July 28, 1989
TO: BOARD OF GOVERNORS NO. 44-89
FEDERAL LEGISLATION MEMBERS NO. 8-89
RE: S. 1410, THE "INVESTMENT ADVISER SELF-REGULATION ACT"
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On July 26, Securities Subcommittee Chairman Christopher
Dodd (D-CT) and Ranking Member Senator John Heinz introduced
S. 1410, the "Investment Adviser Self-Regulation Act". The bill
was introduced at the request of the SEC and proposes to create
one or more investment adviser SROs. Generally, membership in an
SRO would be mandatory for all registered investment advisers;
however, investment advisers whose only clients are registered
investment companies would not be required to join an SRO, nor
would the advisory activities of investment advisers pursuant to
management contracts with registered investment companies be
subject to an SRO's jurisdiction.
Hearings on S. 1410 are tentatively scheduled for the fall.
The Institute has testified in these matters in the past and
expects to do so again.
We will keep you informed as this matter develops.
Julie Domenick Doerr
Vice President-Legislative Affairs
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