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This can be seen most notably in Rule 206(4)-5 of the Investment Advisers Act of 1940 and Rules G-37 and G-38 of the MSRB Rule Book. [ 14 ] Pay-to-play occurs when investment firms or their employees make campaign contributions to politicians or candidates for office in the hope of receiving business from the municipalities that those political ...
The thrust of the study, which led to the passage of the Investment Company Act of 1940 and the Investment Advisers Act, was to provide a closer look at investment trusts and investment companies. The study, however, found many instances of investment adviser abuse, such as unfounded "hot tips" and questionable performance fees.
An IA must adhere to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940.This standard requires IAs to act and serve a client's best interests with the intent to eliminate, or at least to expose, all potential conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which was not in the best interest of the IA ...
The Securities Act of 1933 regulates the distribution of securities to public investors by creating registration and liability provisions to protect investors. With only a few exemptions, every security offering is required to be registered with the SEC by filing a registration statement that includes issuer history, business competition and material risks, litigation information, previous ...
[61] [62] The final version of the Act prepared by the conference committee included a strengthened Volcker rule by containing language by Senators Jeff Merkley (D-Oregon) and Carl Levin (D-Michigan), covering a greater range of proprietary trading than originally proposed by the administration, except notably for trading in U.S. government ...
The National Securities Markets Improvement Act of 1996 is an amendment to United States federal securities laws in with the aim of 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 less burdensome regulation between states and ...
The Retail Investor Protection Act was introduced in the House on June 14, 2013 by Rep. Ann Wagner (R, MO-2). [4] It was referred to the United States House Committee on Financial Services and the United States House Committee on Education and the Workforce. It was reported alongside House Report 113-228 part 1 and House Report 113-228 part 2. [4]
The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.