April 30, 1992
TO: CLOSED-END FUND COMMITTEE NO. 9-92
SEC RULES COMMITTEE NO. 25-92
UNIT INVESTMENT TRUST COMMITTEE NO. 24-92
RE: SEC ANNOUNCES REGULATORY REFORM INITIATIVES
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In a report to President Bush released earlier this week,
the SEC announced a series of regulatory reform initiatives
intended to further the President's efforts to spur economic
recovery by reducing regulatory burdens. The report includes
several items relating to investment company regulation. A copy
of the report is attached.
Among the investment company matters mentioned in the
report are the Division of Investment Management's comprehensive
study of investment company regulation, now scheduled for
publication in May 1992, the creation of new types of investment
companies that will be permitted to redeem their shares on a
periodic basis, such as quarterly or annually, the introduction
of two-part prospectuses for closed-end funds and unit investment
trusts, proposed rules to codify uniform performance advertising
standards for unit investment trusts, proposed amendments to
simplify investment company proxy disclosure, proposed amendments
to streamline and update the rules under Section 17(f) applicable
to investment company custodians, and adoption of proposed
amendments to Rule 12d3-1.
We will keep you informed of developments.
Frances M. Stadler
Assistant General Counsel
Attachment