Investment Company and Variable Contracts Products Representative (Series 6)Practice Exam

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The Investment Company Act of 1940 is commonly referred to by which acronym?

  1. ICA '40

  2. IC Act of '40

  3. Investment Company Act

  4. Investment Control Act

The correct answer is: IC Act of '40

The Investment Company Act of 1940 is commonly referred to as the "ICA '40." This acronym succinctly captures the title of the act while also noting the year it was enacted. The use of "ICA" stands for Investment Company Act, combined with the designation "'40" to indicate the year of passage. Acronyms like this are helpful for investors, professionals, and others in the financial industry to refer to legislation more efficiently. In this context, while other names may reference the act, they do not reflect the widely accepted shorthand used in professional and regulatory discussions. For instance, the full title, "Investment Company Act," although accurate, does not capture the formality of the acronym. Likewise, “Investment Control Act” inaccurately names the legislation and doesn't adhere to the recognized nomenclature in the financial sector. Thus, the use of "ICA '40" is the most appropriate and commonly understood acronym for the act.

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