This is true, they are indeed just legal fictions, pieces of paper filed away.

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In one way, big firms are merely legal fictions, which produce returns out of interchangeable assets.

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But why do we do this, create these legal fictions?

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At the heart of the problem is the fact that the Commission continues to believe the legal fictions incorporated in the Investment Company Act of 1940, the federal statute that regulates mutual funds.

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Like all legal fictions this one sounds great.

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