July 5, 1989
TO: SEC RULES COMMITTEE NO. 33-89
UNIT INVESTMENT TRUST COMMITTEE NO. 30-89
ADVERTISING SUBCOMMITTEE
RE: ADVERTISING SUBCOMMITTEE MEETING - NASD SUPERVISORY
PROCEDURES
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On August 8, 1989 there will be a meeting of the
Advertising Subcommittee at 10:00 a.m. at the Institute.
At the last meeting of the Subcommittee, the recent
amendments by the NASD to its rules on supervision were
discussed. (A copy of the NASD Notice to Members describing the
amended rules is attached.) At the meeting it was suggested that
the Institute compile a list of the types of procedures that an
investment company underwriter should have adopted under the
supervision rules.
It would help the Institute in compiling such a list if
members could inform me of the types of procedures which they
have adopted or suggest be adopted in response to the amended
rules, such as procedures concerning internal inspections, annual
review of registered representatives and updating the written
procedures required under the rules. We intend to discuss
supervisory procedures at the August 8 meeting. Therefore, I
would appreciate hearing from members no later than July 21, 1989
so that I can circulate a tentative list before the meeting.
Because the NASD requirement applies to other areas of your
business in addition to advertising, persons on the SEC Rules and
Unit Investment Trust Committees who are not also on the
Advertising Subcommittee may wish to attend the meeting.
Whether or not you will be able to attend the August 8
meeting, please return the attached form to Marie Stanley of the
Institute by July 21, 1989.
Amy Rosenblum
Assistant General Counsel
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