Investment Company Act of 1940
Legislation
MFA Financial, Inc. Announces Fourth Quarter 2009 Preferred Dividend of $0.53125...to maintain its qualification as a REIT for federal income tax purposes; MFA's ability to maintain its exemption from registration under the Investment Company Act of 1940; and risks associated with investing in real estate assets, including... In this article: Annual report, Investment Company Act of 1940, Securities Exchange Act of 1934, Securities Act of 1933, SEC, NYSE, and NEW YORK |
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Prime Newswire | 6 days ago
Triangle Capital Corporation Invests $8.0 Million in Anesthesia Services Provider
...million and EBITDA between $2.0 and $20.0 million. Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory...
In this article: Revenue, Private Securities Litigation Reform Act of 1995, Investment Company Act of 1940, Internal Revenue Code of 1986, and Nasdaq
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PR Newswire: Energy Industry | November 18, 2009
United States Commodity Funds LLC Introduces 'UNL' the United States 12 Month Natural Gas Fund
...single sector generally experience greater volatility. UNL is not a registered investment company so you do not have the protections of the Investment Company Act of 1940. Accordingly, you do not have the protections afforded by that statute...
In this article: Natural gas, United States, Futures contract, Investment Company Act of 1940, Nymex, FDIC, California, and Louisiana
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PR Newswire: Financial | November 16, 2009
Notice of Proposed Settlement of ERISA Class Action, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Expenses
...sake of clarity, the term "Funds" shall not include any investment portfolio of SSgA Funds, a series mutual fund registered under the Investment Company Act of 1940, as amended. The Action alleges that State Street violated its fiduciary...
In this article: Beneficiary, New York, NY, Docket, Boston, MA, Seattle, WA, and Investment Company Act of 1940
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PR Newswire: Financial | November 13, 2009
Aberdeen Asia-Pacific Income Fund, Inc. Announces Payment of Monthly Distribution
...income for each fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related Rules, the Fund may be required to...
In this article: Tax, Fiscal year, Investment Company Act of 1940, Investment Advisers Act of 1940, Securities and Exchange Commission, US, and Aberdeen
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PR Newswire: Financial | November 13, 2009
GSC Investment Corp. Declares $1.825 Dividend Per Share
...high yield bonds and collateralized loan obligations. It has elected to be treated as a business development company under the Investment Company Act of 1940. The Company may also opportunistically invest in distressed debt, debt issued...
In this article: New York Stock Exchange, Tax, E.coli, Investment Company Act of 1940, NEW YORK, and U.S.
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BusinessWeek Online | November 08, 2009
Could the Supreme Court Boost Mutual Fund Fees?
...on the fund's board by withholding information in order to qualify as an excessive compensation claim under Section 36(b) of the Investment Company Act of 1940. The plaintiffs also urged the Supreme Court to take the case to resolve the...
In this article: Supreme Court, Plaintiff, Standard & Poor's, Frank Easterbrook, Defendant, Investment Company Act of 1940, Second Circuit Court of Appeals, and Seventh Circuit Court of Appeals
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WSJ.com: Markets | November 06, 2009
ETFs Causing Bubble in Emerging Markets?
...with their forced buying, some may soon become forced sellers. Thanks to obscure provisions of the U.S. Internal Revenue Code and the Investment Company Act of 1940, which governs how mutual funds are organized, ETFs can't allow their...
In this article: Petrobras, Tax, Vale, Culprit, Investment Company Act of 1940, Sberbank, and Vanguard Group
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Prime Newswire | November 05, 2009
NGP Capital Resources Company Announces Third Quarter 2009 Financial Results and Portfolio Activity
...closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment portfolio is principally invested in energy related...
In this article: Derivative, Fourth Amendment, ATP, Annual report, Amortization, Revenue, and Investment Company Act of 1940
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U.S. News & World Report | November 03, 2009
Retail Investors Get Their Day in High Court
...core legal issue in the case is whether Harris Associates, as the adviser to Oakmark Funds, breached its fiduciary duty under the Investment Company Act of 1940 by charging excessive fees. The shareholders were, in effect, asking the court...
In this article: Supreme Court, Plaintiff, Investment Company Act of 1940, and Elena Kagan
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washingtonpost.com | November 02, 2009
Will the Supreme Court protect your money from excessie mutual fund fees?
...Associates to its own funds are excessive and violate the fiduciary duty that a fund manager owes to its mutual funds under the Investment Company Act of 1940. In particular, they point out that Harris Associates charges much lower fees to...
In this article: Supreme Court, Frank Easterbrook, Richard Posner, Wall Street, Plaintiff, and Investment Company Act of 1940
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Description from Wikipedia:
The Investment Company Act of 1940 is an act of Congress. It was passed as a United States Public Law and is codified at 15 U.S.C. § 80a-1 through 15 U.S.C. § 80a-64.
Following the founding of the mutual fund in 1924, investors welcomed the innovation with open arms and invested in this new investment vehicle heavily. Five and a half years later, on October 24, 1929, Black Thursday took the thrill out of the stock market and led to the Great Depression . In response to this crisis, the United States Congress wrote into law the Securities Act of 1933 and the Securities Exchange Act of 1934 in order to regulate the securities industry in the interest of the public.
Investment companies were still in their infancy in 1940. In order to instill investors' confidence in these companies and to protect the public interest from this new type of security, Congress passed the Investment Company Act. The new law set separate standards by which investment companies should be regulated. The act defined and regulated investment companies, including mutual funds (which were virtually undefined prior to 1940).
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