August 26, 1991
TO: STATE SECURITIES MEMBERS NO. 39-91
RE: INSTITUTE COMMENTS ON PROPOSED DELAWARE MUTUAL
FUND RENEWAL FORM
__________________________________________________________
As we previously informed you, the Delaware Securities
Division recently adopted several new rules relating to the
registration and/or renewal of mutual fund securities. (See
Memorandum to State Securities Members No. 34-91, dated August
20, 1991.) Paragraph (b) of newly adopted Rule 7(f) requires
that a completed Delaware Form D-3 be submitted in order to renew
a mutual fund registration. The Institute received a copy of
proposed Form D-3 and submitted the attached comment letter to
the Division with respect to the proposed form. A copy of
proposed Form D-3 is also attached.
The Institute strongly objected to the adoption of Form D-3
inasmuch as the information sought to be required is non-uniform
with all other states and is not required to be included in an
application for either the initial registration of securities or
renewal of a registration in any other jurisdiction. Moreover,
the information proposed to be required is provided in documents
already filed with the Division, either for the registration of
the fund's securities or registration of the fund's adviser.
The Institute therefore recommended that the Division adopt
the procedure outlined in the 1984 NASAA Resolution Pertaining to
Application Forms which requires that a facing page of Form U-1,
or a letter and a copy of the most recent prospectus and SAI be
submitted to the Division in order to amend or renew an existing
registration.
* * *
We will keep you advised of further developments.
Patricia Louie
Assistant General Counsel
Attachment