Investment Advisers Act Amendments

Summary

Investment Advisers Act Amendments - Prohibits any investment adviser, under the Investment Advisers Act of 1940, unless exempt from registration thereunder, from making use of the mails of interstate commerce unless such adviser and all associated natural persons passes an appropriate test or examination or experience standards, and meets standards relating to contractural capacity. Requires the Securities and Exchange Commission to consult with the States prior to adopting any rules prescribing tests pursuant to this Act, in order to avoid duplicative testing. Prohibits any investment adviser who: (1) is authorized to exercise investment discretion, under the Securities Exchange Act of 1934, with respect to an account; (2) has access to securities or funds of a client; or (3) is an investment adviser of an investment company, under the Investment Advisers Act, from making use of the mails or interstate commerce in connection with his business as an investment adviser in contravention of such rules and regulations as the Commission shall prescribe in the public interest or for the protection of investors. Defines the term "person associated with an investment adviser," under such Act. Directs the Commission to study the extent to which persons not included in the definition of "investment adviser," under such Act, or specifically excluded therefrom, engage in activities which are the same as or similar to those engaged in by investment advisers, and whether the omission or exclusion of such persons from the definition is consistent with the protection of investors. Requires the Commission to study: (1) whether and to what extent the protection of investors would be facilitated by establishing one or more self-regulatory organizations which would be registered with the Commission and subject to its oversight; and (2) whether and to what extent regulations of investment advisers under Federal and State law impose unnecessarily duplicative regulation, and whether it is feasible to reduce or eliminate undue burdens caused by such duplicative regulation.

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1 official file

• Introduced in House

  summary · EN · 19 January 1977

  Open at official source

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