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1774
Dutch merchant and broker Adriaan van Ketwich invited subscriptions from investors to form a trust, the Eendragt Maakt Magt, with the aim of providing investment diversification opportunities to investors of limited means.
1868
The Foreign and Colonial Government Trust, the precursor to the U.S. investment fund model, is formed in London. This trust provides "the investor of moderate means the same advantages as large capitalists …"
1924
The first mutual funds are established in Boston.
1933
The Securities Act of 1933 regulates the registration and offering of new securities, including mutual fund and closed-end fund shares, to the public.
1934
The Securities Exchange Act of 1934 authorizes the U.S. Securities and Exchange Commission (SEC) to provide for fair and equitable securities markets.
1936
The Revenue Act of 1936 establishes the tax treatment of mutual funds and their shareholders. Closed-end funds were covered by the Act in 1942.
1940
The Investment Company Act of 1940 is signed into law, setting the structure and regulatory framework for registered investment companies. The forerunner to the National Association of Investment Companies (NAIC) is formed. The NAIC will later become the Investment Company Institute.
1944
The NAIC begins collecting investment company industry statistics.
1951
The total number of mutual funds surpasses 100, and the number of shareholder accounts exceeds one million for the first time.
1954
Households' net purchases of fund shares exceed those of corporate stock. NAIC initiates a nationwide public information program emphasizing the role of investors in the U.S. economy and explaining the concept of investment companies.
1955
The first U.S.-based international mutual fund is introduced.
1961
The first tax-free unit investment trust is offered. The NAIC changes its name to the Investment Company Institute (ICI) and welcomes fund advisers and underwriters as members.
1962
The Self-Employed Individuals Tax Retirement Act creates savings opportunities (Keogh plans) for self-employed individuals.
1971
Money market mutual funds are introduced.
1974
The Employee Retirement Income Security Act (ERISA) creates the Individual Retirement Account (IRA) for workers not covered by employer retirement plans.
1976
The Tax Reform Act of 1976 permits the creation of municipal bond funds. The first retail index fund is offered.
1978
The Revenue Act of 1978 creates new Section 401(k) retirement plans and simplified employee pensions (SEPs).
1981
The Economic Recovery Tax Act establishes "universal" IRAs for all workers. IRS proposes regulations for Section 401(k).
1986
The Tax Reform Act of 1986 reduces IRA deductibility.
1987
ICI welcomes closed-end funds as members.
1989
Mutual fund assets top $1 trillion.
1993
The first exchange-traded fund shares are issued.
1996
The Small Business Job Protection Act creates SIMPLE plans for employees of small businesses.
1997
The Taxpayer Relief Act of 1997 creates the Roth IRA and eliminates restrictions on portfolio management that disadvantage fund shareholders.
1998
The SEC approves the most significant disclosure reforms in the history of U.S. mutual funds, encompassing "plain English," fund profiles, and improved risk disclosure.
1999
The Gramm-Leach-Bliley Act modernizes financial services regulation and enhances financial privacy. ICI publishes Best Practices for Fund Directors.
2001
The enactment of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 significantly expands retirement savings opportunities for millions of working Americans.
2003
The Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) provides mutual fund shareholders with the full benefits of lower tax rates on dividends and capital gains.
2004
The Independent Director Council (www.idc1.org) is formed to address the growing complexity of fund governance responsibilities.
2006
The enactment of the Pension Protection Act (PPA) and the Tax Increase Prevention and Reconciliation Act provide incentive for investors young and old to save more in tax-deferred and taxable investment accounts. Assets invested in investment companies top $11 trillion.
