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This law, passed as Pub. L. 76-768 on August 22, 1940, is codified at 15 U.S.C. §80a through §80a-64. Along with the Securities Exchange Act of 1934 and Investment Advisers Act of 1940, and extensive rules issued by the Securities and Exchange Commission, it forms the backbone of United States financial regulation. The law set separate standards by which investment companies should be regulated, and defined what constitutes a regulated investment company, including mutual funds. It has been updated by the Dodd-Frank Act of 2010.

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