introduced · 117th Congress
  • HR 7900 National Defense Authorization Act for Fiscal Year 2023 Amends its part · introduced · 117th Congress
  • HR 9089 Consumer Financial Choice and Capital Markets Protection Act of 2022 Amends its part · introduced · 117th Congress
  • S 3022 Stop Wall Street Looting Act Amends its part · introduced · 117th Congress
  • S 4295 Financial Data Transparency Act of 2022 Amends its part · introduced · 117th Congress
  • HR 2989 Financial Transparency Act of 2021 Amends its part · introduced · 117th Congress
  • S 2684 Consumer Financial Choice and Capital Markets Protection Act of 2021 Amends its part · introduced · 117th Congress
  • S 2119 Combating BDS Act of 2021 Amends 80a-13(c)(1) · introduced · 117th Congress
  • HR 1562 American Financial Markets Integrity and Security Act Amends its part · introduced · 117th Congress
  • S 570 American Financial Markets Integrity and Security Act Amends its part · introduced · 117th Congress
  • HR 5197 Managed Stablecoins are Securities Act of 2019 Amends its part · introduced · 116th Congress
  • HR 4476 Financial Transparency Act of 2019 Amends its part · introduced · 116th Congress
  • HR 4492 Consumer Financial Choice and Capital Markets Protection Act of 2019 Amends its part · introduced · 116th Congress
  • HR 3848 Stop Wall Street Looting Act Amends its part · introduced · 116th Congress
  • S 2155 Stop Wall Street Looting Act Amends its part · introduced · 116th Congress
  • S 733 Consumer Financial Choice and Capital Markets Protection Act of 2019 Amends its part · introduced · 116th Congress
  • S 667 Otto Warmbier Banking Restrictions Involving North Korea Act of 2019 Amends 80a-13(c)(1) · introduced · 116th Congress
  • HR 336 Strengthening America’s Security in the Middle East Act of 2019 Amends 80a-13(c)(1) · introduced · 116th Congress
  • S 1 Strengthening America’s Security in the Middle East Act of 2019 Amends 80a-13(c)(1) · introduced · 116th Congress
  • HR 2319 Consumer Financial Choice and Capital Markets Protection Act of 2018 Amends its part · introduced · 115th Congress
  • S 1117 Consumer Financial Choice and Capital Markets Protection Act of 2017 Amends its part · introduced · 115th Congress
  • HR 4267 Small Business Credit Availability Act Amends its part · introduced · 115th Congress
  • HR 1625 Consolidated Appropriations Act, 2018 Amends its part · enacted · 115th Congress
  • S 1591 Otto Warmbier Banking Restrictions Involving North Korea Act of 2017 Amends 80a-13(c)(1) · introduced · 115th Congress
  • S 2324 Small Business Credit Availability Act Amends its part · introduced · 115th Congress
  • HR 10 Financial CHOICE Act of 2017 Amends its part · introduced · 115th Congress
  • HR 2856 Combating BDS Act of 2017 Amends 80a-13(c)(1) · introduced · 115th Congress
  • S 1031 Crowdfunding Enhancement Act Amends its part · introduced · 115th Congress
  • HR 1530 Financial Transparency Act of 2017 Amends its part · introduced · 115th Congress
  • HR 808 Iran Nonnuclear Sanctions Act of 2017 Amends 80a-13(c)(1) · introduced · 115th Congress
  • S 227 Iran Nonnuclear Sanctions Act of 2017 Amends 80a-13(c)(1) · introduced · 115th Congress
  • S 170 Combating BDS Act of 2017 Amends 80a-13(c)(1) · introduced · 115th Congress

The law today

From the official United States Code, current through Public Law 119-121.

(a) Prohibited actions for registered investment companies No registered investment company shall, unless authorized by the vote of a majority of its outstanding voting securities— (1) change its subclassification as defined in section 80a–5(a)(1) and (2) of this title or its subclassification from a diversified to a nondiversified company; (2) borrow money, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodities or make loans to other persons, except in each case in accordance with the recitals of policy contained in its registration statement in respect thereto; (3) deviate from its policy in respect of concentration of investments in any particular industry or group of industries as recited in its registration statement, deviate from any investment policy which is changeable only if authorized by shareholder vote, or deviate from any policy recited in its registration statement pursuant to section 80a–8(b)(3) of this title; or (4) change the nature of its business so as to cease to be an investment company. (b) Majority equivalent for common-law trusts In the case of a common-law trust of the character described in section 80a–16(c) of this title, either written approval by holders of a majority of the outstanding shares of beneficial interest or the vote of a majority of such outstanding shares cast in person or by proxy at a meeting called for the purpose shall for the purposes of subsection (a) be deemed the equivalent of the vote of a majority of the outstanding voting securities, and the provisions of paragraph (42) of section 80a–2(a) of this title as to a majority shall be applicable to the vote cast at such a meeting. (c) Limitation on actions (1) In general Notwithstanding any other provision of Federal or State law, no person may bring any civil, criminal, or administrative action against any registered investment company, or any employee, officer, director, or investment adviser thereof, based solely upon the investment company divesting from, or avoiding investing in, securities issued by persons that the investment company determines, using credible information available to the public— (A) conduct or have direct investments in business operations in Sudan described in section 3(d) of the Sudan Accountability and Divestment Act of 2007 (50 U.S.C. 1701 note); or (B) engage in investment activities in Iran described in section 8532(c) of title 22. (2) Applicability (A) Rule of construction Nothing in paragraph (1) shall be construed to create, imply, diminish, change, or affect in any way whether or not a private right of action exists under subsection (a) or any other provision of this chapter. (B) Disclosures Paragraph (1) shall not apply to a registered investment company, or any employee, officer, director, or investment adviser thereof, unless the investment company makes disclosures in accordance with regulations prescribed by the Commission. (3) Person defined For purposes of this subsection the term “person” includes the Federal Government and any State or political subdivision of a State.
Official text at uscode.house.gov ↗