July 30, 1992
TO: INSTITUTIONAL FUNDS COMMITTEE NO. 15-92
BANK INVESTMENT MANAGEMENT MEMBERS NO. 3-92
BOARD OF GOVERNORS NO. 50-92
OPERATIONS MEMBERS NO. 28-92
SEC RULES MEMBERS NO. 33-92
SMALL FUNDS MEMBERS NO. 14-92
TAX MEMBERS NO. 48-92
DIRECT MARKETING COMMITTEE NO. 26-92
MARKETING POLICY COMMITTEE NO. 28-92
PUBLIC INFORMATION COMMITTEE NO. 28-92
RESEARCH COMMITTEE NO. 12-92
SALES FORCE MARKETING COMMITTEE NO. 26-92
SHAREHOLDER COMMUNICATIONS COMMITTEE NO. 21-92
BROKER/DEALER ADVISORY COMMITTEE NO. 24-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 41-92
ACCOUNTING/TREASURERS MEMBERS NO. 28-92
BROKER/DEALER ASSOCIATE MEMBERS NO. 11-92
BANK BROKER/DEALER ADVISORY COMMITTEE NO. 5-92
AD HOC TASK FORCE ON 12b-1 ISSUES
RE: INSTITUTE CONFERENCE ON NASD REGULATION OF ASSET-BASED
SALES CHARGES (12b-1 FEES) - SEPTEMBER 9, 1992
__________________________________________________________
Earlier this month, the SEC approved the NASD’s proposal to
amend its Rules of Fair Practice to impose limits on "asset-based
sales charges" (12b-1 fees) under the NASD’s maximum sales charge
rules. The amendments, which the NASD initially proposed in
April 1990, will take effect on July 7, 1993. To assist our
members in implementing the new provisions, the Institute is
sponsoring a one day conference on the regulation of asset-based
sales charges. The conference will be held on Wednesday,
September 9, 1992 at the JW Marriott Hotel in Washington, DC.
During the course of the day, three panels will discuss the
following broad topics: background and structure of the NASD’s
sales charge rules, application to spread-load plans and
application to non-spread-load plans. Ample time will be
allotted for questions and answers. A preliminary program
listing the panels and speakers is attached.
To register for the conference, please complete and return
the attached registration form. Please note that the conference
is limited to Institute members and individuals having a business
relationship with an Institute member. We ask that you make your
hotel reservations directly with the JW Marriott, located at 1331
Pennsylvania Avenue, NW by calling the hotel at 202/393-2000. Be
sure to mention that you will be attending the Institute
conference as a block of rooms will be held in the Institute’s
name until August 19, 1992.
We look forward to seeing you on September 9.
Frances M. Stadler
Assistant Counsel