April 12, 1989
TO: STATE LIAISON COMMITTEE NO. 3-89
RE: TENNESSEE PROPOSES TO REPEAL INVESTMENT RESTRICTIONS
AND STREAMLINE RENEWALS
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The Institute has been working with the Tennessee Division
of Securities for several months to repeal their investment
restrictions and streamline the renewal process. After extensive
discussions with the Institute, the Division has proposed to
repeal the rule that incorporates by reference the Guidelines
adopted by the Central Securities Administrators Council relating
to open-end investment companies. The Division has also proposed
to amend its renewal procedure to make the renewal process
easier. For renewal, funds will only have to submit a Form U-1,
a copy of the most recent prospectus and statement of additional
information, if any, and the appropriate fee. If a fund has
changed its name since its most recent prior filing, a Form U-2
must also be submitted at renewal.
Attachment A is a copy of the proposed rules relating to
renewals and Attachment B is a copy of the Institute's comment
letter. We will keep you informed of developments.
Natalie Shirley
Associate General Counsel
Attachments