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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 .
The laws that govern the securities industry are: [5] Securities Act of 1933 – regulating distribution of new securities; Securities Exchange Act of 1934 – regulating trading securities, brokers, and exchanges (also creation of the SEC) Trust Indenture Act of 1939 – regulating debt securities; Investment Company Act of 1940 – regulating ...
The NASD was founded on September 3, 1936 as Investment Bankers Conference, Inc. [9] and, on August 7, 1939, was registered under the name National Association of Securities Dealers, Inc. [10] as a national securities association with the SEC under authority granted by the 1938 Maloney Act amendments to the Securities Exchange Act of 1934, [11] which allowed it to supervise the conduct of its ...
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, outlined in Rules 6-01 to 6-10.
Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and ...
A fourth and lesser-known type of investment company under the Investment Company Act of 1940 is a Face-Amount Certificate Company. Investment companies should not be confused with investment platforms such as eToro, Robinhood, Fidelity and E-Trade, which are digital services or tools that enable investors to access and manage various financial ...
Unlike corporations, investment funds typically don't have any employees to manage or lead. [13] Corporate directors have more authority and a more complex set of duties to execute, such as approving major corporate investment and financial policies, monitoring diverse accounting systems, and selecting and terminating top corporate executives.
Case-Specific: company policies, rules, disciplinary and grievance procedures, and other information modeled after employment laws or regulations. The employee handbook, if one exists, is almost always a part of a company's onboarding or induction process for new staff. A written employee handbook gives clear advice to employees and creates a ...