December 27, 1990
TO: UNIT INVESTMENT TRUST MEMBERS NO. 80-90
RE: CALIFORNIA ADOPTS RESALE EXEMPTION FOR UNIT TRUSTS
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The Institute is pleased to inform you that the California
Corporations Commission has adopted a regulation exempting any
offer or sale of units in a unit investment trust by the sponsor
of the trust or to or through a broker-dealer, if all of the
following conditions are met:
1. the initial offer and sale of the units was previously
qualified and there has been no material change in the
offering;
2. the units were repurchased by the broker-dealer or
sponsor and are redeemable in accordance with the
provisions of the Investment Company Act of 1940;
3. the offer and sale is in accordance with the provisions
of the Securities Act of 1933 and the Investment
Company Act of 1940; and
4. the sponsor or the broker-dealer is a broker-dealer
licensed in California.
The regulation is effective as of January 5, 1991. A copy
of the final regulation is attached.
Patricia Louie
Assistant General Counsel
Attachment