INVESTMENT ADVISERS ACT OF 1940
A legislation that specifies the roles and duties of an investment advisor. Passed in 1940, this was hugely drafted in response to the stock market crash 11 years ago and the subsequent depression. The Act was created to regulate activities of investment advisors as outlined by the law. It stemmed from the Securities and Exchange Commission (SEC)’s report on investment trusts and investment companies in 1935. The said report cautioned of the perils posed by some investment counselors and advocated regulating those who render investment advice. According to the recommendation, Congress started working on the bill and gradually became the Investment Advisors Act of 1940.
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