August 15, 1991
TO: INTERNATIONAL COMMITTEE NO. 19-91
RE: NEW U.K. REGULATIONS FOR COLLECTIVE INVESTMENT SCHEMES
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Attached for your information is a copy of the monthly
newsletter prepared for the Institute by Norton Rose. This
month's letter discusses certain aspects of the new regulations
issued by the Securities and Investments Board governing
authorized and recognized collective investment schemes in the
U.K. As noted in the letter, among other interesting
developments, the new regulations appear to expand the ability of
so-called "affected persons" (analogous to "interested persons"
under the 1940 Act) to engage in transactions with the fund.
Frances M. Stadler
Assistant General Counsel
Attachment