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Investment Company Act Amendments of 1995

Introduced: April 7, 1995 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 31, 1995
Subcommittee Hearings Held.
Apr 24, 1995
Referred to the Subcommittee on Telecommunications and Finance.
Apr 7, 1995
Referred to the House Committee on Commerce.
Apr 7, 1995
Sponsor introductory remarks on measure. (CR E868)
Apr 7, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Investment Company Act Amendments of 1995 - Amends the Investment Company Act of 1940 with respect to corporate governance to change from 60 percent to at least a majority the required portion of the board of directors of a registered investment company which are not interested persons of the company.

Modifies the guidelines for: (1) investment advisory and underwriting contracts; (2) selection of accountants and auditors; (3) changes in investment policy; (4) information filing; (5) voting procedures; and (6) the definition of a majority vote.

States that the Securities and Exchange Commission (SEC) shall permit the use of a prospectus which makes an offer in the form of advertisement for securities issued by a registered investment company.

Revises the guidelines for the: (1) maintenance and preservation of investment company records for the SEC; and (2) annual reports to the SEC and shareholders.

Authorizes the SEC to exempt a registered open-end investment company ("exempted company") from specified statutory prescriptions, including breach of fiduciary duty. Mandates that the board of directors of such "exempted company" shall be composed of persons at least two-thirds of whom are not interested persons of the company. Sets forth the parameters of the management contract for such exempted company's investment manager, which shall require the manager to perform, or make provision for, all services necessary to the exempted company's operations and the distribution of its securities in return for a single fee covering all but certain services and expenses. Designates such an exempted company a unified fee investment company.

Narrows the strictures governing deceptive or misleading investment company names to declare unlawful the adoption of a name which is materially deceptive or misleading (the current standard is "deceptive or misleading"). Repeals the SEC's authority to bring an action in a U.S. district court for injunctive relief against a violator of such prohibition.

Modifies the guidelines that exempt: (1) investment companies from the Act; and (2) certain kinds of companies from the limitations on acquisition by investment companies of securities of other specific businesses.

What's happening now October 31, 1995

Subcommittee Hearings Held.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1