The Investment Advisers Act of 1940: Regulation by Accretion

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Rutgers Law Journal, Vol. 39:627
The centerpiece of U.S. regulation of money managers—the Investment Advisers Act of 1940—is perhaps best known for its brevity. Particularly when compared to its companion statute, the Investment Company Act of 1940, the Advisers Act places relatively few substantive burdens on entities that fall within its registration requirements. Indeed, by its terms, the Advisers Act sets out few specific prohibitions on conduct, relying instead on broad proscriptions to curtail fraudulent conduct by investment advisers.
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