With implementation of the Dodd-Frank Wall Street Reform Act about to shower hundreds of new rules on capital markets, it's easy for other legislation to take on a cloak of invisibility.

Such is the case of the Regulated Investment Company Modernization Act of 2010, which, according to the accounting firm KPMG, "ushers in a new era for regulated investment companies [RICs or mutual funds] and their shareholders by reducing tax uncertainty, further aligning the taxation of RIC shareholders with that of direct investors, and providing greater flexibility in investment strategies ."

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