Legislation passed by Congress requiring registration and regulation of investment companies by the Securities and Exchange Commission. The Act sets the standards by which mutual funds and other investment companies operate.
An investment company, such as an open-end or closed-end mutual fund, that files a registration statement with the Securities and Exchange Commission and meets all the other requirements of the Investment Company Act of 1940.
A Unit Investment Trust (UIT) is an investment vehicle registered with the SEC under the Investment Company Act of 1940. It purchases a fixed portfolio of securities, which may include corporate, municipal, or government bonds, mortgage-backed securities, common stock, or preferred stock.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.