[11095]
July 2, 1999
TO: SEC RULES COMMITTEE No. 51-99
RE: DRAFT LETTER TO SEC ADVOCATING EXPEDITED EXEMPTIVE
APPLICATION PROCESS
______________________________________________________________________________
As we discussed at the June 9th SEC Rules Committee meeting, we have drafted a letter to Paul
Roye requesting that the staff attempt to expedite the exemptive application process, particularly on
applications for relief under Section 17(a) of the Investment Company Act. A copy of the letter is
attached for your review. It was the Committee’s view that requesting quicker resolution on exemptive
applications in this area might help members who wish to enter into principal transactions with affiliated
broker/dealers. We have also formed a Section 17(a) Working Group to consider whether the Institute
should recommend amendments to or exemptions from Section 17(a).
Please provide your comments on the draft letter to Dore Zornada by phone at (202) 326-
5819, by fax at (202) 326-5839, or by email to dvanslyk@ici.org by Friday, July 16, 1999.
Doretha VanSlyke Zornada
Assistant Counsel
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