HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE

NINETIETH CONGRESS

FIRST SESSION

ON

S. 1659

A BILL TO AMEND THE INVESTMENT COMPANY ACT OF
1940, AS AMENDED, AND THE INVESTMENT ADVISERS
ACT OF 1940, AS AMENDED, TO DEFINE THE EQUITABLE
STANDARDS GOVERNING RELATIONSHIPS BETWEEN IN-
VESTMENT COMPANIES AND THEIR INVESTMENT ADVIS-
ERS AND PRINCIPAL UNDERWRITERS, AND FOR OTHER
PURPOSES

PART 1

JULY 31, AUGUST 1 AND 2, 1967

Printed for the use of the
Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1967

COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman

WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah

HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas