The Investment Company Act of 1940 is an act of Congress which regulates the organization of investment companies and the activities they engage in, and sets standards for the investment company industry. The legislation in the Investment Company Act of 1940 is enforced and regulated by the Securities and Exchange Commission (SEC). This legislation defines the responsibilities and requirements of investment companies and the requirements for any publicly-traded investment product offerings, such as open-end mutual funds, closed-end mutual funds, and unit investment trusts. The Act primarily targets publicly-traded retail investment products.
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