Regulation of Money Managers

 The Regulation of Money Managers (with the original subtitle: The
Investment Company Act and The Investment Advisers Act) was published
in 1978 and 1980. The Second Edition, subtitled Mutual Funds and Advisers,
was published in 2001 and has been annually updated since then. It is a
comprehensive and exhaustive treatise on investment management regulation.
The treatise covers federal and state statutes, their legislative history,
common law, judicial decisions, rules and regulations of the Securities and
Exchange Commission, staff reports, and other publications dealing with
investment advisers and investment companies. The treatise touches on other
financial institutions such as banks, insurance companies, and pension funds.
The work also discusses the economic, business, and theoretical aspects of the
investment management industry and their effects on the law and on policy.
The treatise contains detailed analysis of the history and development
of the Investment Company Act and the Investment Advisers Act. It
examines the definitions in the Acts, including the concept of ‘‘investment
adviser,’’ ‘‘affiliates,’’ and ‘‘interested persons.’’ It outlines the duties of
investment company directors, the independent directors, and other fiduciaries
of investment companies. The treatise deals with the SEC’s enforcement
powers and private parties’ rights of action.