September 20, 1993
TO: SEC RULES COMMITTEE NO. 80-93
RE: DRAFT INSTITUTE COMMENT LETTER ON PROPOSED RULE 3a-8
__________________________________________________________
As we previously informed you, the Securities and Exchange Commission has
proposed Rule 3a-8 under the Investment Company Act. (See Memorandum to SEC
Rules Committee No. 65-93, dated July 16, 1993.) Rule 3a-8 would codify the
terms of a Commission order by providing a safe harbor exclusion from investment
company status for certain bona fide research and development companies.
Attached is a copy of a draft Institute comment letter on proposed Rule 3a-
8. The letter would express no opposition to the rule. However, the letter
would recommend that the Commission take up other exemptive rule proposals,
particularly the proposal to exempt multiple class funds from provisions of the
Investment Company Act.
The comment period for proposed Rule 3a-8 ends on October 13th. Please
call me at 202/955-6251 with any comments that you might have on the draft letter
by Monday, September 27th.
Thomas M. Selman
Assistant Counsel
Attachment