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The Investment Company Act of 1940 (commonly referred to as the '40 Act) is an act of Congress which regulates investment funds. It was passed as a United States Public Law ( Pub. L. 76–768) on August 22, 1940, and is codified at 15 U.S.C. §§ 80a-1 – 80a-64. Along with the Securities Exchange Act of 1934, the Investment Advisers Act of ...
An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the Investment Company Act of 1940. Investment companies invest money on behalf of their clients who ...
The Investment Advisers Act of 1940, codified at 15 U.S.C. § 80b-1 through 15 U.S.C. § 80b-21, is a United States federal law that was created to monitor and regulate the activities of investment advisers (also spelled "advisors") as defined by the law. Passing unanimously in both the House and Senate, [1] it is the primary source of ...
One of these, the Investment Company Act of 1940, clearly defined the responsibilities of investment companies. This same year, what would become ICI was established in New York as the National Committee of Investment Companies, an organization to aid in the administration of the act.
The Division of Investment Management administers various federal securities laws, in particular, the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include: assisting the Commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff;
The National Securities Markets Improvement Act of 1996 is an amendment to United States federal securities laws in order to promote efficiency and capital formation in the financial markets, and to amend the Investment Company Act of 1940 to promote more efficient management of mutual funds, protect investors, and provide more effective and ...
The focus of this Act is on disclosure to the investing public of information about the fund and its investment objectives, as well as on investment company structure and operations. The Investment Advisers Act of 1940 establishes rules governing the investment advisers. With certain exceptions, this Act requires that firms or sole ...
In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940. U.S.-based closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts.