The views expressed herein are those of Mr. Hunt and do not necessarily reflect the views of the Commission, the Commissioners, or other members of the Commission's staff. Thank you and good afternoon. It's a pleasure to be here with all of you today as we pause to mark the 60 th anniversary of a statute that, in my view is one of the most important regulatory schemes in the federal securities laws. This is because of the tremendous size of the industry that it regulates and the importance of that industry to the financial security of millions of Americans.
Investment companies are one of America's primary savings and investment vehicles.
At the end of 1999, a total of 30,455 investment company portfolios were managed or sponsored by 1,080 investment company complexes. The Investment Company Act, the principal statute that regulates investment companies, is perhaps the most complex of the federal securities laws. The regulation of investment companies is based on the same principles of full and fair disclosure that are the foundation of the federal securities laws. However, the reach of the '40 Act extends beyond mere disclosure and reporting requirements. The '40 Act is, in effect, a comprehensive corporate statute.