Memo #
10045
DRAFT INSTITUTE COMMENT LETTER ON NASD PROPOSAL TO EXCLUDE NON-RECOMMENDED MUTUAL FUND ACCOUNTS FROM CERTIAN RECORD-KEEPING REQUIREMENTS
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* See Memorandum to Advertising Compliance Subcommittee No. 25-98 and SEC Rules Committee No. 56-98,
dated June 12, 1998.
[10045]
June 22, 1998
TO: ADVERTISING COMPLIANCE SUBCOMMITTEE No. 28-98
SEC RULES COMMITTEE No. 60-98
RE: DRAFT INSTITUTE COMMENT LETTER ON NASD PROPOSAL TO EXCLUDE
NON-RECOMMENDED MUTUAL FUND ACCOUNTS FROM CERTAIN
RECORD-KEEPING REQUIREMENTS
______________________________________________________________________________
As we previously reported, the Securities and Exchange Commission recently published
for comment a proposal to amend National Association of Securities Dealers, Inc. Rule 3110 to
exclude from certain record-keeping requirements accounts that are limited to mutual fund
shares that are not recommended by the NASD member or its associated persons.* As the
attached draft comment letter indicates, the Institute strongly supports this proposal.
Comments on the proposal are due to the SEC no later than June 29, 1998. If you
have comments on the attached letter, please contact me (telephone: 202/326-5819, fax:
202/326-5827, or e-mail: savage@ici.org) no later than Friday, June 26, 1998.
Joseph P. Savage
Assistant Counsel
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