Investment Company Regulation is intended as providing a comprehensive, but still summary, overview of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), the principal statute governing the U.S. mutual fund industry. Given the pervasive role that mutual funds play in the U.S. economy, it should be no surprise that they are also highly regulated. Indeed, the Investment Company Act is among the most detailed under the securities laws. Understanding the critical investor protection terms that are at the core of that statute, is thus a key component of understanding financial market regulation more generally. With the rapid growth of hedge fund like products sold as mutual funds, understanding mutual fund regulation is also of rising importance to hedge fund and private equity fund managers looking to enter the retail market.
Readers will come away with a solid understanding of this important regulatory framework - including trading and leverage rules, asset custody standards, affiliate dealing prohibitions, governance and capital structure requirements, the SEC registration process, and more and with the mechanics of administering an investment company-focused compliance program. The book pays special attention to the mechanics of administering an investment company-focused compliance program. In doing so, the course assumes that the audience’s primary interest is in understanding the regulations affecting the business of an investment company that is “up and running” rather than in the process of establishing a new investment company. Nonetheless, included as Appendix B is a step-by-step organizational timeline.
Outside the scope of this book are the particular issues associated with more specialized investment companies like “business development companies,” “variable insurance funds” (these latter funds often underlie insurance company-sponsored variable annuity policies) and exchanged-traded funds (ETFs). In addition, while the book discussion references applicable statutory sections and U.S. Securities and Exchange Commission rules, it generally does not attempt to summarize the no-action and interpretive guidance provided by the SEC staff.
Learning Objectives:
1) Recognize the key regulators for the U.S. investment company (mutual fund) industry;
2) Recognize the key sources of law;
3) Recognize the key organizational players and their differing roles in the operation and compliance profile of an investment company;
4) Identify the steps involved in forming and registering an investment company with the Securities and Exchange Commission;
5) Recognize the structuring choices that are embedded in an investment company;
6) Identify key trading rules and how they impact operation and compliance decisions; and
7) Identify the components of a successful investment company compliance program
Continuing Compliance Education
Asset Management Regulation
Investment Advisor Regulation
RIA Compliance
Law and Practice
SEC Examination
SEC Enforcement
Readers will come away with a solid understanding of this important regulatory framework - including trading and leverage rules, asset custody standards, affiliate dealing prohibitions, governance and capital structure requirements, the SEC registration process, and more and with the mechanics of administering an investment company-focused compliance program. The book pays special attention to the mechanics of administering an investment company-focused compliance program. In doing so, the course assumes that the audience’s primary interest is in understanding the regulations affecting the business of an investment company that is “up and running” rather than in the process of establishing a new investment company. Nonetheless, included as Appendix B is a step-by-step organizational timeline.
Outside the scope of this book are the particular issues associated with more specialized investment companies like “business development companies,” “variable insurance funds” (these latter funds often underlie insurance company-sponsored variable annuity policies) and exchanged-traded funds (ETFs). In addition, while the book discussion references applicable statutory sections and U.S. Securities and Exchange Commission rules, it generally does not attempt to summarize the no-action and interpretive guidance provided by the SEC staff.
Learning Objectives:
1) Recognize the key regulators for the U.S. investment company (mutual fund) industry;
2) Recognize the key sources of law;
3) Recognize the key organizational players and their differing roles in the operation and compliance profile of an investment company;
4) Identify the steps involved in forming and registering an investment company with the Securities and Exchange Commission;
5) Recognize the structuring choices that are embedded in an investment company;
6) Identify key trading rules and how they impact operation and compliance decisions; and
7) Identify the components of a successful investment company compliance program
Continuing Compliance Education
Asset Management Regulation
Investment Advisor Regulation
RIA Compliance
Law and Practice
SEC Examination
SEC Enforcement
