13 CFR Part 107
PART 107—SMALL BUSINESS INVESTMENT COMPANIES
- PART 107—SMALL BUSINESS INVESTMENT COMPANIES
- Chapter I—Small Business Administration
- Subpart A—Introduction to Part 107
- § 107.20 Legal basis and applicability of this part 107.
- § 107.25 Severability.
- § 107.30 Amendments to Act and regulations.
- § 107.40 How to read this part 107.
- Subpart B—Definition of Terms Used in Part 107
- § 107.50 Definition of terms.
- Subpart C—Qualifying for an SBIC License
- Organizing an SBIC
- § 107.100 Organizing a Section 301(c) Licensee.
- § 107.115 1940 Act and 1980 Act Companies.
- § 107.120 [Reserved]
- § 107.130 Requirement for qualified management.
- § 107.140 SBA approval of initial Management Expenses.
- § 107.150 Management-ownership diversification requirement.
- § 107.160 Special rules for Licensees formed as limited partnerships.
- Capitalizing an SBIC
- § 107.200 Adequate capital for Licensees.
- § 107.210 Minimum capital requirements for Licensees.
- § 107.230 Permitted sources of Private Capital for Licensees.
- § 107.240 Limitations on including non-cash capital contributions in Private Capital.
- § 107.250 [Reserved]
- Applying for an SBIC License
- § 107.300 License application form and fee.
- § 107.305 Evaluation of license applicants.
- § 107.310 [Reserved]
- § 107.320 Leverage portfolio diversification.
- Subpart D—Changes in Ownership, Control, or Structure of Licensee; Transfer of License
- Changes in Control or Ownership of Licensee
- § 107.400 Changes in ownership of 10 percent or more of Licensee but no change of Control.
- § 107.410 Changes in Control of Licensee (through change in ownership or otherwise).
- § 107.420 Prohibition on exercise of ownership or Control rights in Licensee before SBA approval.
- § 107.430 Notification to SBA of transactions that may change ownership or Control.
- § 107.440 Standards governing prior SBA approval for a proposed transfer of Control.
- § 107.450 Notification to SBA of pledge of Licensee's shares.
- § 107.460 [Reserved]
- Change in Structure of Licensee
- § 107.470 SBA approval of merger, consolidation, or reorganization of Licensee.
- Transfer of License
- § 107.475 Transfer of license.
- Subpart E—Managing the Operations of a Licensee
- General Requirements
- § 107.500 Lawful operations under the Act.
- § 107.501 Identification.
- § 107.502 Representations to the public.
- § 107.503 Licensee's adoption of an approved valuation policy.
- § 107.504 Equipment and office requirements.
- § 107.506 Safeguarding Licensee's assets/Internal controls.
- § 107.507 Violations based on false filings and nonperformance of agreements with SBA.
- § 107.509 Employment of SBA officials.
- Management and Compensation
- § 107.510 SBA approval of Licensee's Investment Adviser/Manager.
- § 107.520 Management Expenses of a Licensee.
- Cash Management by a Licensee
- § 107.530 Restrictions on investments of idle funds by leveraged Licensees.
- Borrowing by Licensees From Non-SBA Sources
- § 107.550 Prior approval of secured third-party debt of Leveraged Licensees.
- § 107.560 Subordination of SBA's creditor position.
- § 107.565 Restrictions on third-party debt of Early Stage SBICs.
- § 107.570 [Reserved]
- Distributions and Reductions in Regulatory Capital
- § 107.585 Distributions and reductions in Regulatory Capital.
- Requirement To Conduct Active Investment Operations
- § 107.590 Licensee's requirement to maintain active operations.
- Subpart F—Recordkeeping, Reporting, and Examination Requirements for Licensees
- Recordkeeping Requirements for Licensees
- § 107.600 General requirement for Licensee to maintain and preserve records.
- § 107.610 Required certifications for Loans and Investments.
- § 107.620 Requirements to obtain information from Portfolio Concerns.
- Reporting Requirements for Licensees
- § 107.630 Requirement for Licensees to file financial statements with SBA (Form 468).
- § 107.640 Requirement to file Portfolio Financing Reports (SBA Form 1031).
- § 107.650 Requirement to report portfolio valuations to SBA.
- § 107.660 Other items required to be filed by Licensee with SBA.
- § 107.665 Civil penalties.
- § 107.670 Application for exemption from civil penalty for late filing of reports.
- § 107.680 Reporting changes in Licensee not subject to prior SBA approval.
- Examinations of Licensees by SBA for Regulatory Compliance
- § 107.690 Examinations.
- § 107.691 Responsibilities of Licensee during examination.
- § 107.692 Examination fees.
- Subpart G—Financing of Small Businesses by Licensees
- Determining the Eligibility of a Small Business for SBIC Financing
- § 107.700 Compliance with size standards in part 121 of this chapter as a condition of Assistance.
- § 107.710 Requirement to finance smaller enterprises.
- § 107.720 Small Businesses that may be ineligible for financing.
- § 107.730 Financings which constitute conflicts of interest.
- § 107.740 Portfolio diversification (“Overline” limitation).
- § 107.750 Conditions for financing a change of ownership of a Small Business.
- § 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern.
- Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing
- § 107.800 Financings in the form of Equity Securities.
- § 107.810 Financing in the form of Loans.
- § 107.815 Financings in the form of Debt Securities.
- § 107.820 Financings in the form of guarantees.
- § 107.825 Purchasing securities from an underwriter or other third party.
- Structuring Licensee's Financing of an Eligible Small Business: Terms and Conditions of Financing
- § 107.830 Duration/term of financing.
- § 107.835 [Reserved]
- § 107.840 [Reserved]
- § 107.845 [Reserved]
- § 107.850 Restrictions on redemption of Equity Securities.
- § 107.855 Interest rate ceiling and limitations on fees charged to Small Businesses (“Cost of Money”).
- § 107.860 Financing fees and expense reimbursements a Licensee may receive from a Small Business.
- § 107.865 Control of a Small Business by a Licensee.
- § 107.880 Assets acquired in liquidation of Portfolio securities.
- Limitations on Disposition of Assets
- § 107.885 Disposition of assets to Licensee's Associates or to competitors of Portfolio Concern.
- Management Services and Fees
- § 107.900 Management fees for services provided to a Small Business by Licensee or its Associate.
- Subpart H—Non-leveraged Licensees—Exceptions to Regulations
- § 107.1000 Non-leveraged Licensees—exceptions to this part.
- Subpart I—SBA Financial Assistance for Licensees (Leverage)
- General Information About Obtaining Leverage
- § 107.1100 Types of Leverage and application procedures.
- § 107.1120 General eligibility requirements for Leverage.
- § 107.1130 Leverage fees and Annual Charges.
- § 107.1140 [Reserved]
- Maximum Amount of Leverage for Which a Licensee Is Eligible
- § 107.1150 Maximum amount of Leverage.
- § 107.1160 [Reserved]
- Special Rules for Leverage Issued by an Early Stage SBIC
- § 107.1180 Required distributions to SBA by Early Stage SBICs.
- § 107.1181 Interest reserve requirements for Early Stage SBICs.
- § 107.1182 Valuation requirements for Early Stage SBICs based on Capital Impairment Percentage.
- Conditional Commitments by SBA To Reserve Leverage for a Licensee
- § 107.1200 SBA's Leverage commitment to a Licensee—application procedure, amount, and term.
- § 107.1210 Payment of leverage fee upon receipt of commitment.
- § 107.1220 Requirement for Licensee to file quarterly financial statements.
- § 107.1230 Draw-downs by Licensee under SBA's Leverage commitment.
- § 107.1240 Funding of Licensee's draw request through sale to short-term investor.
- § 107.1400 [Reserved]
- § 107.1410 [Reserved]
- § 107.1420 [Reserved]
- § 107.1430 [Reserved]
- § 107.1440 [Reserved]
- § 107.1450 [Reserved]
- Participating Securities Leverage
- § 107.1500 General description of Participating Securities.
- § 107.1505 Liquidity requirements for Licensees issuing Participating Securities.
- § 107.1510 How a Licensee computes Earmarked Profit (Loss).
- § 107.1520 How a Licensee computes and allocates Prioritized Payments to SBA.
- § 107.1530 How a Licensee computes SBA's Profit Participation.
- § 107.1540 Distributions by Licensee—Prioritized Payments and Adjustments.
- § 107.1550 Distributions by Licensee—permitted “tax Distributions” to private investors and SBA.
- § 107.1560 Distributions by Licensee—required Distributions to private investors and SBA.
- § 107.1570 Distributions by Licensee—optional Distribution to private investors and SBA.
- § 107.1575 Distributions on other than Payment Dates.
- § 107.1580 Special rules for In-Kind Distributions by Licensees.
- § 107.1585 ][Reserved]
- § 107.1590 [Reserved]
- Funding Leverage by Use of SBA-Guaranteed Trust Certificates (“TCs”)
- § 107.1600 SBA authority to issue and guarantee Trust Certificates.
- § 107.1610 Effect of prepayment or early redemption of Leverage on a Trust Certificate.
- § 107.1620 Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent.
- § 107.1630 SBA regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates.
- § 107.1640 SBA access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers.
- Miscellaneous
- § 107.1700 Transfer by SBA of its interest in Licensee's Leverage security.
- § 107.1710 SBA authority to collect or compromise its claims.
- § 107.1720 Characteristics of SBA's guarantee.
- Subpart J—Licensee's Noncompliance
- § 107.1800 Licensee's agreement to terms and conditions in §§ 107.1810 and 107.1820.
- § 107.1810 Events of default and SBA's remedies for Licensee's noncompliance with terms of Debentures.
- § 107.1820 Conditions affecting issuers of Preferred Securities and/or Participating Securities.
- Computation of Licensee's Capital Impairment
- § 107.1830 Licensee's Capital Impairment—definition and general requirements.
- § 107.1840 Computation of Licensee's Capital Impairment Percentage.
- § 107.1845 Determination of Capital Impairment Percentage for Early Stage SBICs.
- § 107.1850 Watchlist.
- Subpart K—Ending Operations as a Licensee
- § 107.1900 Surrender of license.
- Subpart L—Miscellaneous
- § 107.1910 Non-waiver of SBA's rights or terms of Leverage security.
- § 107.1920 Licensee's application for exemption from a regulation in this part 107.
- § 107.1930 Effect of changes in this part 107 on transactions previously consummated.
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