[21199]
May 31, 2007
TO: OPERATIONS COMMITTEE No. 9-07TRANSFER AGENT ADVISORY COMMITTEE No. 28-07
BANK, TRUST AND RECORDKEEPER ADVISORY COMMITTEE No. 13-07
BROKER/DEALER ADVISORY COMMITTEE No. 23-07
SMALL FUNDS COMMITTEE No. 19-07
TECHNOLOGY ADVISORY COMMITTEE No. 14-07 RE: FACTORS TO CONSIDER WHEN PREPARING FOR AN UNSCHEDULED MARKET CLOSE
The Unscheduled Market Close (“UMC”) Task Force reconvened after the day of mourning for Gerald Ford on January 2, 2007 to update the documents issued by the Task Force in September 2006, which were developed to assist mutual funds and their business partners in their planning for future unscheduled market closes.
The attached documents have been updated to reflect lessons learned from fund companies’ experiences on January 2nd. For example, a question and answer template has been developed for fund companies to use when communicating their processing plans to intermediaries. ICI members should act independently in making any decisions based on these documents.
We would like to extend sincere thanks to the UMC Task Force chair, Nick Horvath of DST Systems, Inc., and the TAAC and BTRAC members who participated on this worthwhile project. If you have any questions or comments on the revised UMC documents, please contact Diane Butler at 202-326-5850 or butler@ici.org.
Mary Corcoran
Senior Vice President
AIM Investment Services, Inc.
Chair – Transfer Agent Advisory Committee Diane Butler
Director - Transfer Agency & International Operations