Division of Investment Management
The Division of Investment Management regulates investment companies, variable insurance products, and federally registered investment advisers. Types of investment companies include mutual funds, closed-end funds, unit investment trusts, and exchange-traded funds.
The Division of Investment Management works to:
- Protect investors
- Promote informed investment decisions
- Facilitate appropriate innovation in investment products and services
Information and Guidance
Topical Reference Guide
- Staff Guidance and Resources
This Topical Reference Guide is designed to assist the public in searching for information regarding topics on which staff guidance is frequently sought. The reference guide is not an exhaustive list of all Commission action, staff guidance or other related resources on a topic and does not represent all of the relevant provisions of the Investment Company Act of 1940, the Investment Advisers Act of 1940 or of other federal securities laws applicable to investment companies and investment advisers.
Check back frequently for new additions to the Topical Reference Guide.
Notices and Orders
Litigation
- Affiliated Transactions/Joint Transactions
- Fraud - Market Manipulation
- Fraud - Misrepresentations
- Fraud - Ponzi Scheme
- Fraud - Prime Bank Scheme
- Fraud - Omissions
- Insider Trading
- http://www.sec.gov/litigation/admin/2013/34-69514.pdf
- http://www.sec.gov/litigation/admin/2013/ia-3604.pdf
- http://www.sec.gov/litigation/admin/2013/ia-3605.pdf
- http://www.sec.gov/litigation/admin/2013/ia-3606.pdf
- http://www.sec.gov/litigation/admin/2013/ia-3607.pdf
- Additional Litigation Releases
This Litigation Information Section is designed to assist the public in searching for information regarding frequently occurring litigation topics. The section is not an exhaustive list of all Commission enforcement actions relating to investment companies and investment advisers.
Check back frequently for new additions to the Litigation Information Section.
No-Action Letters
Guidance Updates
- IM Guidance Updates
- 2013-02 - Compliance With Exemptive Orders
- 2013-01 - Filing Requirements for Certain Electronic Communications
- Issues of Interest - Investment Advisers Act
- Investment Advisers Registered with the Commodity Futures Trading Commission ("CFTC") that Advise Private Funds (November 15, 2012)
- Advisory Contracts - Consent (June 15, 2012)
- Advisory Contracts - Transition for Newly Registered and Registering Advisers (March 30, 2012)
- Persons Who Provide Advice Solely Regarding Matters Not Concerning Securities (March 27, 2012)
- Issues of Interest - Investment Company Act
- After-Tax Return (February 22, 2013)
- Joint Transactions — Portfolio Holdings of Companies Electing Status as Business Development Companies (“BDCs”) (November 27, 2012)
- Affiliated Funds of Funds — Section 12(d)(1) of the Investment Company Act (October 19, 2012)
- Advisory Contracts — Combined Investment Advisory and Service Fees (October 5, 2012)
- Funds Using Tender Option Bond (TOB) Financings (March 29, 2012)
- Business Development Companies — Auditor Verification of Securities Owned (March 12, 2012)
- Rule 18f-3 under the Investment Company Act — Removal of a Class (September 2, 2010)
- Rules 436 and 482 under the Securities Act (August 10, 2010)
Information Updates
- IM Information Updates
- INFO-2013-04 - Technical Improvements Implemented to Form 13F
- INFO-2013-03 - Updates to FAQs About Form 13F
- INFO-2013-02 - Improvements to Form 13F
- INFO-2013-01 - The Division of Investment Management Posts Office Contact Information
- IM Announcements
GETS Cards
Resources
- • IM Information Update (Form 13F Technical Improvements Implemented)
- • No-Action Letter Issued (Rule 14a-8(i)(7))
- • No-Action Letter Issued (Rule 14a-8(i)(10))
- • IM Guidance Update (Compliance With Exemptive Orders)
- • IM Information Update (Updates to Form 13F FAQs)
- • IM Information Update (Form 13F)
- • No-Action Letter Issued (Reg S-X, Rule 22c-1)
- • IM Guidance Update (Sec. 24(b) and Social Media)
- • Identity Theft Red Flags Rules
| • Form ADV | • Form PF |
| • Form 13F |