June 3, 1991
TO: INTERNATIONAL COMMITTEE NO. 7-91
RE: NORTON ROSE LETTER REGARDING RECENT DEVELOPMENTS IN THE EC
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Attached is the latest letter from Norton Rose regarding
mutual fund developments in the European Community. The letter
discusses recent enforcement action taken by IMRO against two
U.K. investment managers, new regulations for U.K. unit trusts,
the development of mutual funds in Greece and the status of the
Investment Services Directive. The anticipated regulations
relating to unit trusts will cover the use of forward and
historical pricing for U.K. funds and will authorize the creation
of funds investing in options, futures, warrants and real estate.
We will keep you informed of developments.
Catherine L. Heron
Vice President - Tax & Pension
Attachment