SEC Adopts Safe Harbor for Research and Development Companies Under The Investment Company Act

Topics:
Regulatory issues
Tags:
Agreement,
Business Operations,
Pillsbury Winthrop,
R&D,
Research & Development,
Safe Harbor,
SEC
Source:
Pillsbury Winthrop

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Overview: The article provides information about Rule 3a-8 which is particularly relevant for many biotechnology and other technology companies given it offers those companies qualifying as R&D Companies a new nonexclusive safe harbor from the regulatory requirements of the Act. Companies that raise significant amounts of capital invest the proceeds and use the principal and interest on these investments to fund future R&D activities should review the Rule to determine whether they are eligible to rely on it. In addition, companies that enter into strategic alliances or collaboration agreements with other companies involving an investment in a non-controlling block of securities in the other company should consider the benefits afforded by safe harbor of the Rule. R&D Companies relying on the safe harbor should carefully monitor compliance with the provisions of the Rule and structure their strategic agreements so that they fall within the definition of a “collaboration agreement.”

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Format: PDF | Size: 137KB | Date: Aug 2003 | Pages: 4

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