September 11, 1992
TO: SEC RULES COMMITTEE NO. 69-92
RE: LETTER TO THE SEC REGARDING CHANGES IN EXEMPTIVE
PROCEDURES
__________________________________________________________
The Institute recently sent to the Division of Investment
Management the attached letter regarding the staff’s proposal to
amend the SEC’s exemptive procedures. The letter was based on a
draft previously circulated to the Committee. (See Memorandum to
SEC Rules Committee No. 58-92, dated August 14, 1992.) The
letter urges adoption of a procedure for the automatic issuance
of orders after a stated period of time. The letter recommends a
30-day period in the case of applications with precedent and a
90-day period in the case of other applications, although it
would allow for some flexibility on the time periods if the
automatic nature of the procedure were retained.
We will inform you of any further developments.
Thomas M. Selman
Assistant Counsel
Attachment