Legal Dictionary of Pakistan

Investment Company Act

A 1940 federal statute enacted to curb financial malpractices and abuses by regulating investment-company activities and transactions - specifically, by requiring registration of investment companies and prohibiting transactions by unregistered companies; by making certain persons ineligible as affiliated persons or underwriters; by regulating affiliations of directors, officers, and employees; by barring changes in investment policy without shareholder approval; and by regulating contracts of advisers and underwriters. 15 USCA §§ 80a-1 et seq.