June 27, 1991
TO: STATE LIAISON COMMITTEE NO. 15-91
UNIT INVESTMENT TRUST COMMITTEE NO. 24-91
EDGAR PILOT FILERS
RE: NASAA REQUESTS PARTICIPATION IN SRD DESIGN
__________________________________________________________
As you know, NASAA is proposing to develop a one-stop
electronic filing system whereby securities offering materials
and periodic reports may be simultaneously delivered to the SEC
and the states for concurrent review. To disseminate
registration materials to the individual states, NASAA is
proposing a "Securities Registration Depository" ("SRD"). The
SRD will receive the federal registration documents filed by
investment companies using the SEC's EDGAR system and forward
them to the appropriate states. In addition, the SRD will
receive "state only" registration documents (i.e., Form U-1, U-
2A, sales reports) directly from investment company registrants
for dissemination to the states.
NASAA is seeking industry participation in a requirements
definition study which will be initiated in the very near future.
The purpose of the requirements study will be to finalize NASAA's
understanding of industry requirements for an electronic filing
system with the states. Participants in the study will be
isolated for an extended period of time to discuss the various
features that should be included in the SRD. It is expected that
the study will require three one week sessions which will be
conducted over a four to six month period. The requirements
study will be immediately followed by technical design of the
SRD. Ideally, NASAA would like the requirements study to begin
mid-August of 1991 in order that the final report is completed by
early 1992.
The Institute has scheduled a meeting on Wednesday, July
24, 1991, at 10:00 a.m., in the Institute's Conference Room to
discuss the requirements study. Please contact Michael Branch at
(202) 933-3524 if you plan on attending this meeting by July 19,
1991.
Patricia Louie
Assistant General Counsel