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Investment Company Act of 1940

A federal law that regulates the organization of investment companies, including mutual funds, in the United States.

Open-end Investment Company

A type of investment company, commonly known as a mutual fund, that continuously offers its shares to the public and allows investors to redeem (sell back) their shares at any time.

Transfer Agent

A company that keeps track of who owns an investment company's shares and handles the paperwork involved in buying, selling, and transferring those shares.

Redemption

The act of an investor selling shares back to an open-end investment company, usually in exchange for cash.

Financial Exploitation

The illegal or improper use of an older adult's funds, property, or assets, often through deception, undue influence, or fraud.

Specified Adult

An adult who is believed to be vulnerable to financial exploitation, often due to age, disability, or diminished capacity.

Non-institutional Direct At-fund Accounts

Investment accounts held directly by individual customers with an investment company, rather than through an intermediary like a brokerage firm or a large organization.