[20180516]IF10888_取消《投资公司法》对美国境内基金的豁免的立法.pdf

https:/crsreports.congress.gov May 16, 2018Legislation to Lift the Investment Company Act Exemption for Funds Based in U.S. TerritoriesIntroduction Overseen by the Securities and Exchange Commission (SEC), the Investment Company Act (ICA; P.L. 76-768) is the principal body of federal securities law regulating pooled investment entities that offer securities to the public known as investment companies (most commonly in the form of mutual funds). The ICA requires mutual funds to register with the SEC and subjects them to SEC enforcement and regulatory oversight. It also delineates the responsibilities and sets parameters for investment companies in areas such as required disclosure, investor fees, investment limitations, use of leverage, fiduciary duties, and prohibitions on self-dealing by fund managers. According to H.Rept. 115-103 (which accompanied H.R. 1366, U.S. Territories Investor Protection Act of 2017), when the ICA was enacted in 1940, Congress determined that it would be problematically costly for the SEC to travel to and inspect investment companies located beyond the continental United States in U.S. territories, such as Alaska, Hawaii, the Philippines, the Panama Cana