April 17, 1991
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 16-91
RE: INSTITUTE SUBMITS LETTER IN SUPPORT OF NEW YORK LEGAL
INVESTMENT LEGISLATION
__________________________________________________________
The Institute was recently advised that legislation in New
York has been introduced to expand a fiduciary's authority to
invest in investment trusts. A copy of S. 2146 is attached.
The Institute submitted a letter in support of S. 2146 to
the Chair of the New York Senate Judiciary Committee. The letter
outlines the operation and regulation of unit investment trusts
and notes that investments in unit trusts are appropriate
investments for fiduciaries in that unit trusts provide
diversification of risk and liquidity. We strongly encouraged
the Senate Judiciary Committee to favorably consider S. 2146. A
copy of the Institute's letter is also attached.
S. 2146 was considered by the Senate Judiciary Committee on
April 16, 1991. At the hearing, the Committee voted unanimously
in favor of the bill. We will keep you advised of developments.
Patricia Louie
Assistant General Counsel
Attachments