Final answer:
The contract between an underwriter and an investment company or advisor governs the sale of securities, detailing how they are to be sold to investors. It does not directly establish management fees or investment policies, nor does it require SEC approval, although the SEC regulates the sector.
Step-by-step explanation:
The contract between an underwriter and an investment company/advisor is primarily concerned with the sale of securities. An underwriter's role is pivotal in determining the success of a new securities issue. They are responsible for buying securities from the issuer and selling them to the public, hence they often govern the sale of these securities through their agreements. According to the Federal Securities Act of May 27, this kind of contract does not usually require SEC approval. However, the Securities and Exchange Commission (SEC) does play a critical role in supervising the overall process to ensure compliance with legal standards of information disclosure for publicly traded securities.