October 23, 1992
TO: INTERNATIONAL COMMITTEE NO. 21-92
RE: MARKET ACCESS BARRIERS IN FOREIGN COUNTRIES
__________________________________________________________
The Institute has been contacted by the Department of the
Treasury for assistance in identifying barriers encountered by
U.S. investment management firms in foreign markets. Treasury
will use the information in the GATT Uruguay Round bilateral
negotiations. Specifically, Treasury would like us to identify
countries in which U.S. firms encounter significant problems in
seeking to a) sponsor, advise and distribute funds domiciled in
the foreign country, or b) advise non-mutual fund clients.
Treasury also would like the Institute to identify the foreign
markets that the U.S. fund industry is the most interested in
entering.
In addition, the Institute needs updated information on
problems encountered by members seeking to enter European
markets. As you know, the next meeting between the Institute and
representatives of the European fund industry will take place in
Rotterdam on February 4-5, 1993. As agreed at the last ICI-EFIFC
meeting in April, the agenda will cover not only cross-border
sales of fund shares, but the cross-border provision of advisory
services, i.e., the problems encountered by U.S. firms seeking to
establish EC-domiciled funds and vice versa.
To enable the Institute to respond promptly to Treasury and
to prepare for our negotiations in February, we would appreciate
your input by November 6, if possible. Please contact the
undersigned with your comments at (202) 955-8419 or via fax at
(202) 659-1519.
We will keep you informed of developments.
Angela C. Goelzer
Associate Counsel