April 27, 1993
TO: CLOSED-END FUND COMMITTEE NO. 12-93
OPERATIONS COMMITTEE NO. 17-93
SEC RULES COMMITTEE NO. 40-93
SMALL FUNDS COMMITTEE NO. 11-93
UNIT INVESTMENT TRUST COMMITTEE NO. 23-93
RE: MAY 18 MEETING TO DISCUSS T+3 SETTLEMENT PROPOSAL
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As we previously informed you, the SEC has proposed Rule
15c6-1 under the Securities Exchange Act of 1934 which would
shorten the standard time frame for settlement of broker-dealer
transactions from five business days to three business days.
(See Memorandum to Closed-End Fund Committee No. 5-93, Operations
Committee No. 8-93, SEC Rules Committee No. 17-93, Small Funds
Committee No. 6-93 and Unit Investment Trust Committee No. 11-93,
dated March 2, 1993.) As proposed, the rule would apply to
securities issued by an investment company (as well as other
types of securities). Comments on the proposal must be filed by
June 30.
The Institute has scheduled a meeting at 10:00 a.m. on
Tuesday, May 18 in the David Silver Conference Room, to discuss
the implications of this proposal for investment companies.
Lunch will be served following the meeting.
Please indicate below whether you will attend the meeting,
and send your response by mail or fax (202-659-1519) to Laura
Pawlowski at the Institute by Friday, May 7.
Frances M. Stadler
Assistant Counsel
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May 18 Meeting on T+3 Settlement
Yes No
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