# 17 C.F.R. § 270.18c-2 (2026): Exemptions of certain debentures issued by small business investment companies > Federal · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_18c_2 ## Section - **Citation:** 17 C.F.R. § 270.18c-2 (2026) - **Heading:** Exemptions of certain debentures issued by small business investment companies - **Jurisdiction:** Federal - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Title 17 CFR: Commodity and Securities Exchanges / Chapter II: SECURITIES AND EXCHANGE COMMISSION / Part 270: RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 / § 270.18c-2: § 270.18c-2 Exemptions of certain debentures issued by small business investment companies. ## Text (a) The issuance or sale of any class of senior security representing indebtedness by a small business investment company licensed under the Small Business Investment Act of 1958 shall not be prohibited by section 18(c) of the Act provided such senior security representing indebtedness is (1) not convertible into, exchangeable for, or accompanied by an option to acquire any equity security; (2) fully guaranteed as to timely payment of all principal and interest by the Small Business Administration and backed by the full faith and credit of the United States; and (3) subordinated to any other debt securities not issued pursuant to this section or, if such security is not so subordinated, that such security, according to its own terms, will not be preferred over any other unsecured debt securities in the payment of principal and interest: And further provided, That all other debt securities then outstanding issued by such small business investment company were issued as permitted by § 270.18c-1 or this section. (b) Any security issued and sold as permitted by paragraph (a) of this section shall be deemed for purposes of § 270.18c-1 to be privately held by the Small Business Administration and for purposes of § 270.18c-1 shall not be deemed to be publicly held outstanding indebtedness. (c) The issuance or sale of any security as permitted by paragraph (a) of this section shall not be deemed to be a sale to any person other than the Small Business Administration by any small business investment company licensed under the Small Business Investment Company Act of 1958 which is exempt from any provision of the Investment Company Act, if such exemption is conditioned on such company not offering or selling its securities to any person other than the Small Business Administration. (Secs. 6(c), 38(a), 54 Stat. 800, 841, 15 U.S.C. 80a-6(c), 80a-37(a)) [37 FR 7590, Apr. 18, 1972] ## Nearby sections - [17 C.F.R. § 270.0-1 (2026) § 270.0-1 Definition of terms used in this part.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_1.md) - [17 C.F.R. § 270.0-2 (2026) § 270.0-2 General requirements of papers and applications.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_2.md) - [17 C.F.R. § 270.0-3 (2026) § 270.0-3 Amendments to registration statements and reports.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_3.md) - [17 C.F.R. § 270.0-4 (2026) § 270.0-4 Incorporation by reference.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_4.md) - [17 C.F.R. § 270.0-5 (2026) § 270.0-5 Procedure with respect to applications and other matters.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_5.md) - [17 C.F.R. § 270.0-8 (2026) § 270.0-8 Payment of filing fees.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_8.md) - [17 C.F.R. § 270.0-10 (2026) § 270.0-10 Small entities under the Investment Company Act for purposes of the Regulatory Flexibility Act.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_10.md) - [17 C.F.R. § 270.0-11 (2026) § 270.0-11 Customer identification programs.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_0_11.md) - [17 C.F.R. § 270.2a-1 (2026) § 270.2a-1 Valuation of portfolio securities in special cases.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_1.md) - [17 C.F.R. § 270.2a-2 (2026) § 270.2a-2 Effect of eliminations upon valuation of portfolio securities.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_2.md) - [17 C.F.R. § 270.2a-4 (2026) § 270.2a-4 Definition of “current net asset value” for use in computing periodically the current price of redeemable security.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_4.md) - [17 C.F.R. § 270.2a-5 (2026) § 270.2a-5 Fair value determination and readily available market quotations.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_5.md) - [17 C.F.R. § 270.2a-6 (2026) § 270.2a-6 Certain transactions not deemed assignments.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_6.md) - [17 C.F.R. § 270.2a-7 (2026) § 270.2a-7 Money market funds.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_2a_7.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T17_P270_S270_18c_2. 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