# Privately Offered Investment Companies
> **US Securities and Exchange Commission** · Final rules. · Published 1997-04-09 · Effective 1997-06-09 · 62 FR 17512
## Document
- **Document number:** 97-8950
- **Category:** final-rule
- **Agency:** US Securities and Exchange Commission
- **Federal Register citation:** 62 FR 17512
- **CFR reference:** 17 CFR 270
- **Publication date:** 1997-04-09
- **Effective date:** 1997-06-09
- **Docket:** Release No. IC-22597, International Series Release No. 1071, File No. S7-30-96
## Abstract

The Commission is adopting rules under the Investment Company Act of 1940 to implement provisions of the National Securities Markets Improvement Act of 1996 that apply to privately offered investment companies. The rules define certain terms for purposes of the new exclusion from regulation under the Investment Company Act for privately offered investment companies whose investors are all highly sophisticated investors, termed ``qualified purchasers.'' The rules also address certain transition issues relating to existing privately offered investment companies that have no more than 100 investors and other matters concerning privately offered investment companies.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/1997/04/09/97-8950/privately-offered-investment-companies)
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