September 6, 1990
TO: STATE LIAISON COMMITTEE NO. 19-90
UNIT INVESTMENT TRUST COMMITTEE NO. 39-90
RE: NASAA INVESTMENT COMPANIES COMMITTEE PROJECTS
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The NASAA Investment Company Registration/Trading Practices
Committee ("the Committee") will be working on several projects
relating to state regulation of investment companies this year.
One of the primary projects of the Committee will be to formulate
a uniform sales reporting procedure for mutual funds and unit
trusts for use in conjunction with the EDGAR "one-stop filing"
program that is currently being developed by the SEC and NASAA.
The Institute is forming a Task Force to assist the
Committee in developing a uniform sales reporting procedure for
mutual funds and unit trusts. A meeting of the Task Force has
been scheduled for Friday, September 21, 1990, 2:00 p.m. at the
Institute's offices. If you are interested in participating on
the Task Force and attending the meeting, please contact Michael
Branch at (202) 955-3524 by September 17, 1990 .
Other projects of the Committee include a review of (1)
whether states should require mutual funds to notify shareholders
in advance of a change of an investment objective that is not a
fundamental policy of the fund, (2) the sales practices involving
high yield funds and contractual plans, and (3) the necessity of
filing sales literature with the states.
We will keep you advised of developments
Patricia Louie
Assistant General Counsel