A certificate representing ownership interest in a periodic payment plan. Through section 27 of the Investment Company Act of 1940, the Securities and Exchange Commission regulates the investment companies that sell periodic payment plan certificates. It determines the maximum sales load that can be charged, requirements for companies issuing periodic payment plan certificates, rules regarding surrender of certificates, refund privileges and more.

In the past, periodic payment plan certificates were frequently sold to military personnel despite there being no advantage for military personnel to own this type of investment. Because of related abuses, the Military Personnel Financial Services Protection Act, enacted nth="9">Sept. 29, 2006, made it illegal to sell periodic payment plan certificates to military personnel. The act did not invalidate existing certificates held by military personnel.