December 30, 1993
TO: INTERNATIONAL COMMITTEE NO. 27-93
RE: NOTICE OF MEETING RE CANADA ON JANUARY 11
__________________________________________________________
The International Committee will meet at 10:00 a.m. on Tuesday, January
11, 1994, to discuss recent developments in Canada. As you know, the
Institute has worked in recent months to obtain changes in Ontario law and
practice that would permit a U.S. adviser without a Canadian business presence
to manage a publicly-offered Canadian mutual fund. (See Memorandum to
International Committee No. 14-93, dated June 21, 1993.) The Ontario
Securities Commission staff recently indicated to the Institute that the OSC
may be willing to permit a U.S.-based adviser full registered investment
counsel/portfolio manager status if it complies with all applicable regulatory
standards and satisfies the OSC that an appropriate level of proficiency is
met.
At the January 11 meeting, we will discuss the three outstanding issues
identified to date by the OSC staff: a) recordkeeping, b) appointment of an
agent for service and c) proficiency requirements. In particular, we will
address what the Institute should propose to the OSC as an appropriate
standard to apply to U.S. advisers in lieu of the OSC's proficiency
requirements.
Please contact Theresa Brice at (202) 326-5833 or by fax at (202) 326-
5899 as soon as possible, to let us know if you will be able to attend. The
meeting will be held at the J.W. Marriott Hotel, 1331 Pennsylvania Avenue,
N.W., which is near the Institute's new offices at 1401 H Street, N.W. Lunch
will be served.
Angela C. Goelzer
Associate Counsel
Please fax this portion to Theresa Brice, Investment Company Institute,
(202-326-5899)
YES NO
____ ____ INTERNATIONAL COMMITTEE MEETING
10:00 a.m., Tuesday, January 11, 1994
____ ____ Lunch
_____________________________ or ______________________________
COMMITTEE MEMBER'S NAME ALTERNATE'S NAME
_________________________________________
COMPANY NAME