Investment Company Institute
The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar
funds offered to investors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers.
As of October 1, 2019, ICI’s members managed total assets of US$23.4 trillion in the United States, serving more than 100 million US shareholders, and US$7.1 trillion in assets in other jurisdictions. ICI carries out its international
work through ICI Global, with offices in London, Hong Kong, and Washington, DC.
The Institute engages in three core missions: encouraging adherence to high ethical standards by all industry participants; advancing the interests of funds, their shareholders, directors, and investment advisers; and promoting public understanding
of mutual funds and other investment companies.
These three objectives are essential organizing principles for the many and varied activities in which the Institute participates on behalf of funds and their shareholders.
Encouraging high ethical standards by all industry participants has long been a core mission. When President Franklin Roosevelt signed the Investment Company Act into law in 1940, he commended industry supporters for their dedication to achieving
higher standards of conduct in a securities industry recovering from the securities market scandals of the 1920s and 1930s. This same spirit that led to the enactment of the 1940 Act, and soon afterward, to formation of the association
that became ICI, has consistently guided fund industry support for effective regulation and sound fiduciary practices.
ICI has worked to advance the interests of mutual funds, their shareholders, directors, and investment advisers throughout its history by pursuing and helping secure a variety of public policy objectives. Promoting the role of fund directors,
participating in securities market initiatives, increasing tax-deferred savings opportunities and ensuring fair tax treatment for fund investors are just a few of the initiatives ICI has continually pursued on behalf of funds and their
Promoting public understanding of mutual funds has long been an ICI core mission, and its public outreach has evolved as the mutual fund concept has become mainstream over the years. Today, ICI serves as a spokesman for funds and their shareholders
before policymakers, opinion leaders, and the global media.
The Securities and Exchange Commission ("SEC" or "Commission") is the primary regulator of investment companies and investment advisers.
The primary law that governs investment companies is the Investment Company Act of 1940 (the "Investment Company Act; codified at 15 U.S.C. 80a-1 through 80a-64"). The SEC has adopted various regulations under the Investment Company Act that
further govern investment company operations (published in Title 17 of the Code of Federal Regulations ("CFR"), Part 270).
Persons who manage the portfolios of registered investment companies must register with the Commission as investment advisers under the Investment Advisers Act of 1940 (the "Advisers Act"). The Advisers Act, codified at 15 U.S.C. 80b-1 through
80b-21), and regulations adopted by the Commission under the Investment Advisers Act, govern registered investment advisers (published in 17 CFR, Part 275).
Investment companies are also subject to other federal securities laws (e.g., the Securities Act of 1933 and the Securities Exchange Act of 1934) and the regulations adopted under these laws.