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Monday, August 24, 2015

Happy 75th, '40 Act!

Reported by Neil Anderson, Managing Editor

Happy belated birthday to the Investment Company Act of 1940, which celebrated its 75th birthday on Saturday!

On August 22, 1940, the Investment Company Act of 1940 passed into law, and thus was the modern U.S. mutual fund industry born. The act's birthday was on Saturday, but we at MFWire are still hungover from all the '40 Act partying so we're having our cake today, on Monday.

For all you history nuts out there in mutual fund land, here's an article, from January 1941, about the law's passage. And for those of you who haven't partied enough already, Mary Jo White and company are hosting a conference at the SEC's headquarters on September 29, to commemorate the '40 Act's big anniversary. Break out the champagne! 

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