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Code of Federal Regulations (Last Updated: April 5, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter XLII - Rural Business-Cooperative Service and Rural Utilities Service, Department of Agriculture |
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Part 4290 - Rural Business Investment Company (“RBIC”) Program |
| Subpart A - Introduction to Part 4290 |
| § 4290.10 - Description of the Rural Business Investment Company Program. |
| § 4290.15 - Leveraged and Non-leveraged Rural Business Investment Companies. |
| § 4290.20 - Legal basis and applicability of this part 4290. |
| § 4290.30 - Amendments to Act and regulations. |
| § 4290.40 - How to read this part 4290. |
| § 4290.45 - Responsibility for implementing this part 4290. |
| Subpart B - Definition of Terms Used in Part 4290 |
| § 4290.50 - Definition of terms. |
| Subpart C - Qualifications for the RBIC Program |
| Organizing a RBIC |
| § 4290.100 - Business form. |
| § 4290.110 - Qualified management. |
| § 4290.120 - Plan to invest in Rural Areas. |
| § 4290.130 - Identified Rural Areas. |
| § 4290.140 - Approval of initial Management Expenses. |
| § 4290.150 - Management and ownership diversity requirement. |
| § 4290.160 - Special rules for Partnership RBICs and LLC RBICs. |
| § 4290.165 - Obligations of Control Persons. |
| Capitalizing a RBIC |
| § 4290.200 - Adequate capital for RBICs. |
| § 4290.210 - Minimum capital requirements for RBICs. |
| § 4290.230 - Private Capital for RBICs. |
| § 4290.240 - Limitations on non-cash capital contributions in Private Capital. |
| Subpart D - Application and Approval Process for RBIC Licensing |
| § 4290.300 - When and how to apply for a RBIC License. |
| § 4290.310 - Contents of application. |
| § 4290.320 - Contents of comprehensive business plan. |
| § 4290.330 - Guarantee fee. |
| Subpart E - Evaluation and Selection of RBICs |
| § 4290.340 - Evaluation and selection - general. |
| § 4290.350 - Eligibility and completeness. |
| § 4290.360 - Initial review of Applicant's management team's qualifications. |
| § 4290.370 - Evaluation criteria. |
| § 4290.380 - Selection. |
| § 4290.390 - Licensing as a RBIC. |
| Subpart F - Changes in Ownership, Structure, or Control |
| Restrictions on Common Control or Ownership of Two or More Rbics |
| § 4290.460 - Restrictions on Common Control or ownership of two (or more) RBICs. |
| Change in Structure of RBIC |
| § 4290.470 - Prior approval of merger, consolidation, or reorganization of RBIC. |
| § 4290.480 - Prior approval of changes to RBIC's business plan. |
| Changes in Control or Ownership of RBIC |
| § 4290.400 - Changes in ownership of 10 percent or more of RBIC but no change of Control. |
| § 4290.410 - Changes in Control of RBIC (through change in ownership or otherwise). |
| § 4290.420 - Prohibition on exercise of ownership or Control rights in RBIC before approval. |
| § 4290.430 - Notification of transactions that may change ownership or Control. |
| § 4290.440 - Standards governing prior approval for a proposed transfer of Control. |
| § 4290.450 - Notification of pledge of RBIC's shares. |
| Subpart G - Managing the Operations of a RBIC |
| Secured Borrowing by Rbics |
| § 4290.550 - Prior approval of secured third-party debt of RBICs. |
| General Requirements |
| § 4290.500 - Lawful operations under the Act. |
| § 4290.502 - Representations to the public. |
| § 4290.503 - RBIC's adoption of an approved valuation policy. |
| § 4290.504 - Equipment of USDA or SBA officials. |
| § 4290.506 - Safeguarding the RBIC's assets/Internal controls. |
| § 4290.507 - Violations based on false filings and nonperformance of agreements with the Agency or SBA. |
| § 4290.508 - Compliance with non-discrimination laws and regulations applicable to federally-assisted programs. |
| § 4290.509 - Employment of USDA or SBA officials. |
| Cash Management by a RBIC |
| § 4290.530 - Restrictions on investments of idle funds by RBICs. |
| Voluntary Decrease in Regulatory Capital |
| § 4290.585 - Voluntary decrease in RBIC's Regulatory Capital. |
| Management and Compensation |
| § 4290.510 - Approval of RBIC's Investment Adviser/Manager. |
| § 4290.520 - Management Expenses of a RBIC. |
| Subpart H - Recordkeeping, Reporting, and Examination Requirements for RBICs |
| Reporting Requirements for Rbics |
| § 4290.630 - Requirement for RBICs to file financial statements and supplementary information with the Agency. |
| § 4290.640 - Requirement to file portfolio financing reports with the Agency. |
| § 4290.650 - Requirement to report portfolio valuations to the Agency |
| § 4290.660 - Other items required to be filed by RBIC with the Agency. |
| § 4290.680 - Reporting changes in RBIC not subject to prior approval. |
| Examinations of Rbics by the Secretary for Regulatory Compliance |
| Examinations of Rbics by the Agency for Regulatory Compliance |
| § 4290.690 - Examinations. |
| § 4290.691 - Responsibilities of RBIC during examination. |
| § 4290.692 - Examination fees. |
| Recordkeeping Requirements for Rbics |
| § 4290.600 - General requirement for RBIC to maintain and preserve records. |
| § 4290.610 - Required certifications for Loans and Investments. |
| § 4290.620 - Requirements to obtain information from Portfolio Concerns. |
| Subpart I - Financing of Enterprises by RBICs |
| Determining Eligibility of an Enterprise for RBIC Financing |
| § 4290.700 - Requirements concerning types of Enterprises to receive Financing. |
| § 4290.720 - Enterprises that may be ineligible for Financing. |
| § 4290.730 - Financings which constitute conflicts of interest. |
| § 4290.740 - Portfolio diversification (“overline” limitation). |
| § 4290.760 - How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. |
| Structuring RBIC Financing of Eligible Enterprises—Types of Financings |
| Structuring Rbic Financing of Eligible Enterprises - Types of Financings |
| § 4290.800 - Financings in the form of Equity Securities. |
| § 4290.810 - Financings in the form of Loans. |
| § 4290.815 - Financings in the form of Debt Securities. |
| § 4290.820 - Financings in the form of guarantees. |
| § 4290.825 - Purchasing securities from an underwriter or other third party. |
| § 4290.830 - Minimum term of Financing. |
| § 4290.835 - Exceptions to minimum term of Financing. |
| § 4290.840 - Maximum term of Financing. |
| § 4290.845 - Maximum rate of amortization on Loans and Debt Securities. |
| § 4290.850 - Restrictions on redemption of Equity Securities. |
| § 4290.860 - Financing fees and expense reimbursements a RBIC may receive from an Enterprise. |
| § 4290.880 - Assets acquired in liquidation of Portfolio securities. |
| Limitations on Disposition of Assets |
| § 4290.885 - Disposition of assets to RBIC's Associates or to competitors of Portfolio Concerns. |
| § 4290.900 - Management fees for services provided to an Enterprise by RBIC or its Associate. |
| Subpart J - Financial Assistance for RBICs (Leverage) |
| Maximum Amount of Leverage for Which a RBIC Is Eligible |
| § 4290.1150 - Maximum amount of Leverage for a RBIC. |
| Conditional Commitments to Reserve Leverage for a RBIC |
| § 4290.1200 - Leverage commitment to a RBIC - application procedure, amount, and term. |
| § 4290.1220 - Requirement for RBIC to file financial statements at the time of request for a draw. |
| § 4290.1230 - Draw-downs by RBIC under Leverage commitment. |
| § 4290.1240 - Funding of RBIC's draw request through sale to third-party. |
| Distributions by Rbics With Outstanding Leverage |
| § 4290.1500 - Restrictions on distributions to RBIC investors while RBIC has outstanding Leverage. |
| Miscellaneous |
| § 4290.1700 - Agency's transfer of interest in a RBIC's Leverage security. |
| § 4290.1710 - Agency's authority to collect or compromise claims. |
| § 4290.1720 - Characteristics of Agency's guarantee. |
| General Information About Obtaining Leverage |
| § 4290.1100 - Type of Leverage and application procedures. |
| § 4290.1120 - General eligibility requirements for Leverage. |
| § 4290.1130 - Leverage fees payable by RBIC. |
| § 4290.1140 - RBIC's acceptance of remedies under § 4290.1810. |
| Funding Leverage by Use of Guaranteed Trust Certificates (“Tcs”) |
| § 4290.1600 - Agency's authority to issue and guarantee Trust Certificates. |
| § 4290.1610 - Effect of prepayment or early redemption of Leverage on a Trust Certificate. |
| § 4290.1620 - Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent. |
| § 4290.1630 - Regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates. |
| § 4290.1640 - Agency's access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers. |
| Subpart K - RBIC's Noncompliance With Terms of Leverage |
| § 4290.1810 - Events of default and the Agency's remedies for RBIC's noncompliance with terms of Debentures. |
| Computation of RBIC'S Capital Impairment |
| § 4290.1830 - RBIC's Capital Impairment definition and general requirements. |
| § 4290.1840 - Computation of RBIC's Capital Impairment Percentage. |
| Subpart L - Ending Operations as a RBIC |
| § 4290.1900 - Termination of participation as a RBIC. |
| Subpart M - Miscellaneous |
| § 4290.1910 - Non-waiver of rights or terms of Leverage security. |
| § 4290.1920 - RBIC's application for exemption from a regulation in this part 4290. |
| § 4290.1930 - Effect of changes in this part 4290 on transactions previously consummated. |
| § 4290.1940 - Integration of this part with other regulations applicable to USDA's programs. |
| Subpart N - Requirements for Operational Assistance Grants to RBICs |
| § 4290.2000 - Operational Assistance Grants to RBICs. |
| Subpart O - Additional Requirements for Non-Leveraged Licensees and Exceptions to Regulations |
| § 4290.3000 - Non-leveraged RBICs - General. |
| § 4290.3003 - Responsibilities for implementing Non-leveraged RBICs. |
| § 4290.3004 - [Reserved] |
| § 4290.3005 - Qualifications for the Non-leveraged RBIC Program. |
| § 4290.3010 - Application and Approval Process for RBIC licensing without Leverage. |
| § 4290.3015 - Evaluation and selection of Non-leveraged RBICs. |
| § 4290.3020 - Changes in Ownership, Structure, or Control. |
| § 4290.3025 - Managing the Operations of a RBIC. |
| § 4290.3030 - Financing of Enterprises by RBICs. |
| § 4290.3035 - Recordkeeping, Reporting, and Examination Requirements for RBICs. |
| § 4290.3040 - Financial Assistance for RBICs. |
| § 4290.3041 - Events of default and the Agency's remedies for RBIC's noncompliance with terms of licensure. |
| § 4290.3045 - Computation of RBIC's Capital Impairment. |
| § 4290.3050 - Operational Assistance Grants for RBICs. |
| §§ 4290.3001--4290.3002 - [Reserved] |
| §§ 4290.3011--4290.3014 - [Reserved] |
| §§ 4290.3021--4290.3024 - [Reserved] |
| §§ 4290.3031--4290.3034 - [Reserved] |
| §§ 4290.3051--4290.3099 - [Reserved] |
| §§ 4290.3042--4290.3044 - [Reserved] |
| §§ 4290.3006--4290.3009 - [Reserved] |
| §§ 4290.3016--4290.3019 - [Reserved] |
| §§ 4290.3026--4290.3029 - [Reserved] |
| §§ 4290.3036--4290.3039 - [Reserved] |
| §§ 4290.3046--4290.3049 - [Reserved] |