December 2019
Intermediate to advanced
768 pages
25h 35m
English
Content preview from Investment Companies, 2019
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Chapter 4 Capital Accounts
4.01 This chapter deals primarily with operations, controls, and accounting and auditing matters affecting the capital accounts of open-end investment companies and also contains material relevant to nonregistered products. Among the regulations and limitations that affect the accounting for capital stock transactions of open-end investment companies are the following:
• Rules 2a-4, 22c-1, and 12b-1 of the Investment Company Act of 1940 (the 1940 Act)
• Financial Industry Regulatory Authority (FINRA) limits on sales charges
• Load structures and arrangements for reduced sales charges as established in fund prospectuses
• Rule 18f-3 of the 1940 Act and exemptive orders in effect for individual fund complexes relating to multiple classes of shares
• State Blue Sky laws
Most issuances and repurchases of shares of closed-end investment companies can be accounted for and audited similarly to other commercial entities.
Operations and Controls1
Distributors2
4.02 As stated in chapter 1, “Overview of the Investment Company Industry,” of this guide, many open-end investment companies enter into agreements with a separate distributor (also called an underwriter) under which the distributor obtains the exclusive right, as either principal or agent for the fund, to deal in fund shares as a wholesaler, reselling the shares to independent dealers or through its own sales network. Commonly, the distributor is an affiliate of the fund sponsor. ...
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