aug 22, 1940 - Investment Company Act and Investment Advisers Act

Description:

the Investment Company Act required organizations engaged primarily in investing and trading stocks to give full disclosure about investment objectives and minimize conflicts of interest. The Investment Advisers Act required investment advisers to register with the U.S. Securities and Exchange Commission before providing services. Congress, concerned about the effect of widespread redemptions on the market, placed limits on the size of mutual funds, but the industry gained the ability to maintain retail prices of funds.

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