SEC Commemorates 60th Anniversary
of the Investment Company Act of 1940
Washington, DC, October 18, 2000 - The Securities and Exchange
Commission hosted a panel discussion on October 4, 2000 to commemorate
the 60th anniversary of the Investment Company Act of 1940. The
discussion featured representatives from the mutual fund and investment
management industry, including former Institute Chairman John J.
Brennan and Institute President Matthew P. Fink. Remarks from SEC
officials, including those of SEC Commissioner Isaac
Hunt, SEC Chairman Arthur
Levitt, and SEC Director Paul
Roye also commemorated the Act.
Since 1940, the ’40 Act . . .
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Sound produced in:
Real Audio format (12
seconds)
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Text of Sound Bite [Paul Roye, Director, SEC Division of
Investment Management]:
"Since 1940, the Act has proved to be remarkably resilient.
Its drafters understood that markets and circumstances change,
and that industries evolve."
Today the Investment Company Act . . .
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Sound produced in:
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seconds)
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a firewall)
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Text of Sound Bite [Matthew P. Fink, Institute President]:
"Today, the '40 Act is successfully protecting almost 90
million mutual fund shareholders because it lays down very core
fiduciary principles, principles that are designed to prevent
self-dealing, excessive leveraging, unsound valuations, and the
concealment from investors of material information."
It’s the Work of the SEC staff . . .
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Sound produced in:
Real Audio format (11
seconds)
(streaming sound; may not be available behind
a firewall)
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Text of Sound Bite [John J. Brennan, former Institute Chairman
and Chairman and CEO of The Vanguard Group, Inc.]:
"It’s the work of the SEC staff to give the Act vitality
and meaning and that’s what’s been so effective through
the years—its reason, judgment and flexibility in interpreting
the Act that has made it so successful."
For more information, please see the 60th Anniversary section of this site.
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