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August 2, 2006
TO: INTERNATIONAL INVESTING SUBCOMMITTEE No. 18-06
INTERNATIONAL MEMBERS No. 17-06
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 22-06
INVESTMENT COMPANY DIRECTORS No. 15-06
RE: IOSCO OPENS PART II OF REPORT ON FUND GOVERNANCE TO PUBLIC
COMMENT
As you know, last month the Technical Committee of the International Organization of
Securities Commissions (IOSCO) published a report in two parts on the governance of collective
investment schemes (CIS) around the world.1 Part I of the report contains an examination of the
oversight functions in the various forms of CIS used around the world, and Part II provides a more
specific analysis of the concept of independence and the independent review and oversight mechanisms
utilized in CIS structures.
Please note that IOSCO has republished Part II of the report as a public consultation,
with a deadline for comments of October 15, 2006. When the report was originally published, Part
II did not appear to be a consultation document.
* * * * *
Robert C. Grohowski
Senior Counsel - International Affairs
1 See Memorandum No. 20158, dated July 7, 2006. The report is available on IOSCO’s web site at
http://www.iosco.org/library/pubdocs/pdf/IOSCOPD219.pdf (Part I) and
http://www.iosco.org/library/pubdocs/pdf/IOSCOPD220.pdf (Part II).