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Congress Poised to Extend Investment Company Act to U.S. Territories

Posted by Clark A. Freeman on Jul 13, 2016 9:47:43 AM

Congress is poised to eliminate the exemption in the Investment Company Act of 1940 (the 1940 Act) for investment companies located in Puerto Rico, the Virgin Islands, and other U.S. possessions. The 1940 Act governs investment companies, such as mutual funds, with the aim of protecting investors in those investment companies. Since its enactment, the 1940 Act has exempted investment companies located in U.S. possessions, apparently due to the challenges the Securities and Exchange Commission would have faced in administering the 1940 Act in remote territories at the time. That may be about to change.

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Topics: U.S. Territories Investor Protection Act, investment company act of 1940, Puerto Rico

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