There is a new publication devoted primarily to scholarly research on mutual fund law.

Villanova University law school has published the first issue of the Villanova Journal of Law and Investment Management, a semi-annual publication consisting primarily of articles on the law which governs mutual funds and investment advisers. The journal published its first edition this winter with a mix of articles on topics such as the 1998 Maryland legislation on the independence of mutual fund directors and trends in mutual fund regulation.

Industry lawyers said that although many publications and law reviews occasionally publish articles discussing mutual fund law, there appears to be no single publication concentrating on the topic. Mark A. Sargent, dean at Villanova law school, did not return a call seeking comment by press time. In a statement introducing the publication, however, its editors said that the law which governs mutual funds is "growing exponentially" but has not been fully covered.

"Such scholarship is needed badly," the editors said. Growth in the mutual fund industry and changes in financial markets have "triggered the constant evolution of legal structures."

The journal's editorial board includes well known fund industry lawyers such as Craig Tyle, general counsel for the Investment Company Institute, and former top SEC mutual fund officials now in private practice.

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