Registration of an investment company with the SEC must be made under which acts?

• A. Securities Act of 1933 and Investment Company Act of 1940
• B. Securities Exchange Act of 1934 only
• C. Investment Advisers Act of 1940
• D. Sarbanes-Oxley Act

Answer: (A)

Registration of an investment company with the SEC involves two main authorities. The Securities Act of 1933 governs the offering of securities to the public, requiring registration and a prospectus so investors receive essential information about the investment. Because an investment company’s shares are securities being sold to investors, the company must meet these registration and disclosure requirements. Separately, the Investment Company Act of 1940 provides the regulatory framework specifically for investment companies, requiring registration with the SEC and ongoing compliance, governance standards, and reporting designed to protect shareholders. The Securities Exchange Act of 1934 deals with secondary trading and ongoing reporting by public companies and their brokers, not the initial registration of the investment company itself. The Investment Advisers Act of 1940 covers registration and regulation of investment advisers, not the investment company’s own registration. The Sarbanes-Oxley Act focuses on corporate governance for public companies and internal controls, not on investment company registration.