March 1, 1991
TO: SEC RULES MEMBERS NO. 16-91
RE: CHAIRMAN BREEDEN’S TESTIMONY CONCERNING APPROPRIATIONS FOR
FISCAL YEAR 1992
__________________________________________________________
Attached for your information is a copy of SEC Chairman
Richard Breeden’s recent testimony before the Subcommittee on
Commerce, Justice, and State, the Judiciary, and Related Agencies
of the Senate Committee on Appropriations.
The growth of the investment company industry since 1980 is
discussed at pages 3-5. The SEC’s future plans with respect to
investment management regulation are detailed at pages 15-16.
The testimony indicates that, among other things, beginning in
1992 the staff will inspect annually funds within the 100 largest
complexes (accounting for over 90% of total industry assets).
Other funds will be inspected once every eighteen months. In his
oral presentation, Chairman Breeden referred to the industry’s
"superb record of safety" when discussing the importance of the
SEC’s increasing vigilance on behalf of the investing public.
Frances M. Stadler
Assistant General Counsel
Attachment