LegalFix
Sign In

§ 270.32a-4 - Independent audit committees.

Copy with citation
Copy as parenthetical citation

A registered management investment company or a registered face-amount certificate company is exempt from the requirement of section 32(a)(2) of the Act (15 U.S.C. 80a-32(a)(2)) that the selection of the company's independent public accountant be submitted for ratification or rejection at the next succeeding annual meeting of shareholders, if:

The company's board of directors has established a committee, composed solely of directors who are not interested persons of the company, that has responsibility for overseeing the fund's accounting and auditing processes (“audit committee”);

The company's board of directors has adopted a charter for the audit committee setting forth the committee's structure, duties, powers, and methods of operation or set forth such provisions in the fund's charter or bylaws; and

The company maintains and preserves permanently in an easily accessible place a copy of the audit committee's charter and any modification to the charter.

Previous Section
§ 270.32a-3 - Exemption from provision of section 32(a)(1) regarding the time period during which a registered management investment company must select an independent public accountant.
Next Section
§ 270.34b-1 - Sales literature deemed to be misleading.