In this episode of Mutual Fund Minute,  Paul Cellupica, the General Counsel of the Investment Company Institute, joins Sidley’s Jay Baris to discuss the ICI’s proposals to modernize the Investment Company Act of 1940.  The ICI’s report, called “Reimagining the 1940 Act: Key Recommendations for Innovation and Investor Protection,” outlines specific proposals to modernize regulations governing mutual funds, ETFs and other registered funds.  Paul and Jay discuss the proposals and what they would mean for investment companies, independent fund directors and investment advisers.