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The Rise of Mutual FundsAn Insider's View$
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Matthew P. Fink

Print publication date: 2008

Print ISBN-13: 9780195336450

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195336450.001.0001

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Completing the Foundation: The Investment Company Act

Completing the Foundation: The Investment Company Act

Chapter:
(p.31) 2 Completing the Foundation: The Investment Company Act
Source:
The Rise of Mutual Funds
Author(s):

Matthew P. Fink

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195336450.003.0003

The Investment Company Act of 1940, the law that regulates mutual funds and other types of investment companies, is generally regarded as a model regulatory statute. The Act strikes a careful balance between the need to impose uniform standards of fiduciary behavior and the desire to encourage innovation, principally by providing for the SEC's adoption of exemptive orders and rules. The 1940 law was enacted due to a highly unusual set of circumstances, including closed-end funds' desperate need to become regulated in order to obtain tax relief, the willingness of the SEC and the industry to accept reasonable compromise, and a good deal of luck.

Keywords:   Investment Company Act, fiduciary behavior, exemptive orders, exemptive rules, closed-end funds, SEC

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