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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.
Regulation S-X and the Financial Reporting Releases (Staff Accounting Bulletins) set forth the form and content of and requirements for financial statements required to be filed as a part of (a) registration statements under the Securities Act of 1933 and (b) registration statements under section 12, [2] annual or other reports under sections 13 [3] and 15(d) [4] and proxy and information ...
The Investment Advisers Act (IAA) was passed in 1940 to monitor those who, for a fee, advise people, pension funds, and institutions on investment matters. Impetus for passage of the act began with the Public Utility Holding Company Act of 1935 , which authorized the Securities and Exchange Commission (SEC) to study investment trusts.
The number of funds in each category can change over time and are determined by the restrictions and reporting requirements by donors, board, or fund providers. [ 8 ] Unrestricted funds are, as their name suggests, unrestricted and therefore organizations do not necessarily need more than a single General Fund, however many larger organizations ...
The Investment Advisers Act of 1940 regulates investment advisers to registered funds and other large advisers. It establishes registration, record keeping, reporting and other requirements for advisers. [7]
These principles vary by jurisdiction and in the US, the 1940 Act generally ensure that: (i) The investment fund will be managed in accordance with the fund's investment objectives, (ii) The assets of the investment fund will be kept safe, (iii) When investors redeem they will get their pro rata share of the investment fund's assets, (iv) The ...
Securities and Exchange Commission (SEC) logo. The SEC filing is a financial statement or other formal document submitted to the U.S. Securities and Exchange Commission (SEC).
The Investment Company Act of 1940 establishes rules specifically governing mutual funds. The focus of this Act is on disclosure to the investing public of information about the fund and its investment objectives, as well as on investment company structure and operations. The Investment Advisers Act of 1940 establishes rules governing the ...