August 10, 1990
TO: CLOSED-END FUND COMMITTEE NO. 18-90
RE: MEETING ON DRAFT COMMENT LETTER ON SEC CONCEPT RELEASE
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Attached is a first draft of the Institute's comment letter
on the SEC's concept release on reform of regulation of
investment companies. A meeting will be held at the Institute on
Monday, August 20 at 10:00 a.m. to review the Institute's draft .
The Commission has granted an extension of the comment
period until October 10. In order to meet this deadline, a draft
will have to be presented to the Institute's Board of Governors
at its October 4 meeting and, prior to that, to the Executive
Committee at its September 12 meeting. Therefore, attendees at
the August 20 meeting will discuss the recommendations contained
in the draft letter to be submitted to the Executive Committee
and Board of Governors. The principal recommendations are
summarized in the Introduction to the comment letter. Of
particular relevance to closed-end funds are the Institute's
recommendations concerning periodic redemptions and closed-end
unit trusts.
The Institute's draft comment letter is based on the
recommendations contained in the Institute's 1990s regulatory
report, which will also be presented to the Board in October.
The report has been in preparation for the past 18 months and the
Institute's 1990s Ad Hoc Committee has met five times to review
and discuss drafts of the report.
If you plan to attend this meeting, please call Betsy Teter
at 202/955-3529.
Amy B. Rosenblum
Assistant General Counsel
Attachment