— The legislative record demonstrates that Congress meant for the latest Fee so you can determine whether a material team and you can top-notch relationship can be found toward a good case-by-instance base. H.R. Associate. 1382, 91st Cong. 2d Sess. 15 (1970); S. Representative. 184, 91st Cong., initially Sess. 33 (1969).
— Furthermore, this new ICI Consultative Group recommends you to definitely former team off a good fund’s financing agent who had tall commitments inside their positions for the adviser maybe not serve as independent administrators of funds. See ICI Advisory Category Report, supra note twenty seven, in the thirteen.
— Concurrently, the staff notes that numerous former officers and you will group out-of a beneficial fund’s investment agent otherwise principal underwriter get own ties issued by the the latest adviser or underwriter. Such as for instance individuals are interested persons of fund because of the virtue away from parts 2(a)(19)(A)(iii) and you can (B)(iii) [fifteen U.S.C. 80a-2(a)(19)(A)(iii), (B)(iii)].