Notes

For purposes of this study the IOSCO definition of CIS shall take precedence.
Under the investment company act of 1940, investment companies in the United States are divided into 3 main types:
The first one is face-amount certificate companies are investment companies that are engaged or propose to engage in the business of issuing face-amount certificates of the installment type, or which have been engaged in such business and have any such certificates outstanding. Until now, this form of company barely appear.
Another type is management company. The company itself does not directly conduct investment activities and instead use the investment advisory or investment Management to decide what type of stock company wants to add to its investment portfolio. This type of investment company establishes director board on behalf of the shareholders to implement the investment supervision and signed relevant contracts about the fund's investment activities with other organizations. Company management is structured in two forms: an open fund and closed-end fund
The final type is unit investment trusts (“UITs”) are investment companies that do not have a board of directors, corporate officers, or an investment adviser. They generally invest in a relatively fixed portfolio of securities. UITs typically offer to the public a specific, fixed number of redeemable securities (or “units”). UIT sponsors may maintain a secondary market for trading UIT units after the initial public offering