Federal Regulation of Investment Companies

The public and private investment company industry is a multi-trillion-dollar business, which is regulated by the Investment Company Act of 1940, the Investment Advisers Act of 1940 and various state laws. This course covers in detail both the Investment Company Act of 1940, which governs open-end and closed-end investment companies, as well as unit investment trusts and exchange traded funds, which are the fastest growing type of investment companies in the U.S. and abroad, as well as the Investment Advisers Act of 1940, which regulates investment advisers to both public and private investment companies, including hedge funds, private equity, venture capital and real estate funds, as well as structured finance vehicles and the exemptions available for investment company. Particular emphasis is paid to the definition of investment companies and the consequences of failure to register, the organizational aspects, investment objectives, marketing practices, and disclosure by investment companies and their advisers. This course also covers issues relating to the independence of investment company directors, governance rights of fund shareholders, the reasonableness of investment advisor fees and expenses and insider trading and other activities by investment management. In addition the course will cover how the investment advisory business is affected by the Dodd Frank Wall Street Reform and Consumer protection Act of 2010.
Credits: 2

Type: LEC