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In the Australian comedy film The Man Who Sued God (2001), a fisherman played by Billy Connolly successfully challenges the right of insurance companies to refuse payment for a destroyed boat on the common legal exemption clause of an act of God. In a suit against the world's religious institutions as God's representatives on Earth, the ...
He informs his insurance company, which reviews and then subsequently declines his claim on the grounds that it is not liable as his fishing boat was destroyed due to an "act of God". Frustrated that his claim is repeatedly declined, Steve files a claim against God, naming religious officials ( Christian , Jewish , Muslim , etc) as ...
The Investment Company Act of 1940 (commonly referred to as the '40 Act) is an act of Congress which regulates investment funds. It was passed as a United States Public Law ( Pub. L. 76–768 ) on August 22, 1940, and is codified at 15 U.S.C. §§ 80a-1 – 80a-64 .
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.
An IA must adhere to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940.This standard requires IAs to act and serve a client's best interests with the intent to eliminate, or at least to expose, all potential conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which was not in the best interest of the IA ...
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The thrust of the study, which led to the passage of the Investment Company Act of 1940 and the Investment Advisers Act, was to provide a closer look at investment trusts and investment companies. The study, however, found many instances of investment adviser abuse, such as unfounded "hot tips" and questionable performance fees.