CEFs are the oldest form of pooled investment still used in the United States, dating to the 1800s. In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.Lemke, Lins and Smith, Regulation of Investment Companies, §5.02[2][b] (Matthew Bender, 2014 ed.).
CEFs are the oldest form of pooled investment still used in the United States dating to the 1800s. In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.Lemke, Lins and Smith, Regulation of Investment Companies, §5.02[2][b] (Matthew Bender, 2014 ed.).