"... a company whose assets are and have been primarily invested in publicly traded securities, Yahoo is an investment company under the ICA, however, Yahoo has failed to register as an investment company as required by the ICA, and is otherwise failing to comply with the structural limitations and the investor protection mandates of the ICA ..."
source: The Investment Company Act And Roy M. Cohn | Allen Matkins Leck Gamble Mallory & Natsis LLP - JDSupra
