SIE practice questionmediumInvestment Company Act of 1940
Under the Investment Company Act of 1940, which of the following is NOT classified as an investment company?
- AA closed-end fund
- BA mutual fund
- CA unit investment trust
- DA bank trust department✓ Correct answer
Explanation
Why D — A bank trust department
Banks, including their trust departments, are excluded from the definition of an investment company under the Act. Mutual funds, UITs, and closed-end funds are all types of investment companies regulated by the Act.
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