March 30, 1992
TO: STATE SECURITIES MEMBERS NO. 16-92
UNIT INVESTMENT TRUST MEMBERS NO. 23-92
SUBCOMMITTEE ON ADVERTISING NO. 5-92
RE: CONNECTICUT EXEMPTS FILING OF SALES LITERATURE
__________________________________________________________
As you know, the Institute has been working for several
years to eliminate the sales literature filing requirement in all
states. In 1984, the North American Securities Administrators
Association, Inc. ("NASAA") adopted a resolution encouraging its
members to repeal their respective laws, rules and policies which
require the filing of sales literature of mutual funds and unit
investment trusts. At the time the resolution was passed,
approximately thirteen states required sales literature to be
filed.
We are pleased to inform you that the Connecticut Banking
Department recently issued an order exempting the filing of sales
literature issued by a mutual fund or unit investment trust if
such has been filed with the SEC or with a "national securities
association registered under Section 15A of the Securities
Exchange Act of 1934." The Institute had previously written the
Commissioner of Banking to request that the sales literature
filing requirement be modified so that investment company sales
literature filed with the National Association of Securities
Dealers need not be filed with the Connecticut Securities
Division.
A copy of the order is attached. The Institute will
continue to encourage those states requiring the filing of sales
literature to repeal this practice and will keep you advised of
developments.
Patricia Louie
Assistant General Counsel
Attachment