*See Memorandum to Closed-End Investment Company Committee No. 4-97, Compliance Advisory Committee No. 6-97,
SEC Rules Committee No. 22-97 and Unit Investment Trust Committee No. 12-97, dated February 25, 1997.
[11049]
June 14, 1999
TO: CLOSED-END INVESTMENT COMPANY COMMITTEE No. 19-99
COMPLIANCE ADVISORY COMMITTEE No. 21-99
SEC RULES COMMITTEE No. 45-99
UNIT INVESTMENT TRUST COMMITTEE No. 14-99
RE: REVISED SUMMARY OF NON-1940 ACT INVESTMENT RESTRICTIONS
______________________________________________________________________________
In February 1997, the Institute published a Summary of Non-1940 Act Investment Restrictions
describing various federal and state laws and regulations that may restrict investments by registered
investment companies in, for example, certain regulated industries.* At that time, we indicated that we
would update the Summary periodically.
We have just completed our first update of the Summary, and a copy is enclosed.
As discussed in the Preface to the Summary, we have: (1) updated the information contained in
the Summary; (2) expanded the scope of the Summary; and (3) modified the format of the Summary.
We hope that members will find the revised Summary useful, and welcome any comments you may
have. Please note that the accuracy and completeness of the information set forth in the Summary
cannot be guaranteed. Moreover, the Summary does not address all considerations that may be relevant
to a determination of how or whether particular laws or regulations apply in specific situations.
Accordingly, members should consult with legal counsel concerning these matters.
Frances M. Stadler
Deputy Senior Counsel
Enclosure