May 9, 1989
TO: SEC RULES COMMITTEE NO. 24-89
STATE LIAISON COMMITTEE NO. 6-89
RE: Proposed Illinois Broker-Dealer Legislation
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Attached is a copy of a bill that has been introduced in
the Illinois House of Representatives. The Bill requires that
all registered dealers disclose certain information on an annual
basis, including the name and address of the compliance
department of the dealer, the address of the Illinois Securities'
Department, the disciplinary history of dealer and salesperson,
and the risks of the type of account opened.
While the Institute generally does not get involved in
issues of this nature, the effect of this bill on no-load funds
should be carefully considered. The Illinois Department of
Securities has indicated that public hearings will be held on
this bill in the next few months. Please provide to the
Institute any comments you have by May 31, l989.
Natalie S. Shirley
Assistant General Counsel
Attachment