October 25, 1989
TO: UNIT INVESTMENT TRUST MEMBERS NO. 59-89
RE: REPROPOSED WASHINGTON RULE - MANUAL EXEMPTION
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We are pleased to inform you that the Washington Securities
Division reproposed a rule that would have limited the use of the
manual exemption to securities listed in Fitch's Investor
Service. Based on the Institute's recommendation, the Division
reproposed the rule to provide an exemption for resales of units
of unit trusts if the trust is listed in certain specified
manuals, the trust is registered under the Investment Company Act
of 1940 and the units were initially registered under the
Washington Securities Act. The manuals recognized by the
Division under the reproposed rule are Fitch's Investor Service,
Standard & Poor's Corporation Records and Moody's Investor
Service.
Attached are copies of the reproposed rule and of the
comment letter the Institute wrote regarding the initial
proposal. The reproposed rule will go effective November 11,
1989.
Patricia Louie
Assistant General Counsel
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