Investment Advisers Act of 1940

The Investment Advisers Act of 1940, codified at usc|15|80b-1 through usc|15|80b-21, is a United States federal law that was created to regulate the actions of investment advisers (also spelled "advisors") as defined by the law.

The law provides in part:

::§ 80b–1. Findings

::Upon the basis of facts disclosed by the record and report of the Securities and Exchange Commission made pursuant to section 79z–4 of this title, and facts otherwise disclosed and ascertained, it is found that investment advisers are of national concern, in that, among other things—

:::(1) their advice, counsel, publications, writings, analyses, and reports are furnished and distributed, and their contracts, subscription agreements, and other arrangements with clients are negotiated and performed, by the use of the mails and means and instrumentalities of interstate commerce;

:::(2) their advice, counsel, publications, writings, analyses, and reports customarily relate to the purchase and sale of securities traded on national securities exchanges and in interstate over-the-counter markets, securities issued by companies engaged in business in interstate commerce, and securities issued by national banks and member banks of the Federal Reserve System; and

:::(3) the foregoing transactions occur in such volume as substantially to affect interstate commerce, national securities exchanges, and other securities markets, the national banking system and the national economy.

See also

* Investment Company Act of 1940, usc|15|80a-1, et seq.
* Securities Act of 1933
* Securities Exchange Act of 1934

External links

* [http://www.law.villanova.edu/scholarlyresources/journals/joflawandinvmgmt/ Villanova Journal of Law & Investment Management] a scholarly publication addressing the Investment Advisers Act of 1940.
* [http://www.seclaw.com/seclaw.htm Introduction to the Federal Securities Laws]