A bill to amend the Investment Company Act of 1940 and for other purposes.

Summary

Amends the Investment Company Act of 1940 to permit a bank, a bank holding company or a subsidiary thereof, or a savings and loan association to: (1) organize, sponsor, operate, or render investment advice to an investment company; or (2) underwrite, distribute, sell, or issue securities of any such investment company which is organized, sponsored, operated, controlled, or so advised by a bank, a bank holding company or a subsidiary thereof, or a savings and loan association. Requires officers and employees of banks or savings and loan associations who sell such securities to meet such standards with respect to training, experience, and sales practices as the Comptroller of the Currency and the Federal Home Loan Bank Board shall prescribe.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 May 1981

  Open at official source

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