[10766]
March 2, 1999
TO: BANK AND TRUST ADVISORY COMMITTEE No. 6-99
BROKER/DEALER ADVISORY COMMITTEE No. 7-99
OPERATIONS COMMITTEE No. 8-99
TRANSFER AGENT ADVISORY COMMITTEE No. 19-99
RE: INSTITUTE MEMORANDUM ON "EMERGENCY" PRICING PROCEDURES
______________________________________________________________________________
At the January 28th Transfer Agent Advisory Committee meeting members discussed Year 2000
issues and contingency planning efforts underway. As requested by the Committee please find enclosed
for reference purposes, a copy of the Institute memorandum on “Emergency” Pricing Procedures which
may be useful in dealing with any future emergency.
In 1996, the Institute originally circulated this memorandum to members summarizing the
pricing requirements under the Investment Company Act of 1940 and SEC staff guidance with respect
to past “emergencies”. Such “emergencies” include situations when either the fund’s office is closed or
a securities market is closed.
If you have any questions of a legal nature with respect to the attached memorandum please
contact Amy Lancellotta at 202-326-5824 (or by e-mail at amy@ici.org) or Barry Simmons at 202-326-
5923 (or by email at simmonbe@ici.org).
Kathleen C. Joaquin
Director – Transfer Agency
& International Operations
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