Memo #
10622
LIST OF EUROPEAN MONETARY UNION (""EMU"") COORDINATORS AT FUND COMPANIES - UPDATED A/O JANUARY 5, 1999
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* See Letter from Joel I. Klein, Assistant Attorney General, Antitrust Division, Department of Justice, to Robert B. Bell,
Wiley, Rein & Fielding, dated July 1, 1998.
[10622]
January 5, 1999
TO: ACCOUNTING/TREASURERS COMMITTEE No. 1-99
SECURITIES OPERATIONS SUBCOMMITTEE
EMU COORDINATORS
RE: LIST OF EUROPEAN MONETARY UNION (""EMU"") COORDINATORS AT
FUND COMPANIES - UPDATED A/O JANUARY 5, 1999
______________________________________________________________________________
The euro conversion took place on January 4, 1999. Fund companies and custodian banks
were well prepared for the euro conversion which reportedly went very smoothly. As you know, the
Securities Operations Subcommittee developed a list of fund company EMU coordinators to
facilitate the sharing of information among fund companies on the euro conversion and other issues
resulting from the development of the European Monetary Union (“EMU”). The EMU list was
sent to you on two previous occasions. We anticipate that there may be some post-conversion
issues, so I have enclosed a current version of the EMU list which includes some additional contacts
that have come forth since the last mailing.
Cooperation on issues of concern to the industry has been approved by the Justice
Department under certain conditions in recognition of the pro-competitive impact it may have.* For
example, the sharing of information could reduce costs and/or speed up resolution of EMU issues,
either of which would benefit investors.
Please remember that while cooperation may be permitted, anti-competitive discussions are
illegal. Among other things, (1) no pricing or customer information should be disclosed; (2)
information exchanged about vendors should be stated in an objective, nonjudgemental manner;
(3) no recommendations should be made; and (4) no collective procurement action should be taken.
Each fund company should make its own individual judgement about whom to hire for any
necessary remedial work and at what price.
Diane M. Butler
Director - Operations & Fund Custody
Enclosure