July 14, 1992
TO: MONEY MARKET FUNDS AD HOC COMMITTEE NO. 8-92
SECONDARY MARKET DISCLOSURE TASK FORCE
RE: DRAFT DISCLOSURE GUIDELINES FOR TAX-EXEMPT MONEY MARKET
INSTRUMENTS
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As you may recall, the Institute recently established a
task force to focus on the problems that exist in obtaining
secondary market disclosure in the debt markets.
At its first meeting, the Task Force determined that one
approach for addressing these problems would be for the
purchasers (i.e., funds) to demand certain documentation and
information from the various sources (e.g., the underwriter,
trustee or issuer) and that if the demands for such information
were uniform, the relevant parties may begin to feel pressure
from the purchasers to provide this information. To accomplish
this objective, the members of the Task Force are in the process
of developing disclosure guidelines for municipal bond
instruments and for tax-exempt money market instruments.
Attached for your review is a draft of the disclosure
guidelines for tax-exempt money market instruments prepared by
members of the Task Force. We are interested in obtaining your
comments on the format and content of the guidelines before they
are finalized. Please provide me with your comments by August 7,
1992. My direct number is 202/955-3523.
Amy B.R. Lancellotta
Associate Counsel
Attachment