17 CFR § 270.32a-1 - Exemption of certain companies from affiliation provisions of section 32(a).
---
identifier: "/us/cfr/t17/s270.32a-1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 270.32a-1 - Exemption of certain companies from affiliation provisions of section 32(a)."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "270.32a-1"
section_name: "Exemption of certain companies from affiliation provisions of section 32(a)."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "270"
part_name: "RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 80a-1 80a-34(d), 80a-37, 80a-39, 1681w(a)(1), 6801-6809, 6825, and Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010), unless otherwise noted."
cfr_part: "270"
---
# 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a).
A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31), insofar as said paragraph requires that independent public accountants for such company be selected by a majority of certain members of the board of directors, if:
(a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10); and
(b) Such accountants are selected by a majority of all the members of the board of directors.
[Rule N-32A-1, 6 FR 6631, Dec. 23, 1941, as amended at 87 FR 22446, Apr. 15, 2022]