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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 ...
A face-amount certificate company is an investment company which offers an investment certificate as defined by the United States Investment Company Act of 1940. In general, these companies issue fixed income debt securities that obligate the issuer to pay a fixed sum at a future date. They are generally sold on an installment basis.
Business Development Company. A Business Development Company (" BDC ") is a form of unregistered closed-end investment company in the United States that invests in small and mid-sized businesses. This form of company was created by the US Congress in 1980 in the amendments to the Investment Company Act of 1940.
SMAs must abide by a number of requirements, set forth in Rule 3a-4 under the Investment Company Act of 1940, to ensure they are not deemed to be unregistered investment companies. [2] A similar type of account or arrangement is termed a " separately managed account ", " separate account ", or " private account " when opened directly with ...
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.
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;
Registered investment companies. Registered Investment Companies (Rules 6-01 to 6-10) Investment companies, mainly mutual funds, with any interstate presence and above a certain size, must register with the SEC under The Investment Company Act of 1940. Investment companies are considered to be an industry with special reporting requirements ...