Investment Company Act Amendments of 1995

Summary

Investment Company Act Amendments of 1995 - Amends the Investment Company Act of 1940 with respect to corporate governance to change from 60 percent to at least a majority the required portion of the board of directors of a registered investment company which are not interested persons of the company. Modifies the guidelines for: (1) investment advisory and underwriting contracts; (2) selection of accountants and auditors; (3) changes in investment policy; (4) information filing; (5) voting procedures; and (6) the definition of a majority vote. States that the Securities and Exchange Commission (SEC) shall permit the use of a prospectus which makes an offer in the form of advertisement for securities issued by a registered investment company. Revises the guidelines for the: (1) maintenance and preservation of investment company records for the SEC; and (2) annual reports to the SEC and shareholders. Authorizes the SEC to exempt a registered open-end investment company ("exempted company") from specified statutory prescriptions, including breach of fiduciary duty. Mandates that the board of directors of such "exempted company" shall be composed of persons at least two-thirds of whom are not interested persons of the company. Sets forth the parameters of the management contract for such exempted company's investment manager, which shall require the manager to perform, or make provision for, all services necessary to the exempted company's operations and the distribution of its securities in return for a single fee covering all but certain services and expenses. Designates such an exempted company a unified fee investment company. Narrows the strictures governing deceptive or misleading investment company names to declare unlawful the adoption of a name which is materially deceptive or misleading (the current standard is "deceptive or misleading"). Repeals the SEC's authority to bring an action in a U.S. district court for injunctive relief against a violator of such prohibition. Modifies the guidelines that exempt: (1) investment companies from the Act; and (2) certain kinds of companies from the limitations on acquisition by investment companies of securities of other specific businesses.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 April 1995

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 April 1995

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 April 1995

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.