October 23, 1992
TO: INTERNATIONAL COMMITTEE NO. 22-92
RE: MEETING REGARDING JAPAN
__________________________________________________________
In early October, Matt Fink and I went to Japan to meet
with representatives of the Ministry of Finance, the Japanese
investment trust industry and Institute members resident in
Japan. Our discussions covered three major topics: 1) the
application of the 5 percent reporting rule to U.S. funds
investing in Japanese securities; 2) the licensing guidelines and
legal requirements applicable to U.S. managers seeking to sponsor
and advise Japanese investment trusts; and (3) the legal
requirements applicable to U.S. investment advisers seeking to
advise Japanese pension funds. Attached is a memorandum that
summarizes our meetings.
We have scheduled a meeting of members actively involved or
interested in the Japanese market for 3:30 p.m. on November 19th,
immediately following the International Committee meeting. At
this meeting, we plan to discuss future steps that should be
taken by the Institute with regard to Japan.
Please contact Theresa Brice at the Institute at 202-955-
3525 if you plan to attend this meeting.
Catherine L. Heron
Vice President - Tax & Pension
Attachment