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A Historical Analysis Of The Investment Company Act Of 1940, Michael B. Weiner
A Historical Analysis Of The Investment Company Act Of 1940, Michael B. Weiner
Michigan Business & Entrepreneurial Law Review
More than 100 million Americans invest $25 trillion in mutual funds and exchange-traded funds (collectively, “funds”) regulated by the Investment Company Act of 1940 (the “Act”), making funds the predominant investment vehicle in the United States. Everyday investors rely on funds to save for retirement, pay for college, and seek financial security. In this way, funds demonstrate how “Wall Street” can connect with “Main Street” to improve people’s lives.
By way of background, funds are created by investment advisers (“advisers”) that provide investment advisory (e.g., stock selection) and other services to their funds in exchange for a fee. …