May 20, 1991
TO: INVESTMENT ADVISERS COMMITTEE NO. 21-91
RE: TEXAS PROPOSES EXEMPTION FOR ADVISERS TO PENSION PLANS
__________________________________________________________
Attached is a recent proposal by the Texas State Securities
Board to expand the institutional exemption to investment adviser
registration. The proposal would exempt those advisers whose
advice is restricted to (i) any employee pension, profit-sharing,
or benefit plan within the meaning of Title I of ERISA, other
than self-directed pension plans of natural persons (such as IRAs
and Keogh plans), (ii) accredited investors (as defined in Rule
501(a), Regulation D under the Securities Act of 1933) and (iii)
qualified institutional buyers (as defined in Rule 144A).
The proposal indicates that the earliest possible date of
adoption for the new rule is June 3, 1991. Therefore, please
provide me with any comments you may have regarding the proposal
at 202/955-3516 by May 29, 1991.
We will keep you informed of further developments.
W. Richard Mason
Assistant Counsel
Attachment