SECTION 12(b) OF THE INVESTMENT COMPANY ACT OF 1940

15 U.S.C. § 80a-12(b) (1988)

It shall be unlawful for any registered open-end company (other than a company complying with the provisions of section 80a-10(d) of this title) to act as a distributor of securities of which it is the issuer, except through an underwriter, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.