February 13, 1992
TO: MONEY MARKET FUNDS AD HOC COMMITTEE NO. 4-92
RE: DRAFT LETTER ON TECHNICAL ISSUE UNDER RULE 2a-7
__________________________________________________________
At the meeting of the ad hoc committee on January 30, 1992,
there was one issue on which the members suggested seeking
interpretive guidance from the SEC staff. This issue relates to
the status and, in some cases, the treatment under Rule 2a-7 of
securities subject to unconditional guarantees provided by
issuers who themselves have rated short-term debt.
Attached for your review is a draft letter to the staff
concerning this issue. Please provide me with your comments on
the draft by February 28, 1992. My direct number is 202/955-
3523.
Amy B.R. Lancellotta
Associate General Counsel
Attachment