February 26, 1991
TO: SEC RULES COMMITTEE NO. 14-91
INTERNATIONAL COMMITTEE NO. 2-91
RE: LICENSING INVESTMENT TRUST MANAGEMENT COMPANIES IN JAPAN
__________________________________________________________
As we previously advised you, the Japanese Ministry of
Finance announced, in December 1989, the adoption of
qualification criteria for new entrants into the Japanese
investment trust business. (See Institute memorandum to SEC
Rules Committee No. 1-90 and International Funds Task Force No.
1-90, dated January 2, 1990). According to the attached press
release from the Japanese Embassy, the Ministry of Finance has
now completed the first-round examination for those wishing to
establish an investment trust company in Japan. Others wishing
to be considered for licensing may submit their requests to the
persons designated in the release. The deadline for such
requests is expected to be sometime in the middle of this year.
We will keep you informed of developments.
Catherine L. Heron
Vice President - Tax and Pension
Attachment