17 CFR § 270.57b-1 - Exemption for downstream affiliates of business development companies.

---
identifier: "/us/cfr/t17/s270.57b-1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 270.57b-1 - Exemption for downstream affiliates of business development companies."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "270.57b-1"
section_name: "Exemption for downstream affiliates of business development companies."
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"
---


# 270.57b-1 Exemption for downstream affiliates of business development companies.

Notwithstanding subsection (b)(2) of section 57 of the Act, the provisions of subsection (a) of that section shall not apply to any person (a) solely because that person is directly or indirectly controlled by a business development company or (b) solely because that person is, within the meaning of section 2(a)(3) (C) or (D) of the Act [15 U.S.C. 80a-2(a)(3) (C) or (D)], an affiliated person of a person described in (a) of this section.

[46 FR 16674, Mar. 13, 1981]