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86x3: Investment Clubs and 18 U.S.C. § 208(b)(2) Waivers

April 3, 1986

Investment clubs are not appropriate subjects for 18 U.S.C. § 208(b)(2) waivers because the circumstances surrounding the management and portfolio policies of investment clubs vary widely. However, an agency may announce in its regulations that waivers will be granted for investment clubs on a case-by-case basis under certain conditions.

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