February 8, 1993
TO: OPERATIONS COMMITTEE NO. 5-93
SEC RULES COMMITTEE NO. 11-93
STATE LIAISON COMMITTEE NO. 5-93
TRANSFER AGENT ADVISORY COMMITTEE NO. 13-93
RE: COMMENT PERIOD ON PROPOSED NASAA TELEPHONE TRANSACTION
GUIDELINES REVISED
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As we previously advised you, the NASAA Investment
Companies Committee published for public comment, "Guidelines for
Telephone Transactions" ("proposed Guidelines") which would
require compliance with certain standards and procedures in the
event a mutual fund disclaimed liability for acting upon
telephone instructions. The Institute was initially advised that
the public comment period would be open for 45 days and that
comments were due no later than March 12, 1993. (See Memorandum
to Operations Committee No. 1-93, SEC Rules Committee No. 5-93,
State Liaison Committee No. 1-93 and Transfer Agent Advisory
Committee No. 4-93, dated January 15, 1993.)
Please be advised that the Institute was recently informed
that comments on the proposed Guidelines must be submitted to the
NASAA Investment Companies Committee no later than March 1, 1993.
Comments should be sent directly to members of the NASAA
Investment Companies Committee.
The Institute has also scheduled a meeting with the NASAA
Investment Companies Committee on Monday, March 8, 1993 at the
Marriott's Desert Springs in Palm Desert California to discuss
the proposed Guidelines. The meeting will begin at 4:00 p.m. and
is tentatively scheduled to end at 6:00 p.m. If you plan on
attending this meeting, please contact me at (202) 955-3517.
Patricia Louie
Associate Counsel