August 19, 1991
TO: MEMBERS - ONE PER COMPLEX NO. 36-91
RE: EMERGENCY PRICING PROCEDURES FOR HURRICANE BOB
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The Institute has received several inquiries from members
this morning regarding possible pricing problems for funds as a
result of weather conditions in the Boston area due to Hurricane
Bob. The Institute contacted the Division of Investment
Management, and has been advised that funds should refer to the
Commission's 1985 release providing guidance as to pricing
procedures when funds are unable to price because they are closed
due to an emergency. Relevant excerpts from that release are
attached. As noted in the release, funds should make every
effort to segregate mail received today to ensure that investors
will receive the price for their shares that would have been
computed if there had been no emergency.
Lawrence S. Rogers
Senior Counsel
Attachment (in .pdf format)