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1774 Dutch merchant and broker Adriaan van Ketwich invites 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 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 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 funds are introduced.
1974 The Employee Retirement Income Security Act (ERISA) creates the individual retirement account (IRA) for workers not covered by employer-sponsored 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.
1990 Mutual fund assets top $1 trillion.
1993 The first exchange-traded fund (ETF) shares are issued.
1996 Enactment of the National Securities Markets Improvement Act of 1996 (NSMIA) provides a more rational system of state and federal regulation, giving the SEC exclusive jurisdiction for registering and regulating mutual funds, exchange-listed securities, and larger advisers. States retain their antifraud authority and responsibility for regulating non-exchange-listed offerings and smaller advisers. 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.
2001 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.
2006 Enactment of the Pension Protection Act (PPA) and the Tax Increase Prevention and Reconciliation Act provides incentive for investors of all ages to save more in tax-deferred and taxable investment accounts.
2008 The SEC votes to adopt Summary Prospectus rule.

Reserve Primary Fund fails to maintain $1.00 NAV, becoming the second money market fund in 25 years to “break a dollar.”
2009 Money market fund assets hit $3.92 trillion, their highest level to date.

The Money Market Working Group, a task force of senior industry executives, submits its report to the ICI Board. The Board endorses the Working Group’s call for immediate implementation of new regulatory and oversight standards for money market funds.
2010 The SEC adopts new rules and amendments to regulations governing money market funds.

In Jones v. Harris, the U.S. Supreme Court unanimously upholds the Gartenberg standard under which courts have long considered claims of excessive fund advisory fees.

Enactment of the RIC Modernization Act streamlines and updates technical tax rules, benefiting shareholders by making funds more efficient.
2011 In Business Roundtable et al. v. SEC, the United States Court of Appeals for the District of Columbia Circuit vacated the SEC’s proxy access rule for failing to adequately evaluate the rule’s costs and benefits.

ICI Global—the first industry body exclusively advancing the perspective of global investment funds—is formed.
2012 Mutual fund assets top $13 trillion.
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