On March 17, 2025, the Investment Company Institute (the “ICI”), a leading association representing the asset management industry, published a paper setting forth various recommendations for ways to modernize the legal and regulatory framework applicable to investment companies registered or regulated under the Investment Company Act of 1940, as amended (the “1940 Act”).
The paper – titled “Reimagining the 1940 Act: Key Recommendations for Innovation and Investor Protection” – is the culmination of a multi-year review of potential reforms to the 1940 Act and the rules thereunder. Ropes & Gray was engaged by the ICI to advise on the review and collaborated closely with the ICI and its members on developing the list of recommendations.
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