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Series 6

Unit 3 QQ3.J

The Maloney Act An amend enacted in 1938 to broaden Sec. 15 of the Sec Exc Act of 1934.Named for its sponsor, the late Sen. Francis Maloney of CT, the amend provided for the creaton of a self reg org (the NASD) for the specific purpose of supervising the OTC sec market.
Regulation U Regulates the extension of credit to customer for the purpose of purchasing sec by banks and other lenders.
Regulation T Regulates the extension of credit to customers for the purpose of purchasing sec by banks and other lenders.
Investment Advisers Act of 1940 Legislation governing who must register with the SEC as an investment adviser.
Federal covered investment advisers SEC registered investment advisers
National Securities Markets Improvement Act of 1996 Split the resp of reg of investment advisers between the states and SEC based upon the amount of money the adviser had under mgt. An invt adviser that is not subject to fed reg requirements must reg with the state in which it conducts business.
Investment Adviser Rep Associated person of investment advisers.
Net Investment Income The source of an investment company's dividend payments. It is calculated by subtacting the company's operating expenses from the total dividends and interest the company receives from the securities in its portfolio.
The Conduit Theory Means for an investment co to avoid tax on net investment income dist to sharesholders. If a mut fund acts as a conduit for the dist of net investment income, it may qualify as a regulated investment company and be taxed only on the income it retains.
Capital Gains Distributions Payments made to mutual fund shareholders of gains realized on the sale of the fund's portfolio securities. These amounts, if any, are paid once a year.
Realized Gain Amount a taxpayer earns when he s ells an asset at a price in excess of its cost.
Unrealized Gain Amount by which a security appreciates in value before it is sold. Until it is sold, the investor does not actually possess the sale proceeds.
Ordinary Income Earnings other than capital gain.
Capital Gain Profit realized when a capital asset is sold for a higher price than the purchase price.
Form 1099 Sent to shareholders after the close of the year, details tax info related to distributions for the year.
Created by: ericjrolon



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