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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 .
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. [1]
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.
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. Publicly filing firms may elect regulation as BDCs if they meet ...
A UIT portfolio may contain one of several different types of securities. The two main types are stock (equity) trusts and bond (fixed-income) trusts.. Unlike a mutual fund, a UIT is created for a specific length of time and is a fixed portfolio: its securities will not be sold or new ones bought except in certain limited situations (for instance, when a company is filing for bankruptcy or the ...
A business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940. A 501(c)(3) charitable organization, corporation (other than a bank or a savings and loan association), partnership, or Massachusetts or similar business trust; and; An investment adviser registered under the Investment Advisers Act of 1940.
Investment management firms, that are regulated by the Investment Company Act of 1940, the Investment Advisers Act of 1940 and ERISA 1974, will almost always take shareholder voting rights. By contrast, larger and collective pension funds, many still defined benefit schemes such as CalPERS or TIAA , organize to take voting in house, or to ...
In the US, The Securities and Exchange Commission oversees principal trading at registered advisors and funds for compliance with Investment Company Act of 1940 [Section 17(a)] and with the Investment Advisers Act [Section 206(3)]. The SEC can take enforcement action if it suspects improper activities or lack of appropriate disclosures. [2]