September 6, 1990
TO: SEC RULES COMMITTEE NO. 49-90
SUBCOMMITTEE ON ADVERTISING
RE: NASAA COMMITTEE TO REVIEW SALES LITERATURE FILING
REQUIREMENT
__________________________________________________________
The Institute has been working for several years to
eliminate the sales literature filing requirement in all states.
In 1984, the North American Securities Administrators
Association, Inc. ("NASAA") adopted a resolution encouraging its
members to repeal their respective laws, rules and policies which
require the filing of sales literature of mutual funds and unit
investment trusts. At the time the resolution was passed,
approximately thirteen states required sales literature to be
filed. Currently, ten states still require sales literature to
be filed.
The Institute has contacted each of the states that require
sales literature be filed to request that such requirement be
eliminated, particularly since the SEC has eliminated its filing
requirement for sales literature that has been filed with the
NASD and the NASD requires that sales literature used by both
underwriters and dealers be filed.
At the urging of the Institute, the Investment Company
Registration/Trading Practices Committee of NASAA is reviewing
the sales literature filing requirement. The Committee has
requested that the Institute provide copies of comment letters
from the NASD in order that the Committee can determine the scope
of review the NASD performs with respect to investment company
sales literature. In order to accommodate this request, please
provide me with sample copies of recent NASD comment letters by
September 30, 1990.
We will keep you advised of developments.
Patricia Louie
Assistant General Counsel