Business Law
| Regulation of the Price of Mutual Fund Shares |
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| The Securities and Exchange Commission requires that open-ended mutual fund shares must be sold at their net asset value per share plus allowable sales charges or fees. Under Rule 22c-1 of the Commission, an issuer, underwriter, or dealer may not redeem or repurchase a share of a registered investment company or mutual fund "except at a price based on the current net asset value of such security..." More... |
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| Antitrust & Trade Law: Sherman Act |
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| Agreements In Restraint of Trade More... |
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| Reliance on Committee Reports |
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| Corporation codes in all states allow the corporate board of directors to appoint committees comprised of directors and to delegate board powers to the committees. Appointment powers are usually addressed in the corporation's articles of incorporation or bylaws, which specify the formalities for appointing a committee. Each state's corporation code must be consulted to determine if certain powers are nondelegable. More... |
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| SIPC Protection for Investors |
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| Investors who engage in securities transactions through a brokerage firm that is a member of the Securities Investor Protection Corporation (or SIPC) receive protection for cash and securities held by the brokerage firm for the accounts of the investors. The SIPC covers up to $500,000 in losses of such cash and securities per investor with a $100,000 limit on the amount of cash in an account that is covered. More... |
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| Compliance with the ADEA/OWBPA |
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| After the United States Supreme Court decided Ohio v. Betts in 1989, Congress amended the ADEA by passing The Older Workers Benefit Protection Act of 1990 3 (OWBPA). The OWBPA further clarifies Congress's original intent relative to age-based discrimination in the area of employee benefits. Under the OWBPA, an employee may reduce benefits for older workers only when the cost of providing reduced benefits is the same as it is for younger workers. An employer cannot prevent an older employee's pension from accumulating or accruing if the employee works past normal retirement age. The practice of forcing older workers to take early retirement is also addressed.
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