Investment Advisers Act of 1940

The Investment Advisers Act of 1940 (the "Advisers Act") is a United States federal law that was enacted in 1940 to regulate the activities of investment advisers. The Advisers Act is administered by the Securities and Exchange Commission (SEC).

The Advisers Act defines an investment adviser as any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities.

The Advisers Act requires investment advisers to register with the SEC and to comply with a number of regulations. These regulations include requirements that investment advisers provide clients with a written disclosure statement, that investment advisers keep records of their activities, and that investment advisers act in the best interests of their clients.

The Advisers Act is designed to protect investors from fraud and abuse by investment advisers. The Act provides investors with information about the investment advisers they are considering hiring and it requires investment advisers to act in the best interests of their clients.

The Advisers Act has been amended several times since it was enacted in 1940. The most recent amendments were made in 2010. The 2010 amendments were designed to strengthen the regulation of investment advisers and to protect investors from fraud and abuse.

The Advisers Act is an important piece of legislation that helps to protect investors from fraud and abuse. The Act provides investors with information about the investment advisers they are considering hiring and it requires investment advisers to act in the best interests of their clients.