A Study on the Enactment of the Investment Company Act of 1940

1940年投资公司法的制定研究

基本信息

  • 批准号:
    15530074
  • 负责人:
  • 金额:
    $ 0.45万
  • 依托单位:
  • 依托单位国家:
    日本
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
  • 财政年份:
    2003
  • 资助国家:
    日本
  • 起止时间:
    2003 至 2004
  • 项目状态:
    已结题

项目摘要

Collective investment schemes are, in general terms, arrangements under which parties (investors) pool their money (contribution) so as to create a common fund for the purpose of investment. The scheme property is managed as a whole by a professional operator and the participants do not have day-to-day control over the management of the scheme property Though the significance of a collective investment scheme has enhanced, we have not had a comprehensive act or regulation thereon in Japan. In contrast with this, the U.S. has a comprehensive federal act for investment companies regardless of their legal forms. That is the Investment Company Act of 1940. In this research, it is attempted to show the historical background of the Investment Company Act of 1940, especially abuses and deficiencies of the investment companies before 1940, and the process of the enactment of the Investment Company Act by analysis of the original bill and the Act.Investment companies are investment concerns who … More se business is to buy securities and issue securities of their own which reflect the earnings of their own portfolios of corporation stock. During 1920s, they appeared in the U.S. and got popularity as a means of the safety investment. Investment companies took some forms of legal structures which included some kinds of investment trusts, management contracts and management investment companies incorporated under state law.The crash of 1929 found investment companies at their peak with a total of $ 8,000,000,000 assets at market value. From this height, the market value dropped to approximately $ 2,800,000,000 by the end of 1937. Prompted by these investor losses, Congress initiated the SEC study and report on the functions and activities of investment companies. The reports by the SEC in the late 1930s found widespread abuse in the investment company industry. These abuses include a complicated capital structure, pyramiding of investment companies, disregard of fiduciary standards, and incomplete disclosure of the management and organization of the conduct of investment trusts. Although there are certain common law remedies available to the investment public for some of these abuses, the SEC reported that these remedies were ineffectual in the great majority of cases.As the results of these reports, the Wagner-Lea bill (the original bill of the Investment Company Act) was introduced in both Houses of Congress on March 1940. At the hearings of the Sub-Committee on Banking and Currency of the Senate, representatives of the investment company industries rose objection to the bill vigorously. At the end, the representatives collaborated with SEC in drafting a new bill. This bill was represented to the Sub-Committee, and after fixture brief hearings, it was enacted with minor changes on August 1940. It is said that the Actin itsfinal form removed the more important features of the original bill. However, the Act is still highly estimated as the first comprehensive legislation of the investment company. Less
一般而言,集体投资计划是一种安排,根据这种安排,各方(投资者)将其资金(捐款)集中起来,以便为投资目的设立一个共同基金。计划财产由专业经营者作为一个整体进行管理,参与者对计划财产的管理没有日常控制权。虽然集体投资计划的重要性有所提高,但日本还没有一个全面的法案或法规。与此相反,美国对投资公司有一个全面的联邦法案,无论其法律的形式如何。这就是1940年的《投资公司法》。本文通过对1940年《投资公司法》和原法案的分析,试图揭示《投资公司法》产生的历史背景,特别是1940年以前投资公司的弊端和不足,以及《投资公司法》的制定过程。 ...更多信息 证券交易所的业务是购买证券和发行自己的证券,这些证券反映了他们自己的公司股票组合的收益。20世纪20年代,作为一种安全投资的手段,它在美国出现并得到普及。投资公司采取了一些形式的法律的结构,其中包括一些类型的投资信托,管理合同和管理投资公司根据国家法律注册成立。1929年的崩溃发现投资公司在其顶峰,总资产为80亿美元的市场价值。从这个高度,到1937年底,市场价值下降到大约28亿美元。由于这些投资者的损失,国会发起了证券交易委员会对投资公司的职能和活动的研究和报告。美国证券交易委员会在20世纪30年代末的报告中发现,投资公司行业普遍存在滥用行为。这些弊端包括复杂的资本结构、投资公司的秘密化、无视信托标准以及对投资信托的管理和组织的不完全披露。尽管投资公众可以利用普通法的某些补救措施来应对这些滥用行为,但证券交易委员会报告说,这些补救措施在绝大多数情况下都是无效的。作为这些报告的结果,瓦格纳-李法案(《投资公司法》的原始法案)于1940年3月在国会两院提出。在参议院银行和货币小组委员会的听证会上,投资公司行业的代表强烈反对该法案。最后,代表们与SEC合作起草了一项新法案。该法案被提交给小组委员会,经过简短的听证会后,于1940年8月通过,并作了一些小的修改。据说,该法案的最后形式删除了原法案中更重要的特征.然而,该法案仍然被高度评价为第一部全面的投资公司立法。少

项目成果

期刊论文数量(4)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
A Study on the enactment of the Investment Company Act of 194
194年投资公司法的制定研究
  • DOI:
  • 发表时间:
    2006
  • 期刊:
  • 影响因子:
    0
  • 作者:
    四ツ谷有喜;Trevor Farrow;川島 いづみ;曽野裕夫;本間 一也;Izumi Kawashima
  • 通讯作者:
    Izumi Kawashima
1940年投資会社法の研究-立法に至る経緯を中心として-
1940年投资公司法研究 - 关注立法前的历史 -
  • DOI:
  • 发表时间:
    2006
  • 期刊:
  • 影响因子:
    0
  • 作者:
    四ツ谷有喜;Trevor Farrow;川島 いづみ
  • 通讯作者:
    川島 いづみ
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KAWASHIMA Izumi其他文献

KAWASHIMA Izumi的其他文献

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{{ truncateString('KAWASHIMA Izumi', 18)}}的其他基金

Fundamental and Comparative Study on the Companies Act 2006 in UK
英国2006年公司法基础与比较研究
  • 批准号:
    19530081
  • 财政年份:
    2007
  • 资助金额:
    $ 0.45万
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
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