June 20, 1989
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 26-89
RE: VIRGINIA REPEAL OF MANUAL EXEMPTION
__________________________________________________________
As you know, Virginia recently passed legislation that
repealed their manual exemption. (See Memorandum to Unit
Investment Trust Committee No. 23-89, dated May 18, 1989). The
legislation will be effective July 1, 1989. Based on
conversations with the Virginia Division of Securities at the
time the legislation was being considered, the Institute believed
that the Division would adopt a rule to allow resales of units of
unit trusts. (See Memorandum to Unit Investment Trust Committee
No. 10-89, dated March 6, 1989). Unfortunately, an acceptable
agreement with the Division has not been reached.
The Institute will continue to try to develop an
appropriate solution to the problem. We will keep you informed
of developments.
Natalie Shirley
Associate General Counsel