One of the great things that the Investment
Company Act and Investment Advisers Act did
was really create a framework for how these
products should work and how people’s money
should be managed.
Well, its probably more relevant today than
it was 75 years ago due to the sort of democratization
of investment advice and of the market.
Both the Investment Company Act and the Investment
Advisors Act are relevant because there are
some basic tenets that underpin them that
are somewhat timeless.
Protection of investors, making sure that
there are no conflicts of interest, or that
conflicts are mitigated as best as possible.
The higher standards of the two acts provide
a higher level of integrity and a greater
amount of protection for the individual investor
and individual advisory client.
$70 trillion, 11,000 investment advisers are
overseen by the SEC.
It starts to give you a sense of just how
far-reaching our laws and our responsibilities
for overseeing those laws are.
We strive to protect investors by disclosure,
by regulating against conflicts of interest.
It’s a good feeling, I think, to understand
what you are investing in and understand where
that money is going, and the Investment Company
Act makes that possible.
People that you know have been saving for
their kids’ education.
People that you know have been saving for
their retirement.
75 years, the next 75 years, people are going
to be doing that; people should be doing that
and we should be doing everything that we
can to facilitate folks realizing what has
become the American dream for so many people.
