Federal · Title 15 — Commerce and Trade

15 U.S.C. § 80a: Payments or distributions

Civil

What this law says, in plain English

Registered investment companies cannot distribute long-term capital gains more than once per twelve months, except as permitted by Commission rules. Violation is unlawful under securities regulations.

Read the full statutory text

such company’s accumulated undistributed net income, determined in accordance with good accounting practice and not including profits or losses realized upon the sale of securities or other properties; or such company’s net income so determined for the current or preceding fiscal year; It shall be unlawful in contravention of such rules, regulations, or orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company to distribute long-term capital gains, as defined in title 26, more often than once every twelve months.

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.