May 8, 1989
TO: SEC RULES COMMITTEE NO. 23-89
CLOSED-END FUND COMMITTEE NO. 14-89
RE: INSTITUTE COMMENT LETTER CONCERNING PROPOSED RULE 32a-3
__________________________________________________________
As you know, the SEC proposed in March 1989 a new rule 32a-
3, which would expand the period of time within which registered
management investment companies must select their independent
public accountants pursuant to section 32(a)(1) of the Investment
Company Act of 1940. (See Institute Memorandum to SEC Rules
Committee No. 15-89 and Closed-End Fund Committee No. 4-89, dated
March 6, 1989.)
Attached is a copy of the Institute's comment letter
concerning the proposed rule, which recommends adoption of the
rule as proposed.
We will keep you informed of further developments.
Kathy D. Ireland
Assistant General Counsel
Attachment