Securities and Exchange Commission Historical Society

Investment Company Regulation: The Intricacies of an "Enlightened Partnership"

G. Keith Funston, New York Stock Exchange speaking to the National Association of Investment Companies, October 30,1960 (Courtesy of the Investment Company Institute)
Visit the Gallery

DECEMBER 1, 2017 - The Investment Company Gallery, the Securities and Exchange Commission Historical Society's 16th permanent gallery, is now open in the Virtual Museum and Archive at As gallery curator Dr. Kenneth Durr, History Associates, Inc. explains in the introduction, this gallery shows how the investment companies that are today a cornerstone of American finance, developed out of a complex interplay between investment advisers, fund managers, and federal regulators who first came together to lay down enduring ground rules, and then over the next 75 years worked -- sometimes in harmony and sometimes in discord -- to turn a relatively homogeneous market into the remarkably varied, adaptable, and invaluable constellation of financial products still mostly bought and sold not by professional investors, but by average Americans.

The Investment Company Gallery covers a span from 1924 to today, and sources a wealth of new primary and original materials, including papers, oral histories and programs linked through a framework essay written by Dr. Durr.

The Investment Company Gallery is made possible through the generous support of W. Hardy Callcott, Partner at Sidley Austin LLP in San Francisco. The Society also thanks the Investment Company Institute and Andrew "Buddy" Donohue for their kind donations in support of this gallery. Finally, we gratefully acknowledge the support of the late Martin E. Lybecker, whose tremendous contributions to the world of investment management will be forever appreciated.

New in the Museum
Deloitte Fireside Chat

November 15, 2017
Evolving Role of the Auditor

Moderator Tom Davenport, Professor, Babson College, along with Dan Sunderland, Chief Auditor, Deloitte & Touche LLP and Will Bible, Partner, Deloitte & Touche LLP.

Watch The Recording

Harold M. Williams

Chairman, U.S. Securities and Exchange Commission April 18, 1977 - March 1, 1981

A.A. Sommer, Jr. and Harold Williams, November 1977

Visit the Exhibit
Oral History

Larry Harris (recorded September 6)

Bill Lupien (recorded September 12)

Permission for Use

The virtual museum and archive is copyrighted by the SEC Historical Society. The Society reserves the right to restrict access to or use of the museum by any user at any time.

Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.

Material used with the Society's permission should be credited to: