Investment Company Act of 1940 Content

The Supreme Court has handed fund investors a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6–3 that Section 47(b) of the Investment Company Act of 1940 does not create an implied private right of action, confirming that responsibility for enforcing the statute rests with the Securities and Exchange Commission.

The Supreme Court has handed regulated funds and the nearly 130 million Americans who invest in them a decisive victory. In FS Credit Opportunities Corp. v. Saba Capital Master Fund, the Court held 6...

The 2026 Investment Management Conference brought together more than 1,000 legal and compliance professionals in Palm Desert for three days of in-depth discussions on policy, innovation, and the industry’s evolution, including key ICI priorities such as e‑delivery, fund proxy voting, and ETFs.

Read opening remarks from ICI General Counsel Paul Cellupica as he kicks off the 2026 Investment Management Conference and provides updates to key industry priorities.

ICI submitted a a letter to the Financial Services Committee commending its work to pass the bipartisan INVEST Act and to emphasize the importance of modernizing the Investment Company Act of 1940 (‘40 Act) as it prepares to receive the testimony of SEC Chairman Paul Atkins on February 11, 2026.

The Investment Company Institute has submitted a letter of response to the Securities and Exchange Commission regarding the proposed amendments to exempt newly listed closed-end funds, registered...

President Trump recently issued an executive order (EO) directing the U.S. Secretary of Labor to review fiduciary guidance on private market investments in 401(k) and other defined contribution plans...