TAILIEUCHUNG - Updating the SEC’s Exemptive Order Process Under the Investment Company Act of 1940 to Fit the Modern Era

Now, under homogeneity these expectations of others’ expectations collapsed into single, shared, objectively determined expectations. Under heterogeneity, however, not only is there no objective means by which others’ dividend expectations can be known, but attempts to eliminate the other unknowns, the price expectations, merely lead to the repeated iteration of subjective expectations of subjective expectations (or equivalently, subjective priors on others’ subjective priors)—an infinite regress in subjectivity. Further, this regress may lead to instability: If investor i believes that others believe future prices will increase, he may revise his expectations to expect upward-moving prices. If he believes that others believe a reversion to lower values is. | Essay Updating the SEC s Exemptive Order Process Under the Investment Company Act of 1940 to Fit the Modern Era Christopher P. Healey Introduction In the late 1930s the . Securities and Exchange Commission SEC was commissioned by Congress to study the then-unregulated investment company industry. 1 This series of studies laid the foundation 2 for the current system of investment company regulation under the Investment Company Act of 1940 1940 Act .3 A critical component of investment company regulation is the definition of an investment company. Companies that fit the definition of an investment company are required to register with the sec unless they can rely on an exception or exemption from Registered investment companies are subject to the 1940 Act s disclosure require- . 2011 The George Washington University Law School . 2006 Tufts University. 1 See . Sec. Exch. Comm n Report on the Study of Investment Trusts and Investment Companies pt. I 1938 . 2 Request for Comments on Reform of the Regulation of Investment Companies Securities Act Release No. 6868 Exchange Act Release No. 28 124 Investment Company Act Release No. 17 534 55 Fed. Reg. 25 322 25 323 June 21 1990 . 3 Investment Company Act of 1940 15 . 80a-1 to -64 2006 . 4 See 15 . 80a-6 to -8 Investment Company Registration and Regulation Package . Sec. Exchange Commission http divisions investment invcoreg121504. htm last visited May 19 2011 . July 2011 Vol. 79 No. 5 1535 1536 THE GEORGE WASHINGTON LAW REVIEW Vol. 79 1535 ments and to restrictions on many aspects of their corporate structure and day-to-day These restrictions can drastically alter a company s capital structure investment activities interactions with subsidiaries and the duties of its For companies not primarily engaged in investment company business these restrictions impose a heavy burden. For example the capital structure restrictions imposed by section 18 d of .

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