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Investment Company Act Of 1940

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Definition of 'Investment Company Act Of 1940'

Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed on fund companies that offer investment products to the public.

Investopedia Says

Investopedia explains 'Investment Company Act Of 1940'

Enforced and regulated by the Securities and Exchange Commission, this act clearly sets out the limits regarding filings, service charges, financial disclosure and fiduciary duties of open-end mutual, exchange-traded and closed-end funds. It is the document that keeps investment companies in check.

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