Wednesday, December 29, 2010

Investment Company Act 1940

The Investment Company Act of 1940 is the key piece of legislation in the US regarding the organization and conduct of companies that engage primarily in investing and trading of securities. The Act prescribes conduct for the providers of investment products to the public, including limits regarding filings, service charges, financial disclosure and fiduciary duties. The Act applies to such fund management entities as open-end mutual funds, exchange-traded funds, and closed-end funds. Compliance with the Act is overseen by the Securities and Exchange Commission (SEC).

Synonyms: US regulation, US fund management legislation

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