March 15, 1993
TO: SEC RULES COMMITTEE NO. 23-93
DERIVATIVE INSTRUMENTS SUBCOMMITTEE
RE: NOTICE OF MEETING OF DERIVATIVE INSTRUMENTS SUBCOMMITTEE -
APRIL 7, 1993
__________________________________________________________
At the January 11 meeting of the SEC Rules Committee, we
brought to the Committee's attention recent press articles
announcing an upcoming meeting between the staff of the Division
of Investment Management and representatives of the International
Swaps Dealers Association to discuss the use of swaps by mutual
funds. (A copy of one of those articles is attached.) After the
meeting of those two groups took place, the Institute learned
that the staff might be examining within the next year issues
raised by swaps under the Investment Company Act. The Institute
therefore decided to form a subcommittee of interested members to
discuss these issues and develop industry positions so that we
would be prepared to respond to any potential staff inquiries in
the future. A sign-up sheet was circulated at the January Rules
Committee meeting for this purpose.
The first meeting of the subcommittee will be held on
Wednesday, April 7th, at 2:00 p.m. in the Institute's David
Silver Conference Room. There will be a joint luncheon with the
Money Market Funds Ad Hoc Committee beginning at 1:00 p.m.
Although we anticipate that the subcommittee's discussions
initially will focus on issues relating specifically to swaps,
this group also will serve as a forum to examine issues raised by
mutual funds' use of derivatives generally. For your
convenience, a list of people who have already signed up to serve
on the subcommittee is attached.
Please call Laura Pawlowski (202/955-3515) at the Institute
by Monday, March 29 to let her know if you will be attending the
meeting and luncheon.
Frances M. Stadler
Assistant Counsel
Attachments