(Sources of Document Retention Requirements)
Exchange-traded funds are open-ended registered investment companies regulated by the Securities and Exchange Commission under the Investment Company Act of 1940. The Securities and Exchange Commission has exempted exchange-traded funds from regulatory requirements in order to allow secondary trading on national exchanges of shares in exchange-traded funds.
Groups of individuals may form a partnership or other organization in which they pool investment resources and ideas. The extent to which a membership in the club might be considered a security and the extent to which members of the club participate in decisions of the club will affect application of federal securities laws to activities of the club and its members.
(The Private Offering Exemption From SEC Registration Requirements)
The Newspaper Preservation Act, 15 U.S.C.S. §§ 1801-1804, provides a limited exemption from antitrust laws for joint operating arrangements between newspapers in a particular locality. The objective of the legislation is to preserve independent reporting and editorial operations of the two newspapers while allowing shared production facilities that through a lowering of costs would allow both newspapers to survive.